NFTs are minted using a unique signature called a mint policy ID. This mint policy ID is unique on the blockchain. By using time locked policies it is also possible to prevent the same ID from ever being used again. This technology has the potential to prevent fraud when used properly.
Crypto transactions only require trust between two parties, with no need for a third party like a bank. Therefore it is critical to trust the party with whom you are exchanging crypto or NFTs. We are able to verify the mint policy IDs of any Cardano Art Exchange NFTs, and it is impossible for these IDs to ever be used to mint another NFT on the Cardano blockchain. Contact us through the website or another secure line of communication for more information and best practices around ensuring NFT authenticity.
Purchasing an NFT is the same as performing standard cryptocurrency transactions. Use the explore page to bid on live NFT auctions. The winning bidder will be provided with an Ada wallet address to send payment, and will need to provide an address for the Ada wallet receiving the NFT. This is a guided process and we are able to answer any questions that may arise during the process.
Cardano Art Exchange NFTs live solely on the Cardano blockchain, so NFT purchases and transactions are performed using Cardano’s native token, Ada. Ada has become a widely traded cryptocurrency, and is supported by a number of crypto wallets. It can also be purchased using cash on popular exchanges like Coinbase. Please make sure to use a wallet like Daedulus or Yoroi when exchanging NFTs because exchanges generally do not support native tokens on Cardano.
The Cardano blockchain is a third generation blockchain platform. Through the use of a proof-of-stake protocol called Ouroboros this blockchain solves the energy waste issues of older blockchain technologies. The design principles used from the beginning to build Cardano has it positioned to be the most sustainable blockchain platform. Negative externalities have historically been swept under the rug by corporations and early blockchain technologies. By incorporating the people and the environment as fundamental parts of the design of Cardano it has truly become the most equitable blockchain on the planet.
NFT is short for non fungible token. Humans and other entities can create these tokens to represent proof of ownership of an item. This can provide artists the ability to uniquely sign their work and has the ability ensure authenticity of a piece.
The first NFTs were primarily created using the Ethereum blockchain. This proved out the technology and its potential, but is a tremendously wasteful system that consumes absurd amounts of energy to produce and trade these tokens.