NFTs
What is an NFT?
An NFT (Non-Fungible Token) is a unique digital asset stored on a blockchain that represents ownership of a very specific item, such as real-world assets, music, videos, virtual goods, or even intellectual property. Unlike fungible cryptocurrencies like Bitcoin or Ethereum (each unit is identical and interchangeable), NFTs are unique and non-fungible, meaning each NFT is unique.
NFTs owners store their NFTs within a digital wallet that only they hold the keys to. They retain full ownership of the asset and can sell, trade, or transfer their NFTs from their wallet to other wallets at any time. All transactions are inexpensive (pennies), occur rapidly (seconds), and are publicly visible on the blockchain for full accountability and transparency.
Key Features
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Uniqueness: Each NFT has metadata that makes it one of a kind. A high-resolution photo of your asset and its associated authentication data is 100% unique and impossible to replicate.
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Ownership: Stored on a blockchain, proving ownership and authenticity.
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Indivisibility: Cannot be split like cryptocurrencies.
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Transferable: NFTs can be bought, sold, or traded and sent instantly with a transfer transaction.
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Interoperability: Used across many different platforms (real-world assets, financial, collectables, gaming, art, etc.)
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NFTs wont' fade or become discolored over time which is a common problem many assets experience even after the appraisal, authentication, or grading process.
Our GAID metadata process captures all of the data provided by the authenticator, appraiser, or grading service that is relevant to the asset. This data is incorporated into the NFT where it becomes permanent and unchangeable on the Solana blockchain.
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Genalock's process combines the high-definition visual image of the asset, the visual format that is designed in person with the asset owner, and the authenticated data associated with the asset that was provided by the independent authenticator, appraiser, or grading service.
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This combination of Image+Design+Data is what makes a Genalock NFT so unique and desirable.
