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Contrary to popular belief, NFTs have existed for some time. Kevin McCoy minted the world's first NFT on Namecoin in 2014. It was given the name “Quantum,” and was sold in 2021 at Sotheby's for $1.47 million.
Almost a decade on, there remains widespread confusion about what exactly NFTs are, how they’re minted, and where they’re stored. Detailed below, you’ll find a brief overview of the fundamentals of NFTs, including how and why to store them properly.
NFT is an acronym for "Non-Fungible Token". An NFT is a blockchain-based digital asset like any standard crypto coin, but with one key difference. With standard cryptocurrencies, individual units of tokens (such as Bitcoin) can be exchanged for other tokens and you’ll have the exact same thing. The same as you would if you traded one dollar bill for another.. NFTs, by contrast, cannot be traded for other NFTs, given how every NFT minted is unique.
All NFTs have exclusive properties and therefore, cannot be replaced by or exchanged for something similar. They are ‘non-fungible’, unlike all conventional currencies and crypto tokens that can be interchanged for one another with relative ease.
In short, the main features of NFTs are as follows:
The fact that NFTs can be worth huge amounts of money emphasizes the importance of storing them with due care and attention. If you had a priceless masterpiece in your collection from Van Gogh, you wouldn’t toss it in a damp garage and hope for the best.
You'd consider all options available, and make sure your asset was taken care of – exactly as you should with any NFT.
The basics of minting an NFT are fairly straightforward, and the process is nearly free.
Here’s a brief overview of how it works:
Reports suggest that between the spring of 2021 and the following year, the total combined value of the NFT market increased from $13.7 million to $2.5 billion. Since then, its value has swelled to more than $5 billion, with further explosive growth set to follow indefinitely.
NFTs are becoming increasingly valuable and sought-after assets, fetching enormous prices never before paid for digital property. Sadly, the skyrocketing value of NFTs also plays directly into the hands of hackers, who prey on those who fail to store their digital assets securely.
The issue is that while high-security cryptocurrency wallets have been around for some time, purpose-built NFT storage solutions have been fairly thin on the ground. An issue that developers have been turning their attention to as of late is creating new types of crypto wallets that ensure maximum safety and security for NFT owners.
Safety, security, and accessibility are the three cornerstones of effective NFT storage. In addition, ensuring that the storage solution you choose offers broad compatibility across different chains and with the NFT marketplace you use is essential.
The most common ways to store NFTs are as follows: