What is a Non-Fungible Token?
Currency is a good example of something that is “fungible”. One ten dollar bill is the same as another ten dollar bill. Even though the bills were printed at different times and in different locations, we still consider them equivalent to one another, because they are fungible. Fungibility just means that an item can be replaced by an equivalent item.
Most things in the real-world are non-fungible. People are non-fungible. The family heirloom, passed down to you by your grandparents, is non-fungible. And the home you’re reading this in is non-fungible.
Now, let’s take this concept of “fungibility” into the world of blockchain. Building on our dollar bill analogy, most cryptocurrencies are fungible. One bitcoin is equivalent to all other bitcoins. Most digital content is fungible. Think of image, video, and audio files — we can duplicate them, and send them on to friends and family with the click of a button; however, thanks to blockchain technology, and non-fungible tokens (NFTs), we can now make digital files rare, or “scarce”.
For example, when music producers release a new song, they can mint an NFT that represents the original track. Make no mistake — fans can still stream this song millions of times, or download it to their computer and listen from there; however, the fan who purchases the NFT lays claim to the original track, and everyone else can verify this ownership on the blockchain. This is no different than an Elvis fan purchasing a signed album for much more than the nominal price of a regular album. Something about the item is non-fungible, which bestows added value to it.
And NFTs aren’t just about music — they can represent images, videos, lines of code, lines of text, land in virtual worlds, items and avatars in video games, and much more. People are just beginning to experiment with what is possible with NFTs. Technically, NFTs have been around since 2015, but they didn’t garner mainstream attention until 2021 when prices on popular NFT projects skyrocketed on NFT marketplaces like OpenSea, and Super Rare. Check out this article to see some of the popular NFT projects of last year.
Now that you know what NFTs are, let’s put it into practice. The following is a step-by-step walkthrough of how to mint our free NFT, and how to store it in your GeroWallet.
- Download GeroWallet chrome extension here
- Create a new wallet, or import an existing Cardano wallet
- Make sure your wallet has enough ADA in it to cover a small network fee
- Navigate to the Gero NFTs website
- Connect GeroWallet using “Connect” button in top right corner
2. Scroll all the way down to the bottom until you see the stag coin NFT, and click “Mint Free NFT!”.
3. Confirm the transaction on your GeroWallet to mint your NFT.
4. The transaction has been submitted.
Note: It may take some time for your NFT to be minted due to high network activity on Cardano mainnet.
5. Your NFT will appear in the popup windows when your funds have been received and your NFT is queued to mint. It may take some additional time to arrive in your wallet depending on the load on the Cardano network.
6. Congrats! You are now the proud owner of the NFT. You can view your NFT in your GeroWallet by navigating to the Collectibles tab.
If you’re interested in getting further into NFTs, the GeroWallet NFT collection launches on February 23, 2022, including the free NFT seen in the demo above, as well as a collection of limited edition, premium NFTs that you won’t want to miss. These are pieces of digital art inspired by our majestic stag avatar. There’s also an element of randomness built in, so every time you mint one of these NFTs, you’re not entirely sure how your final NFT will render until it lands in your GeroWallet. It’s all part of the fun, right? You can find the details of tomorrow’s NFT drop here. Enjoy!
About Canucks Publishing
Canucks Publishing is the minting platform company behind Canuckz NFT, and several other projects. The goal of Canucks Publishing is to provide a one stop shop for creating your Cardano NFT collection. The platform is mature, battle-tested, and supports advanced features such as drop countdowns, dynamic bundles with minimum rarities, as well as throttling mechanisms to ensure the Cardano network does not become overloaded with extremely busy drops, and ensuring a great user experience for end users. The owners, Mike and Vivek are huge advocates of Cardano and also operate the Cardano Canucks [CANUK] stake pool.
GeroWallet is Cardano’s first all-in-one decentralized finance (DeFi) wallet. GeroWallet is committed to building a dynamic environment for the advancement of blockchain by designing innovative, user-friendly tools for the DeFi community. Gero promises to continuously strive to provide accessibility to all through an intuitive user experience.
Author: Travis Kassab (@traviskassab)