A digital wallet where users can store and manage their digital assets, e.g. NFTs.

A contract that is automatically executed when predefined conditions are met. These contracts are executed on the blockchain network, are irreversible and cannot be changed.

A digital marketplace for NFTs is an online platform where NFTs can be bought, sold and traded. Similar to a traditional marketplace. A digital NFT marketplace allows users to offer and trade their NFTs with other users. Transactions on these digital marketplaces are usually done via cryptocurrencies such as Ethereum and require a wallet to store the NFTs purchased. Popular NFT marketplaces offer features for discovering, valuing and trading different types of NFTs. Making them one-stop-shops for the NFT community. An example of such a marketplace is OpenSea.

The set of activities or development plans for an NFT project. A project with a solid roadmap is generally seen as potentially more sustainable and long-term. Than a project without predictable updates.

Minting originally means "to make" and refers to the production of a coin by minting metal. It can also mean making something for the first time. Mining an NFT means creating it on a blockchain and putting it into circulation. Once an NFT file is created on a blockchain it can be sold and traded, the blockchain automatically stores all this information. Minting is also known as tokenisation.

Currencies issued by governments (e.g. USD, Euro and GBP) that are not pegged to the price of a commodity such as gold or silver.

How do NFTs work? NFTs work with blockchain technology. The blockchain is a large, digital, decentralised and public data set. Instead of a central, company-owned server, the blockchain is distributed across a peer-to-peer network. The blockchain records all data and transactions as blocks that are linked together and is uniquely able to maintain verifiable authenticity and digital ownership. When someone puts on, transfers, buys, sells or does anything else with an NFT, it is all recorded on the blockchain. This record enables authentication and serves as a permanent record of authenticity. This information can be viewed or accessed by anyone. When you buy a piece of art or a collectible, you usually get a paper certificate of authenticity. This can easily be forgotten, lost or destroyed, making the system of authenticity vulnerable. Blockchains offer a simple and more secure solution to the long-standing problem of proving authenticity.

What is an NFT? NFT stands for "non-fungible token". Basically, it is a digital certificate that represents the ownership rights to a unique digital object or asset on the blockchain. Fungible tokens are interchangeable and have the same value. Examples include traditional currencies such as the US dollar or Ethereum tokens such as ERC-20, where each unit is of equal value. For example, if you exchange one US dollar for another US dollar, the value does not change. Non-fungible tokens (NFTs), on the other hand, are unique and non-exchangeable. Each NFT represents something unique, be it a digital work of art, a collector's item or a specific property right. Each NFT has individual characteristics and its own value. Even if two NFTs display the same digital image, they may differ in their ownership, history or other unique characteristics, making them non-interchangeable. NFTs use this uniqueness to represent digital possessions, which makes them particularly attractive in areas such as digital art, collectibles and games. Their uniqueness and distinctiveness are at the core of their value and differentiate them from fungible tokens.

FAQs Archive - Page 2 of 4

Q: What do I own with an NFT?

With an NFT, you typically own a unique digital asset that represents ownership or proof of authenticity of a specific item, artwork, collectible or digital content. Owning an NFT grants you certain rights, which may vary depending on the NFT and the conditions attached to it.

Q: Why should I own NFTs and not just physical art?

It's not about choosing between different options, it's about discovering the different benefits. You can either visit a gallery on site or stream the NFTs from the ARTHOUZE gallery to your personal device, wherever you are. This gives you the opportunity to present the NFTs on a wall screen in your living room. The selection of images shown can be changed at any time. The ARTHOUZE Gallery brings art and entertainment to your home, just like streaming TV brings movies to your home.