In recent years, Non-Fungible Token (NFT) minting has become a highly lucrative option. As a NFTs are digital assets which represent unique pieces of property (indivisible). Owning a NFT means you have ownership over that property.
It is impossible to delete, edit or modify the digital item or file stored on a blockchain. The process of uploading an item to the blockchain, similar to the creation of fiat coins, is called “minting.”.
Yet another query we ran across in our research was “Can I Mint an NFT on other platforms?”.
The answer was once you have minted a piece of artwork on a marketplace as an NFT, you should never mint it on another platform. If you ever decide to do so, note that most platforms reserve the right to delete the NFT or even ban you from their platform. However, you maintain all commercial rights to the artwork underlying the NFT.
Screenshot showing where to find the edit section for an NFT that has not yet been minted on Open, and sea. The next step would be to hit ‘edit’ and then ‘delete’. This is also the same process you would use to edit the NFT (e. g. external link and description).
What is an NFT?
A Complete Guide And Explanation An NFT or non-fungible token is a unique one-of-one digital asset that allows for proof of ownership because it is stored on the blockchain.
One source proposed nFTs are “non-fungible tokens”, meaning they represent digital assets accompanied by a certificate of authenticity, and are stored on the blockchain. With NFTs, interchangeability is impossible, which means it’s a unique element that cannot be switched for another one, even if they hold the same value.
What does it mean to “mint” an artwork?
Minting an artwork refers to the act of tokenizing the artwork, i., and e. Uploading it to a given marketplace platform (Super. Rare, Nifty Gateway, Makersplace, Foundation…) and issuing a token to guarantee its authenticity.
Can you delete or burn an NFT?
‘Deleting’ an NFT is not possible due to the nature of the blockchain; however, ‘burning’ an NFT is possible by sending it to an address that nobody possesses. While the NFT will still exist on the blockchain, there will be no way of accessing it and therefore it is considered ‘burned’ or removed from circulation.
A common inquiry we ran across in our research was “Can an NFT be deleted from the blockchain?”.
You see, An NFT can’t be ‘deleted’, however it can be ‘burned’. Once an NFT is minted or uploaded to the blockchain, it is considered immutable; this means it will exist on the blockchain forever. An NFT can be ‘burned’ by being sent to an inaccessible address, as it is removed from circulation.
You should be asking “Can I use someone else’s Art in my NFT?”
Remember the basic rule: you can only mint artwork for which you own the copyright. Can I use or incorporate someone else’s art in my NFT? Technically, you should never copy or use someone else’s work without their prior consent, for the same reasons you wouldn’t want someone to copy your work and benefit from it without your approval first.