5. Minting NFT

Non-fungible-tokens (NFTs) are tokens that have a unique value and cannot be replaced by other tokens. NFTs can embody tangible and intangible assets with unique value in the digital world and commercialize them through blockchain technology. Since the details of digital assets, such as transaction details and owners, are safely stored on the blockchain, which is difficult to falsify and alter data, the authenticity and scarcity of digital assets can be guaranteed, and ownership of assets can be proved. It can identify and track digital assets, directly connect issuers and users without physical restrictions, and enable efficient trading and distribution.

The standard protocol for NFTs created by the CONDOR Chain Network is CCN-721. It is an extension of CCN-721, one of the most used NFT standards, and is compatible with EVM. NFTs minted with CCN-721 use the blockchain of CCN as a public ledger, giving them the ability to allocate or claim any piece of unique digital data that can be tracked.

The high-level NFT minting process goes through the following steps.

1. Creating a new block 2. Validating information 3. Recording information into the blockchain

An NFT can only have one owner at a time. Ownership is managed through a unique ID and metadata that cannot be replicated by other tokens. NFTs are executed through smart contracts that assign ownership and manage the transferability of NFTs. When creating or minting an NFT, it executes code stored in smart contracts that comply with different standards, such as CCN-721. This information is added to the blockchain where the NFT is being managed.

Once minted, NFTs will exist on the CCN forever. All transactions recorded on the blockchain are irreversible and cannot be tampered with. To update an NFT, you need to burn the token and delete it permanently. While the NFT minting process is in progress, the smart contract executes the code to distribute the digital artwork on the CCN (Broadcasting).

NFTs have some special characteristics. Each minted token has a unique identifier that is directly linked to one CCN address and cannot be exchanged directly for other tokens 1:1. Each token has an owner, and this information is readily available. They exist on the CCN and can be bought and sold anywhere on the CCN-based marketplace. In other words, if you own an NFT, you can easily prove that you own it. Proving that you own an NFT is very similar to proving that you have a token/coin in your account.

The content author's public key serves as a certificate for the digital artifact in question. The creator public key is a permanent part of the token's history. The creator's public key contributes to the market value (vs. counterfeit) of the token by showing that the token held by the user was created by a specific individual.

Another way to prove that you own an NFT is to sign a message proving that you own the private key behind the address. The private key is proof of ownership of the original. This tells us that the private key behind the address controls the NFT. The signed message proves that you own the NFT without revealing your private key to anyone.