Recently, a digital-only artwork was sold at iconic London auction house Christie’s for staggering $69 Million. The strangest part was that the winning bidder didn’t even receive a physical piece of art to take home. In fact, he got a Non-fungible Token (NFT) worth that art piece. NFTs offer an ownership certificate of an object to the buyer, which also protects its value for future transactions. These days, NFTs are gaining immense popularity among crypto investors, so the demand for NFT crypto wallets is also increasing. In this blog, we will enlighten you on how to create your own NFT crypto wallet.
With the NFT crypto wallet, you can send, receive, and store different NFTs including ERC721 and ERC1155, as well as Binance Smart Chain (BSC) based NFTs including BEP-721 and BEP-1155.
How does the NFT system work?
Most Non-Fungible Tokens are built on the Ethereum blockchain, which supports them to store extra information that makes them work differently from, say, an ETH coin.
Here are some of the unique qualities of NFTs that can help us to understand how they work a little better.
Easy to verify: For any given NFT, historical ownership data is stored on the blockchain, which means that everything can be easily tracked back to the original creator, allowing for quick and easy authentication.
Indivisible: NFTs cannot be split into smaller denominations. They exist as their own, complete, and indivisible entry.
Hard to destroy: Smart contracts are used to store NFT data on the blockchain which means that each token is practically indestructible. It cannot be removed or duplicated. There is also an important benefit here when it comes to ownership; the gamers and collectors are the owners of their NFTs, rather than the original creators.
What does the future hold for NFTs?
As crypto-based NFTs are in a very early stage, so it’s hard to predict anything. It might be a bubble that will shortly burst, or it might be the next big thing in the crypto world. Hold onto your seats- it’s going to be an exciting ride.
If you want to build an NFT wallet, Antier Solutions can help. We specialize in building highly-secure and user-friendly wallets that support all types of NFT wallets. Connect with our subject matter experts to share your needs for NFT wallet development.