It is possible to verify ownership of a digital asset using non-fungible tokens (NFTs), which are one-of-a-kind digital assets that are kept on the blockchain. It is the mission of NFT experts, a group of long-term crypto investors, to disseminate useful information.
The blockchain is where NFTs are kept. After an NFT is bought and stored in a digital wallet, a smart contract address referring to the NFT’s position on the blockchain is obtained. Using a file-sharing mechanism, the NFT’s smart contract’s contents are accessible online.
As an NFT is minted, a digital certificate is issued that verifies the NFT’s ownership on the blockchain. Smart contracts are a major factor in making NFTs a reality.
After I purchase an NFT, what happens to it?
The position of the NFT is saved on the blockchain, as previously explained. However, there are three different methods to save this place.
NFTs may be kept in MetaMask, InterPlanetary File Systems, catalog, and hardware wallets once they have been acquired. On the blockchain, the smart contract address referring to the NFT is saved and retained in one of the three methods outlined above.
Digital wallets hold the bulk of NFTs purchased by consumers. The asset contract is stored in a digital wallet, as well as extra information like the asset’s source, description, and more.
A wallet is required to buy an NFT in the majority of popular markets. MetaMask is the most often used tool. A 12- to 24-word seed phrase secured by a password makes MetaMask secure. MetaMask account credentials may also be taken via phishing scams, which are quite popular.
InterPlanetary File Systems (IPFS) is another option for storing an NFT (IPFS). A system like Pinata, which uses IPFS, will keep the NFT off-chain.
Metadata may be frozen via IPFS, which is used by OpenSea. Freezing metadata prevents access to the item’s name, media (such as JPG and PNG files), description, and other data. There is a cost associated with this because of the more fuel used (as does any transaction on the Ethereum network).
Finally, a hardware wallet may be used to hold an NFT. It is widely accepted that hardware wallets are the safest method of storing NFT tokens. A password-protected device is used to store data in a hardware wallet.
After You’ve Purchased NFT, Where Can You Access It?
In order to access the NFT that you purchased on OpenSea, you will need to go to your profile and choose the option “collected.” Your digital collectible may be seen on MetaMask mobile by clicking NFTs. For the time being, the browser extension version of MetaMask does not display NFTs.
You should still be able to see your previously-purchased NFT in your profile or wallet after making a purchase on another NFT catalog. It’s not possible to do this until after the sale has been finalized.
