Minting refers to the process of creating a digital representation of a piece of artwork on the blockchain called an NFT. In this case, the NFT acts as a digital certificate of authenticity for this artwork.
Two kinds of NFT’s
The most commonly thought-of NFT is the Digital Art NFT. This is where the artwork is created entirely using a digital medium, such as Photoshop or AI models like MidJourney. No physical counterpart exists unless explicitly stated. Collectors purchase these NFTs as unique digital assets, often for display in virtual galleries or as investments. In this case, the NFT is the art itself.
My kind of NFT is the kind that acts as a certificate of authenticity for physical art. In this case, the NFT represents a physical piece of art that exists in the real world. High-resolution scans or photographs are typically used to mint the NFT, creating a digital twin of the art. That photo is then uploaded to a crypto exchange and used to generate a Blockchain token.
The blockchain token contains the digital image, a smart-contract, a certificate of authenticity, and a record of ownership. Ownership of the NFT may include (or exclude) the physical piece.
What makes NFT’s so valuable?
NFTs derive value from several key factors:
- Scarcity & Authenticity – Because NFTs are stored on the blockchain, they provide verifiable proof of authenticity and ownership, preventing counterfeits.
- Ownership & Transferability – NFTs can be easily transferred between collectors without intermediaries, ensuring smooth transactions.
- Artist Royalties – Smart contracts allow artists to receive royalties on secondary sales, ensuring they benefit from their work’s appreciation.
- Community & Status – Many NFTs hold value due to their association with exclusive communities, digital identity, or cultural significance.
- Tangible & Intangible Utility – Some NFTs come with additional benefits, such as access to exclusive events, digital or physical perks, or integration into metaverse spaces.
Ultimately, NFTs represent a new way of proving ownership and value in both the digital and physical art worlds.
