Many of you may be wondering what NFTs are, no problem at Dtracer we want to clarify what NFTs are and what they are for.
Let’s start at the beginning, where are NFTs born?
The first NFTs date back to 2012 when an article published by Meni Rosenfield described NFT technology as “colored coins”.
The first known NFT was created on May 3, 2014 by digital artists Kevin McCoy and Anil Dash.
The NFT, called “Quantum”, was a short video clip of McCoy’s wife, Jennifer.
The technology slowly caught up with the world in 2015. Here, the first NFT project named Etheria was launched.
It was then shown off at DEVCON London, three months after the launch of Ethereum.
The term NFT gained further momentum after the launch of the Ethereum blockchain, when the blockchain protocols introduced an ERC-721 standard, promoting the issuance of NFTs on the Ethereum blockchain.
In 2017, many new NFT projects were born. Of these, Cryptokitties was the most notable as it was many NFT holders’ first glimpse of this new crypto asset.
Even a little more, what is an NFT?
The acronym for NFT stands for Non Fungible Token or Non-Fungible Token. “Non-Fungible” means that it cannot be exchanged for another item of the same class because it is unique.
An example of this is a piece of art that could not be exchanged for another work as each one has unique properties.
So, NFTs are tokens registered on a blockchain and representing unique items.
But, the question that arises is how can the true owner of a digital file be identified?
Typically, this token is stored on the Ethereum blockchain, and the person who created it is now the sole owner of that token as there is a single global record and it cannot be maliciously altered.
Now that token can be sold through a transaction on the blockchain.
This means that the owner of the token passes ownership of that file to another user in exchange for money or other assets, and again, the blockchain ensures that this information cannot be tampered with and allows the new owner to be tracked.
Let’s go one step further, how is an NFT transferred?
Considering that it is a digital asset, it has to be associated with a wallet where it allows the registration of digital assets.
In other words, to transfer a digital asset from one wallet to another, it must be authorized by the current owner to the new owner.
We are going to create a quick guide to understand how to transfer an NFT with metamask.
1) Open your metamask wallet
You can open your metamask in mobile application or web application
2) Go to the NFT tab
Tap the “NFT” tab to see an overview of all the NFTs you have. Select the one you want to transfer and continue to the next step.
3) In this section, once you have selected the NFT, it will ask you to indicate the address of the recipient’s wallet.
Now comes the important part.
Here you will be asked for the recipient’s address, which should have already been provided to you.
An Ethereum address is a hexadecimal address.
However, all you have to do is simply copy and paste the address into the box.
Be sure to double (maybe even triple) check the address to make sure they match because once you send the NFT, there’s no going back.
Once you’re ready, press ‘Next’ and follow the standard transaction instructions.
4) it is time to add the price of GAS for the transaction
Now is the time to pay the gas fees.
For now, you must choose between “Slow”, “Average” and “Fast”.
The faster the option you select, the higher the rates.
5) here we are! Now check the transaction
Finally, all that is left for you to do now is to verify the transaction on the blockchain. One of the best ways to do this is through the Etherscan website.