NFT-token as a tool for securing rights

Feb, 02 2023

To date, NFTs have been actively used on the market.
In the virtual economy, NFTs are used to confirm the ownership of digital assets and the right to use them.

What is NFT?

NFT is a non-fungible token, in simple words, a unit of accounting that does not have copies, with the help of which any unique object in the real world can be transformed into a digital space. Each NFT token is unique, inseparable, exists in the singular.

NFT tokens are stored on the blockchain. Blockchain is a database that consists of a large one. There can be an unlimited number of such identical records. An entry in one of these blocks is a token. There can be an unlimited number of such identical tokens. For example, bitcoin is a copy of another such bitcoin, so we can call it a cryptocurrency.
If there is a need to create a token that has no analogues, there is only one answer – NFT.
Each block stores information about transactions made by system participants. All transactions are absolutely transparent for tracking.
Thus, with the help of NFT, it is possible to secure the rights to own a particular digital product.

How to create an NFT token?

Most of the NFT tokens are created on the ERC-1155, ERC-20 and ERC-721 standards of the Ethereum blockchain.
What is needed to create a token:

  1. Object of the transaction.
  2. Online wallet in a specific cryptocurrency.
  3. Intermediary service
    There are many platforms for placing NFT tokens, the most popular of which are OpenSea, Foundation. When creating a token and adding it to the blockchain, platforms usually charge a fee in the Ethereum currency.

However, it should be borne in mind that the copyright of the item is limited to the blockchain platform.

Author of the article
NFT-token as a tool for securing rights
Valentina Khlavich
Managing Partner
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