Basic NFT

Basic NFTs are digital assets on the blockchain that represent ownership of a digital or physical asset, with associated metadata stored on-chain and off-chain. They can be minted, transferred, listed, sold, auctioned, burned, and can have royalties associated with them. Basic NFTs involve storing the media file on a decentralized storage network and storing off-chain metadata in IPFS.

Use cases for Basic NFTs include digital artwork, music, video clips, memes, avatars, video games, trading cards, metaverse land, virtual fashion, text-based NFTs, ticket & membership NFTs, and real-world assets.

Ternoa Network supports the creation and trading of Basic NFTs. If a Basic NFT includes royalties, Ternoa facilitates the automatic payment of royalties on each sale by embedding it in the minting process, ensuring that creators receive payment for each sale of their NFT.