What is an NFT?

NFT stands for non-fungible token. These tokens are used to create ownership of distinctive items including art, photos, videos and sound files and other collectables. Non-fungible is a term that describes such items with unique attributes that may only be assigned to a single owner. This record of ownership is secured in digital blockchain that CAN NOT be modified or altered in any way. In other words, this is an iron-clad contract.

 

HOW DO NFTS OPERATE?

Each token is unique and as such, allows unique ownership. This digital ownership is highly trackable via an Ethereum blockchain public ledger. This is just like a traditional analog ledger, however this one is specialized for digital assets. An NFT can represent a large variety of goods and services, from digital art, to deeds, legal documents, even real estate ownership. NFTs may only have one owner at a time, and this is managed via metadata at the time it is created. 

 

HOW DO I PURCHASE AN NFT?

When an NFT is created it is said to be “minted” via the smart contract described above. This process includes creating the new block, validating that the information is true and correct and recording the information into the blockchain that is linked to a specific Ethereum address. Ethereum is a crypto currency that is used to purchase these digital assets. To make the purchase a digital wallet is required. There are many providers, however one can be created here www.blockchain.com/wallet. Once a purchase is made, the ownership of the NFT or unique token is transferred to the owner’s digital wallet. This token is proof that the collectible is indeed, the original.

 

CAN I SELL AN NFT?

Any NFT can be sold or “flipped’ in much the same way as the original transaction. It’s important to note that each owner will always remain in the smart contract and can assign any royalty amount each time that NFT is purchased. Thus, it’s an investment that can continue to generate income long after it’s been sold. It’s also worth mentioning that NFTs can be transacted via any platform that sells Ethereum blockchain tokens.

 

WHAT'S THE DEAL WITH CRYPTO CURRENCY?

Bitcoin is probably the most talked-about crypto currency, but it isn’t used for NFT creation or exchange. Instead, Ethereum has been adopted as the preferred token and backend for NFTs. This is because Ethereum products share the same language, making them easily transferrable and trackable. Plus, Ethereum never goes “offline” meaning tokens are always verifiable and available to the owner. Want to learn more? Here’s the source https://ethereum.org/en/

 

WHY OSO NFTS?

One Sports Originals offers a curated library of NFTs including vintage photos, GIFs, digital trading cards and more. These iconic images are from the archives of noted sports photographers. Some have even been created in conjunction with champion athletes across the sports world. OSO was created to deliver a premium experience in the digital space and beyond.