What are NFTs?

Non-fungible tokens (NFTs) are like certificates of authenticity for digital things.

A digital object like an image, video, 3D file, etc can be tokenized. This is the process of creating that “certificate of authenticity” stating that this thing is the real thing.

How are NFTs used?

Ownership and change of ownership of an NFT is written in stone (the blockchain). NFTs can be used in different ways, like:

• Creating and selling artwork
• Ticketing for communities and events
• Authentication of owning physical things like clothes, shoes, and even real estate titles

Can’t I just right-click and save?

NFT creation, ownership, and change of ownership is written in stone (the blockchain), verifying that “certificate of authenticity.” Consider what makes the Mona Lisa at the Louvre different from a Google Search image result version or even a master forger’s replica. Nothing is stopping you from saving a copy or version of it, but the value of the original is in its authenticity.

How are NFTs valued?

One of the great things about NFTs are the communities that form around an artist or a body of art. An NFTs initial price is determined by the artist but its value can change depending on its community and collectors.

How are NFTs sold?

Depending on which blockchain an NFT is created, the NFT can be bought and sold on platforms that make transactions on that respective blockchain. Popular NFT blockchains are Ethereum (ETH), Solana (SOL), and Tezos (TEZ or TZ).

What is the difference between Ethereum and Solana?

The Ethereum blockchain is proof-of-work. Solana is proof-of-stake.

These are the different ways transactions are authorized on the blockchain. Transactions made on proof-of-work blockchains consume more energy and cost more money than transactions made on proof-of-stake blockchains.

Sources: https://solana.com/news/solana-foundation-carbon-neutral-2021 · https://digiconomist.net/bitcoin-energy-consumption · https://digiconomist.net/ethereum-energy-consumption

Why does Kairos operate on Solana?

Kairos’ mission is to enable radical & diverse participation in web3. Solana is a carbon neutral blockchain with the ability to process 50,000 transactions per second compared to Ethereum’s 15 transactions per second. This means lower transaction fees, meaning it costs less for anyone to mint, buy, sell, and trade NFTs on Solana.

What is a wallet?

Your wallet holds your cryptocurrency and NFTs. Your crypto balance, NFTs, and the history of your wallet’s transactions are all publicly available. Each wallet has a unique address (aka public key) and private key. Your private key acts like a digital signature. Whenever you make a transaction with your wallet, you sign and authorize it using your private key.

Currently there isn’t a single wallet that works across different blockchains. You need a different wallet for each blockchain you want to make a transaction on. Metamask is the most popular wallet for Ethereum, Phantom for Solana, and Temple for Tezos.

A Solana wallet is needed to mint and purchase NFTs on Kairos. Find out how to set up your Solana wallet.