An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership. How do NFTs work? NFTs operate on blockchain technology. The blockchain is basically a large, digital, public record. The most popular blockchains are distributed across many nodes, which is why you’ll hear them described as “decentralized.” So instead of a central company-owned server, the blockchain is distributed across a peer-to-peer network. Not only does this ensure that the blockchain remains immutable, it also allows the node operators to earn money, instead of a single company. Because the blockchain records and preserves history, it is uniquely positioned to transform provable authenticity and digital ownership. When someone creates, transfers, buys, sells, or otherwise does something with an NFT, that all gets recorded on the blockchain. This is what enables authentication. This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone. Today, when you buy a piece of art or a collector's item, it typically comes with a paper certificate of authenticity, which you must then keep track of forever. It is easily forgotten, lost or destroyed, creating a very fragile system for authenticity. Blockchain’s offer a simple and more secure solution to this long standing issue of proving authenticity. Let’s say you want to buy a piece of artwork from Tyler Hobbs. With NFTs, you can see the entire history of that piece, all the past owners, every sale, all the way back to Hobbs’ original creation of the piece. Without NFTs, you wouldn’t know if you were buying the real piece or just a really good fake. What are NFTs used for? An NFT can represent anything, but let’s explore some of the ways NFTs are being used today, and potential implementations for the future. Art NFTs An art NFT is a type of NFT that represents a piece of digital art, such as a drawing, painting, or piece of digital artwork. Each art NFT is unique and traceable to the original creator of the NFT, and that connection to the creator may be valuable as well. Art NFTs are a new form of digital art that can be collected and sold, similar to physical artwork. Art NFTs can also have additional utility (for example, owning the NFT may also give you commercial rights to use the underlying artwork). Artists are creating incredible and novel pieces with NFTs. Damien Hirst used NFTs in his collection “The Currency”, in which he created digital versions of 10,000 unique physical paintings. Collectors had one year to decide if they wanted the digital or the physical version of the painting— whichever version they did not choose would be destroyed. Profile picture NFTs (PFPs) A profile picture, or PFP, NFT is any NFT that's primary purpose is use as a social media profile picture, or avatar. These NFTs are digital items that are authenticated on a blockchain network, making them verifiably unique. Some PFP NFTs also grant access to designated online communities. Profile picture NFTs come in various forms, ranging from static images to animated or interactive designs. They may be based on characters, take the form of animals, look like humans, or be abstract. These are probably the projects you’ve heard the most about: Bored Ape Yacht Club (BAYC), Doodles, World of Women (WoW), and more. For many people on the internet, these PFPs actually become their online identity. Not only do they identify with the group, they strongly identify with their avatar. PFP projects are also centered around holder benefits (like BAYC’s famous yacht party) and community (like WoW, which donates a portion of their creator earnings to women-centric charities). Music NFTs A music NFT is any NFT that represents ownership of music or an experience tied to music, like a live concert event or a virtual fan meet-and-greet. Music NFTs are created by minting a unique token on a blockchain, which can then be collected by music fans. Music NFTs can be created by new artists and musicians with large fanbases. These NFTs can include anything from a recording to a composition to ticketing for a music experience. The content of each music NFT varies based on the creator and the work they decide to create. Any artist can create a single song or audio file as an NFT. For example, omgkirby partnered with Channel Tres to create a collection of 5,550 unique songs, each with its own BPM and key. Each song comes with vocals and production by Channel Tres. Gaming NFTs A gaming NFT is an NFT associated with any digital item from the realm of online gaming and the metaverse: in-game items, characters, skins, customizations, maps, modes, tickets, collectibles–any digital creation that one would use in a gaming environment. It is a unique, blockchain-based item representing a specific item or element within a game. For example, if you unlocked a tool while playing an NFT-supported game, you could mint that in-game item and take ownership of it. This ownership is verifiable, so your tool can typically be sold, collected, and used just like a real-world item. Today, purchases or acquisitions made within a game go away the instant the game does. Your “ownership” is contingent on the game developers maintaining the game. Ostensibly, they could choose to take an item away or decommission items you own, causing you to lose them. Additionally, gamers are unable to resell items outside of the closed ecosystem of a given game. With gaming NFTs, digital items can be given provable ownership. Digital items and memorabilia can also have provable scarcity, which gives them a similar supply and demand dynamic to their real-world counterparts. Another benefit of gaming NFTs is the potential of a new era of “interoperability,” or how things from one game or gaming universe can be used in another. Today, a game and all its items are siloed, which means they exist only within that game. You can’t use a weapon from Halo in the Call of Duty universe or play FIFA as Mario. But if more games leverage blockchain technology as an interoperable ledger for proof of ownership and standardize their systems for how to render and display items, NFTs could eventually allow in-game items from one game to be operable in more games. Some of this work is dependent on blockchain technology, while some of it is dependent on how the games of the future are built. Organizations like Metaverse Standards are working to provide cooperation between organizations and companies to foster the development of an open and inclusive metaverse. The sheer quantity of digital items created by both game developers and the billions of fans that play their games dwarfs many other areas of digital items, making gaming NFTs a growing application of blockchain technology. Gaming NFTs are revolutionary because of their utility, ownership, and interoperability. This category is still relatively nascent however many gamers are excited by the possibilities of in-game items being usable across different games and not under the control of a single game studio. Aurory Project is a gaming studio that leverages the Solana blockchain to streamline in-game item ownership. Photography NFTs A photography NFT is a unique digital asset that represents a specific photograph or artwork. It is stored and recorded on a blockchain, a decentralized, immutable digital ledger technology. Photography NFTs are stored and transferred digitally, allowing them to be easily shared and displayed online. The ownership and authenticity of a photography NFT is verified and recorded on the blockchain, allowing it to be easily transferred between users. NFTs offer a way for photographers and artists to sell and distribute their work in a digital format, while also providing collectors with a unique and verifiable digital item. Justin Aversano made headlines with his Twin Flames collection, a collection of 100 twin portraits. Aversano drew inspiration from his relationship with his fraternal twin for this collection. The “Twin Flames” collection became known as the first major NFT photography collection of its kind and catapulted Aversano into one of the world's highest-selling photographers. Future applications New applications for the blockchain are constantly emerging. New use cases include identity verification, intellectual property, and storage solutions, like Courtyard, which holds physical inventory and enables you to safely hold, sell, or claim your item you’re ready to redeem. The possibilities for future applications are endless!
Creating an NFT on ArtTokenHub is intuitive and easy. You just need to decide what the purpose and genre of your collection is, set up a crypto wallet, choose a blockchain, create a collection, and mint or drop your NFT(s). Who can create an NFT? Anyone can create an NFT. Your NFT can be as simple as the media itself, but it can also represent something more. For example, your NFT can simply be a piece of art, or it can be a piece of music represented by a GIF or a photograph. Some NFTs, like the Chromie Squiggle below, are intended to serve as artwork. According to the artist, Snowfro, each Chromie Squiggle is his “personal signature as an artist, developer, and tinkerer.” In the latter example, the NFT is the combination of the representation and the digital item it represents. An example of this is the RTFKT x Nike Air Force 1 collection. Purchasing one of the NFTs in this collection grants holders access to a physical pair of sneakers, which is redeemable through ownership of the NFT. In this case, the NFT contains beautiful artwork and also serves as access to a physical good. What do I need to create an NFT? In addition to the content for the NFT itself, you’ll need a crypto wallet to create and mint your NFT. “Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership. As a creator, minting your work allows you to establish provable scarcity and verified ownership. For the first time, creators can publish limited edition digital works, whose authenticity is validated on the blockchain. Ownership is undisputed and public, allowing creators to build special communities and perks for those who hold their NFTs. Minting NFTs isn’t just for creators, however. NFT creators will often offer their community or the general public the opportunity to directly mint NFTs from their new collection. When you mint an NFT from a project, you’re the first ever owner of that NFT, since the mint is when it’s written to the blockchain. Crypto wallets are a foundational tool of web3. Your wallet acts as a private key that allows you to interact with decentralized apps, buy NFTs, and navigate the web3 universe. Each blockchain has specific wallets you can use to transact on them. For example, MetaMask is a wallet used to interact with the Ethereum blockchain. ArtTokenHub is compatible with a wide variety of wallets. Next, choose a blockchain on which to mint your NFT. ArtTokenHub is currently compatible with the Ethereum, Polygon, Klaytn, Arbitrum, Optimism, and Avalanche blockchains, and each of these blockchains has different gas fees associated with transactions on their networks. You can sign up and create a self-custodied wallet on the ArtTokenHub website using Privy. Then, you can create your collection. This is the fun part! Decide what your collection of NFTs is all about. Is it artwork, a collection of profile pictures, sports memorabilia, membership to a group, or something else entirely? Once you decide, create your collection by naming it something unique that represents your work and describing it. You’ll also be prompted to choose a category and provide any relevant links to social media. Once your crypto wallet is set up, you’ve chosen a blockchain, and your collection has been created, you’re ready to mint your NFTs! Does it cost money to create an NFT? Blockchain transactions, including deploying a smart contract and minting an NFT, require gas fees. Depending on the blockchain, creators will need enough cryptocurrency in their wallets to cover the gas fees for the transaction. Why should I create my NFTs using ArtTokenHub? ArtTokenHub gives creators a smooth, simple, and user-friendly creation process that allows them to create collections that help them stand out. And speaking of standing out, we believe that ArtTokenHub is the best place creators can list NFTs for sale because it distributes them to the largest audience. That’s because we’re one of the world's first and largest digital marketplace for NFTs. At ArtTokenHub, we pride ourselves on making the NFT creation and minting process easy, intuitive, and friendly for creators because we love seeing our marketplace grow and diversify with each new collection.
In order to buy an NFT, you'll need a crypto wallet and cryptocurrency (or, in some cases, just a credit or debit card). Using ArtTokenHub, you can buy items listed for sale instantly, bid in auctions, or make offers on any NFTs. What do you need in order to buy an NFT? To buy NFTs, you’ll need to set up a crypto wallet. A crypto wallet is a program that stores your NFTs and cryptocurrency. There are custodial (“hosted”) wallets and non-custodial wallets. Custodial wallets are managed by a third party company, whereas a non-custodial wallet is not. Custodial wallets are like keeping your valuables in a storage facility, and non-custodial wallets are like keeping them in your safe at home. Custodial wallets therefore require less responsibility, but have risks related to the third party (like, if the storage facility was robbed). Non-custodial wallets give you full control, but also mean you have to be extra careful (like, not losing your key or accidentally throwing away something valuable when you reorganize your closet). Non-custodial wallets include software and hardware wallets. A software wallet is a program that lives on your computer or on your internet browser. This makes software wallets a great option for quickly and conveniently buying, selling, and transferring NFTs and cryptocurrency. A hardware wallet is a physical device that you plug into your computer to use. Because it’s not always connected to your computer or browser, it’s a great option for long-term secure storage, but is a bit less convenient for fast or frequent transactions. Different wallets support different blockchains, and not all wallets support NFTs. Here are some wallets compatible with OpenSea: Metamask (Ethereum, Polygon, Klaytn) Coinbase Wallet (Ethereum, Polygon, Klaytn) TrustWallet (Ethereum, Polygon, Klaytn) Bitget (Ethereum, Polygon, Klatyn) NFT transactions happen using cryptocurrency, although many NFTs on ArtTokenHub are available to buy with a credit or debit card.
Selling an NFT using ArtTokenHub is simple and user-friendly. Anyone who owns an NFT can list it for sale, whether that’s the creator of the NFT or the person who most recently collected it. Creators and collectors have two main ways to sell using ArtTokenHub: via fixed price sale and in an auction. Buyers pay gas fees when purchasing a fixed-price item, sellers pay gas fees when accepting offers in an auction, and ArtTokenHub receives 2.5% of the sale price of your NFT. Who can sell an NFT? Selling NFTs isn’t just for the people who create them. An NFT can also be sold by the collector who bought or received it from the original creator, or the collector who bought or received it from the previous collector, and so on and so on. Whoever currently owns the NFT can sell it. Why should I sell my NFTs using ArtTokenHub? At ArtTokenHub, we offer a variety of ways to keep costs to a minimum while selling your NFTs. The new protocol for buying and selling NFTs using ArtTokenHub, significantly lowers gas fees. You can save an estimated 35% in gas fees for transactions using Seaport. It also eliminates the one-time setup fee to use our marketplace. And because OpenSea is compatible with Ethereum, Polygon, Klaytn, Arbitrum, Optimism, and Avalanche you have many blockchains with varying gas fees to choose from. ArtTokenHub is one of the largest and most diverse NFT marketplace, and we’re proud to continue to offer users the best NFT buying and selling experience in web3.
“Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership. What does it mean to mint an NFT? Minting an NFT refers to the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership. This process usually involves things like assigning metadata to the NFT, which can include information about the creator, a description of the content, and other relevant details. Minting establishes ownership and provenance of the digital item on the blockchain, ensuring its uniqueness and authenticity. Both creators and collectors can mint NFTs. For both creators and collectors, minting NFTs establishes verified ownership and ownership history. For creators, minting their own NFTs gives them ownership and control of their own work, and allows them to build special communities and perks for those who hold their NFTs. When either the creator or a collector mints an NFT from a project, they become the first-ever owner of that NFT, since the NFT is written onto the blockchain during the mint. What is the purpose of minting? You may have heard people ask, “Why can’t I just screenshot an NFT?” Minting is part of the answer. When you mint an NFT, it becomes stored on the blockchain, where its authenticity and ownership is established. And because the blockchain record can’t be edited, minting is the start of that NFT’s immutable history. Minting for creators As a creator, minting your work allows you to establish provable scarcity and verified ownership. For the first time, creators can publish limited edition digital works, whose authenticity is validated on the blockchain. Ownership is undisputed and public, allowing creators to build special communities and perks for those who hold their NFTs. Minting for collectors Minting NFTs isn’t just for creators, however. NFT projects will often offer early access to their NFTs via a mint. When you mint an NFT from a project, you’re the first ever owner of that NFT, since the mint is when it’s written to the blockchain. Oftentimes, participating in a project’s mint is like buying a pack of Pokémon cards: you don’t know if you’ll end up with something rare. How to mint on ArtTokenHub Recently, ArtTokenHub has made changes to the way creators mint NFTs using our tools. Historically, creators used lazy minting to create items that were not on-chain until they were sold or transferred. While this provided an easy way for creators to experiment with NFTs in the early days, we believe that the future of NFTs is one where creators deploy and mint from their own independent contracts. 1. Set up a crypto wallet In order to do anything on the blockchain, you’ll need a crypto wallet. In simple terms, a crypto wallet helps you buy, sell, and store your cryptocurrency and (in many cases) your NFTs. Going a level deeper, a crypto wallet manages access to your private key, which is needed to control a blockchain wallet address. Your cryptocurrency and NFTs are not stored in/on a crypto wallet; they remain on the blockchain and can be accessed, controlled, and managed through use of a crypto wallet. 2. Create a collection Before you mint your NFTs, you’ll have to create the collection that they’re a part of. At this step, deploy a smart contract, name your collection, and upload a logo. 3. Upload your work Once you’ve set up your wallet and created a collection, you’re ready to start minting your NFTs! I minted my NFT! Now what? Congratulations! You’re officially an NFT creator! You don’t have to do anything after minting your NFT— you could just wait to see if someone discovers it through search or category exploration.
In simple terms, a crypto wallet helps you buy, sell, and store your cryptocurrency and (in many cases) your NFTs. Going a level deeper, a crypto wallet manages access to your private key, which is needed to control a blockchain wallet address. Your cryptocurrency and NFTs are not stored in/on a crypto wallet; they remain on the blockchain and can be accessed, controlled, and managed through use of a crypto wallet. Think of your wallet as the key to your address on the blockchain — you use the key to open the safe where your items are stored on the blockchain and use the key to send/receive items to/from your address on the blockchain. Just like any key, security of your wallet and private key (or seed phrase) are critically important. In this article, we’ll walk through the types of crypto wallets and how to set one up. Types of crypto wallets Custodial vs. non-custodial There are two main types of crypto wallets: custodial (also called “hosted”) and non-custodial (or "self-custodied") wallets. Custodial wallets are managed by a third-party company, whereas a non-custodial wallet is not. Custodial wallets are akin to keeping the key to your safe at a secure facility operated by a third-party (who will verify your identity in some way before giving you the key), and non-custodial wallets are akin to keeping your key with you or at your home. Custodial wallets therefore require less responsibility, but are at the mercy of the third party (like, if the third-party’s facility was robbed). Non-custodial wallets give you full control but also mean you have to be extra careful (like, not losing your key or accidentally throwing it away when you reorganize your closet). Software vs. hardware Non-custodial wallets include software and hardware wallets. These are also known as "hot wallets" and "cold wallets." A software wallet (or hot wallet) is a program that lives on your computer, mobile device or on your internet browser. This makes software wallets a great option for quickly and conveniently buying, selling, and transferring NFTs and cryptocurrency. A hardware wallet (or cold wallet) is a physical device that you may need to plug into your computer to use. Because it’s not always connected to your computer or browser, it’s a great option for long-term secure storage but is a bit less convenient for fast or frequent transactions. Software and hardware wallets typically require you to set up your own password or pin to access the wallet. This password or pin is different than the seed phrase used to regenerate your private key. Crypto wallets and NFTs Different wallets support different blockchains, and not all wallets support NFTs. To buy, sell, and create NFTs using ArtTokenHun, you can either connect an existing NFT-compatible wallet, or create a self-custodied wallet with just your email address on ArtTokenHub, using Privy. Here are some other wallets compatible with ArtTokenHub: Metamask (Ethereum, Polygon, Klaytn) Coinbase Wallet (Ethereum, Polygon, Klaytn) What is a seed phrase? A seed phrase, also sometimes known as a recovery phrase, mnemonic phrase, or seed mnemonic, is used to back up and recover a crypto wallet. It consists of a set of words in a specific order that are randomly generated. A seed phrase is typically made up of 12, 18, or 24 words, although some wallets might use different lengths. The seed phrase serves as a human-readable representation of the private key that controls access to your wallet and items controlled by your blockchain wallet address. When you create a new wallet or set up a wallet for the first time, you're usually prompted to write down and securely store this seed phrase. If you ever lose access to your wallet, you can use the seed phrase to regenerate the private key and regain access to your wallet. It's crucial to keep your seed phrase secure and private. Anyone who gains access to your seed phrase can access your wallet. Many people store their seed phrases offline in a physically secure location, such as a safe or a security deposit box. It's generally not recommended to store your seed phrase digitally or online, as that may increase your risk of exposure.
Cryptocurrency is digital currency that exists on a decentralized system called the blockchain. Cryptocurrency serves as an umbrella term for all digital currencies. These can be accessed through the use of a crypto wallet. How are cryptocurrency and the blockchain related? In 2016, Fabricio Santos described the concept of the blockchain as a bank vault filled with rows of glass deposit boxes that allow everyone to see the contents of the boxes without being able to access their contents. He continued the metaphor by explaining that when a person opens a new deposit box, they receive a key unique to that box, but making a copy of the key does not duplicate the contents of the box; it only provides access. Blockchain technology is unique in that all transactions are permanently etched into the blockchain for anyone to view at any time—the blockchain record can only be added to, and the recorded history can’t be modified. Cryptocurrency relies on blockchain’s decentralized network of computers to validate and verify its ownership. The advantages of cryptocurrency Secure, instant transactions Cryptocurrency is rooted in privacy. This means you don’t need to give every entity you transact with your personal information. Using cryptocurrency keeps your financial and personal data protected because it’s not shared with other parties who may want to access your information (think: advertisers and other entities you did not interact with). Cryptocurrency also allows for near-instant transactions. Because users have instant access to the contents of their crypto wallets, it cuts down on the 3-4 days one would typically have to wait for a transfer from a traditional bank. The choice to have self custody of your cryptocurrency A traditional banking system requires you to trust the entity holding your money. Whether that’s a bank or another payment service, these centralized entities hold and protect your currency, but they may also use it in other ways too. It’s also possible that they can shut down, change their rules, or experience changes in their policies that affect your ability to use or access your funds. One benefit of cryptocurrency is that it enables you to remove middlemen through the use of decentralized finance. In decentralized finance, transactions are “trustless” because they don’t require you to put your trust in someone to transact. Similarly, because the transactions are carried out by a network of computers, they are “permissionless” in that they don’t require the permission of a third party. Non-custodial wallets, which give users self custody of their cryptocurrency and gave rise to DeFi, require their owners to safeguard their own funds, but they also allow them to access their funds whenever they want. But cryptocurrency is not entirely without intermediaries. Cryptocurrency bought and stored in central exchanges like Coinbase and Binance is subject to systems more akin to traditional centralized banking. These organizations act as middlemen while providing their customers with an added layer of convenience for those who may not want the responsibility that comes with a non-custodial wallet. Anonymity and privacy Privacy is often touted as one of cryptocurrency’s most important features. Transactions using cryptocurrency are considered “pseudonymous.” They aren’t fully anonymous, but they don’t require the use of one’s government name or other identifying information. Instead, all transactions are tied immutably to your wallet’s address. Having confidential and private access to your crypto wallet is a useful tool, particularly for those who are a part of historically marginalized groups. Things to keep in mind when using cryptocurrency New and constantly evolving While blockchain technology was developed in the ‘90s, Bitcoin (the first cryptocurrency) was only first launched in 2009. The technology’s infancy means that everyone is learning how to use it simultaneously (which can be level-setting), but it also means that everyone is experiencing growing pains at the same time. It’s decentralized Because of blockchain technology’s decentralized nature, there’s no central bank you can call to fix any problems that may surface. This is particularly true if you choose a non-custodial wallet over a custodial wallet. As a refresher, there are two types of crypto wallets: custodial (“hosted”) and non-custodial wallets. Custodial wallets are managed by a third-party company, whereas a non-custodial wallet is not. Non-custodial wallets give you full control, and full responsibility, which is why safeguarding your access key is even more important. How do people use cryptocurrency now? The breadth and usage of cryptocurrencies have grown significantly since Bitcoin’s introduction into the world in 2009. Now crypto can be used to purchase everything from NFTs (non-fungible tokens) on OpenSea to physical goods or real-world services (McDonald’s now accepts Bitcoin in some regions, and Google Cloud also accepts Bitcoin and Ethereum as payment for cloud infrastructure). How do I access my cryptocurrency? You can access your cryptocurrency using a crypto wallet. Here’s one important thing to remember: your cryptocurrency doesn’t live in your wallet (the way your cash lives in your wallet); instead, your wallet is a key to unlock access to your crypto that’s stored on the blockchain (the way you would use a debit card to grab cash from an ATM). When it comes to supplying your crypto wallet with cryptocurrency, you can buy crypto using an exchange like Binance or Coinbase, but many NFT-compatible wallets support adding cryptocurrency directly using your wallet through services such as Moonpay or Wyre. These are integrated into the wallet and allow you to buy cryptocurrency using a credit or debit card and skip the process of using a crypto exchange. You may be prompted to verify your identity during this process. How are cryptocurrency and NFTs related? Cryptocurrency and NFTs both rely on blockchain technology. The key difference is that cryptocurrencies are “fungible” (mutually interchangeable) tokens, whereas NFTs are “non-fungible” (unique and not interchangeable) tokens. For example, one Bitcoin is exactly equal to another Bitcoin, but every NFT is unique by definition. To purchase an NFT, you’ll need both cryptocurrency and a crypto wallet. Your crypto wallet allows you to access your cryptocurrency and your NFTs, which is why it’s important to ensure that your wallet is compatible with both. You can sign up and create a self-custodied wallet on the ArtTokenHub website using Privy. NFT transactions happen using cryptocurrency, although many NFTs on ArtTokenHub are available to buy with a credit or debit card. You can read more about how to buy an NFT here.
In web3, the term “gas fee” refers to the payment needed to execute transactions on the blockchain. These payments compensate the node operators who keep the blockchain functioning. This validation helps ensure the blockchain has a permanent, immutable record. We’ll walk you through the purpose of gas fees, what impacts them, how to avoid paying high fees, how fees differ by blockchain, and how OpenSea makes it easy to keep costs to a minimum. Let’s dive in. What is the purpose of gas fees? Ethereum calls gas “the fuel that allows [the network] to operate, in the same way that a car needs gasoline to run.” Gas fees compensate the entities, called node operators or network validators, who validate transactions on the blockchain. Each blockchain compatible with OpenSea has different gas fees. These fees differ depending on how each chain validates transactions. Users often want to know who receives the money from these gas fees, and the answer to that depends on the method each blockchain uses to verify transactions. So let’s step back for a moment to discuss the two primary methods of validation: Proof-of-Stake and Proof-of-Work. Proof-of-Stake and Proof-of-Work Blockchains that use the Proof-of-Stake method verify transactions using validators. Validators are users who stake large amounts of that blockchain’s cryptocurrency. These validators check each transaction and monitor all activity on the blockchain to ensure it’s correct. This method has validators vote on the outcome. Blockchains that use the Proof-of-Work method verify transactions using miners. Miners are tasked with solving complex math equations that verify each transaction. Both of these methods are complex, time-consuming, and ultimately ensure the security of the blockchain, which is why the gas fees are awarded to the operators. What impacts gas fees and how are they calculated? Gas fees increase when more people use applications that run on top of a blockchain’s network. Gas fees increase as these users compete for space within the block. Think of it like Uber’s surge pricing model that increases the cost of booking a ride during the busiest commuting times. Fees are incurred when data is stored or changed, tokens are transferred, NFTs are minted, sold, or purchased, and so on. Each of these actions involves different changes to the blockchain and therefore requires a different gas fee. It’s also important to note that gas fees don’t change the price of the NFT you’re buying, but they do change the overall price of the transaction, so buying an NFT during a busy time when other people are also using the network can result in an overall higher cost. How can you avoid high gas fees? ArtTokenHub doesn’t control gas fees, set gas fees, or receive any of the gas fees incurred by users on the platform. Instead, they all go to network validators or miners. To help avoid high gas fees, try making your transactions during times when there are fewer people using the network (for example, in the middle of the day when everyone is at work, or early in the morning). When you start the NFT purchase process using ArtTokenHub, you’ll see the gas fee broken down by your wallet provider, so you can watch the fee refresh and complete the transaction when it’s low. You can find historical and current gas prices for Ethereum on EthereumPrice.Org/Gas which will help you find the lowest activity times. You can also keep costs down by using chains that require less gas like Polygon and Optimism (more on that later!). Types of fees There are two types of fees users pay when using ArtTokenHub: one-time fees and recurring fees. There are a few one-time fees users will need to pay when performing certain actions for the first time. These transactions grant certain permissions. The recurring fees are incurred when users accept an offer, transfer an NFT, buy an NFT, cancel an auction, cancel a bid, convert ETH to WETH (or vice versa), freeze metadata, or bridge ETH or withdraw ETH to and from Polygon.
A blockchain is a decentralized record that gets its name from how it stores its data. Once a set of transaction data reaches a certain size, it forms a "block.” This is where every transaction on a blockchain is validated and then permanently stored. The “chain” part of a blockchain is a series of consecutive blocks linked together, forming the immutable ledger. How is a blockchain different from a traditional database? A blockchain differs from a traditional database in two ways: how it operates and who is responsible for it. A blockchain operates independently of a company or financial institution’s oversight, while a traditional database is typically owned and operated by a single entity. It allows for trustless and permissionless transactions Below are five unique characteristics that define blockchain technology: Decentralization No single entity owns each blockchain or the underlying technology (the way a central bank or corporation would). Instead, each blockchain is upheld by a multitude of computers (“nodes”) that validate transactions. Consensus mechanisms ensure a blockchain’s security (more on this below). Validated by multiple independent nodes A consensus mechanism uses multiple independent nodes (or computers) to validate any digital items or information stored on the blockchain. There are two main types of consensus mechanisms, Proof-of-Stake and Proof-of-Work. Once a set amount of these transactions are validated and recorded, a new block is added to the blockchain. Public and transparent Blockchain’s decentralized system allows for the ledger to be public and transparent while still remaining anonymous. Each transaction is recorded permanently and is accessible to the public. In 2016, Fabricio Santos described the concept of the blockchain as a bank vault filled with rows of glass deposit boxes that allow everyone to see the contents of the boxes without being able to access their contents. He continued the metaphor by explaining that when a person opens a new deposit box, they receive a key unique to that box, but making a copy of the key does not duplicate the box's contents; it only provides access. Immutable A block is immutable (or unable to be changed) once it has been added to a chain. The only way a block can be amended is if the majority of independent nodes reach a consensus to verify the change, which makes it difficult for anyone to manipulate the record. Trustless and permissionless The blockchain records and preserves history and acts as an unbiased party in transactions. For that reason, it’s “trustless” in that it doesn’t require you to put your trust in another organization or entity in order to transact. Similarly, because the transactions are carried out by a network of computers, they are “permissionless” in that they don’t require the permission of a third party.
At ArtTokeHub, our mission is to empower artists and collectors by building the most reliable, artist-centric, and inspiring NFT platform. We strive to redefine the way people connect with art by providing unparalleled tools for creation, discovery, and ownership. The Story Behind ArtTokeHub ArtTokeHub was founded in 2019 by visionary creators who recognized the untapped potential of NFTs to revolutionize the art world. Inspired by the growing intersection of art and blockchain, they envisioned a space where artists could take complete control of their work and collectors could own a piece of the digital renaissance. By combining blockchain technology with artistic expression, ArtTokeHub enables artists to create verifiable, scarce, and transferable digital masterpieces while ensuring their work is valued and protected. Our founders were driven by a desire to provide artists with the tools to monetize their creativity without intermediaries and empower collectors with genuine ownership and connection to the art they cherish. Today, ArtTokeHub stands as a vibrant community of artists, collectors, and art enthusiasts, all driven by a shared passion for pushing the boundaries of digital creativity. Why NFTs? NFTs represent a groundbreaking shift in how art is created, owned, and experienced. For the first time in history, artists can: Mint unique digital works with provable ownership. Earn royalties on secondary sales, securing recurring income. Showcase their art globally without geographical or institutional barriers. NFTs also open up limitless possibilities for collaboration and innovation: Gamers can integrate NFT-based art into immersive virtual experiences. Museums can digitize and preserve cultural artifacts for global accessibility. Brands can foster loyalty with exclusive NFT-based memberships and perks. At ArtTokeHub, we see NFTs as more than just a trend—they are the foundation for a new era of creativity and commerce. Our Core Values Empowerment: We believe in empowering artists and collectors by giving them full control over their creations and acquisitions. ArtTokeHub provides intuitive tools, educational resources, and a supportive community to help everyone thrive in the NFT space. Inclusivity: Art should be accessible to all, regardless of background, medium, or expertise. ArtTokeHub welcomes creators and collectors from every corner of the world to join our platform and explore the boundless opportunities of digital art. Innovation: We are committed to staying at the forefront of technology to provide the best features and experiences for our users. From smart contract innovation to cross-platform interoperability, ArtTokeHub is dedicated to shaping the future of art ownership. Trust: Trust is at the heart of what we do. We are relentless in our pursuit of safety, transparency, and reliability. Our platform is built on secure blockchain protocols, and we are constantly evolving to ensure the highest standards for our community. Join Us in Redefining Art ArtTokeHub is more than a marketplace—it’s a movement. Together, we can create a future where art transcends boundaries, ownership is redefined, and creativity knows no limits.