An NFT — short for non-fungible token is a digital asset that can represents real-world objects like art, music, in-game items and videos or enable virtual concepts like private chat tokens. They are bought and sold online with cryptocurrency.
In simple words, NFT is a way to represent anything unique as an Ethereum-based asset.
What is Minting an NFT? - “Minting an NFT” is the act of publishing a unique instance of your ERC-721 token on the blockchain
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A non-fungible token (NFT) transforms a digital work of art and other collectibles into a one-of-a-kind, verifiable digital asset that can be traded on the NFT market or NFT blockchain technology. Many NFTs come with their own unique information, including ownership and transaction details stored under its smart contract.
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Token gating a chat with an NFT allows certain users to enter a room because they have the proper contract wallet address. This allows for features such as access to specific celebrity chats, access based on location and more.
- Proofs of Interaction and Attendance
NFTs can be minted using the LiveLike CMS by going to the NFTs section. Minting an NFT in LiveLike CMS aims to simplify the overall minting process for the operator while providing useful details during and after the minting process is complete. The process consists of the following steps...
NFTs are not stored on the LiveLike platform; they are stored in your crypto wallet. NFTs are also transacted in your wallet. Minting an NFT requires computing energy used by the network which is represented by a gas fee. The operator is required to pay the gas fee. In order for the gas fee to be paid, a connection to a crypto wallet is required.
An NFT consists of a name, description and a media asset. As an operator you are required to fill out the name and pick an image to upload. The metadata and the media asset of the NFT are stored using the IPFS protocol.
Confirming payment for the estimated gas prices is the final step of minting an NFT. It is important to mention that gas fees are estimated and the final gas fee paid might differ from the estimated one. The operator bares the responsibility of making sure they have enough funds in their crypto wallet to cover them.
Even if minting is failed, user have to pay the gas fee for failed transaction.
Once your NFT is minted, you will be required to import it to your wallet using you NFT Token ID. This is only available on mobile wallets for the moment.
You might be required to refresh a few times but it is there. If the transaction is successful and you have the Token ID, that means the NFT is safe and you will be able to see it eventually in your wallet.
Gas fee is required to be paid even for a failed transaction.
Updated over 1 year ago