NFTs on Bitcoin courtesy Risidio

By Saurabh | Ghumat Trading | 4 Jun 2021


NFTs have been a buzzword of 2021, is it a fad or has some real utility? A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. It is actually more than a fad and it has real utility.

NFT are units of data stored on a blockchain, hence certifying the asset to be unique and not interchangeable. A variety of real-world objects/assets such as photos, videos, audio, and other types of digital files can be minted as NFTs. NFTs are digital receipts of a physical asset, NFTs define authentic ownership of the object. Hence when ownership of an object exchanges hands, it becomes more authentic if NFTs are also exchanged.

Anything unique can be converted to an NFT, to secure the value and ownership defined minting NFT on a blockchain is a real good option. For example an autograph by Michael Jackson done after his first show is a unique thing, a signed ball by Michael Jordan the first time he became a champion is unique. Legal documents can also be converted to NFTs and thus ownership can be transferred by transferring the NFT token.

Over the past few months, NFTs have shown consistent hypergrowth, all the key performance indicators indicate a bullish trend. Total transaction count grew by ~3 to 4X, active wallets transacting almost doubled. There is a huge untapped potential. 

What is required to mint NFT?

All that is required is original unique content and a blockchain that allows writing smart contracts on the chain. Only a few chains provide such an option, the most popular is the Ethereum chain. The transactions on it are frequently disturbed due to high transaction fees and its native Solidity has limitations.

Is there a better solution to mint NFTs?

STX is a good solution, it works on Proof-of-Transfer consensus. Clarity its core smart contract writing language allows more flexibility and options to code a smart contract. Applications and possibilities are limitless: NFTs on STX can be used to: sell a wide range of virtual collectibles from varied sports eg: virtual trading cards, music, digital images, video clips, admit passes to events, ownership rights to cars, ownership rights to houses, flight tickets, education degrees, etc.

Risidio is an early-stage, innovative company developing an artist-centric model for Blockchain. Risidio is minting NFTs on STX and making them available to art lovers. Risidio has big plans for the year, including the launch of Risidio Xchange—a fully decentralized auction platform for digital collectibles on Stacks 2.0.

Risidio announced their collaboration with a British contemporary artist, Chemical X : ThisIsNumberOne - NFTs on Bitcoin courtesy Risidio

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Saurabh
Saurabh

Blockchain & IT | Inspirer @NamastePunks | Leads @StacksIndia | Editor @StacksScan | Runs @CryptoUncleNews @GhumatTrading


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