Before you begin creating your NFT lets define what an NFT is!
NFT is short for (N)on (F)ungible (T)oken, the word most people will not recognise is FUNGIBLE, so what is it?
The definition of fungible is: Easy to exchange or trade for something else of the same type and value
Example of a fungible item is a £1 coin. You can easily exchange it for another £1, 2 x 50 pence pieces or 10 x 10 pence’s etc.
You are going to create a token which is non fungible, that is to say your token will be unique, there will never be another token like this, ever! As the NFT is recorded on to a Digital Asset Blockchain, in our case the XRP Ledger, it can never be edited or duplicated. Even if someone created a copy of the NFT, even if done on the same Blockchain, the immutable Blockchain metadata will prove this is not the original NFT!
A Use Case: An art dealer wants to buy a painting worth £10 Million but he wants something to prove he now owns that painting. The artist can now link that painting to an NFT that states whoever owns this NFT owns the painting. If done with the proper legal representations even the artist himself could never reclaim possession of his work without custody of the NFT
A unique NFT will create an XRPL address with a single (non divisible) token
A Limited edition NFT will create an XRPL address with a single token (digital asset) which can be ‘distributed’ (not divided) a set number of times. For example the artist creates a piece of work which is in high demand by 9 art studios, the artists creates a NFT with a distribution value of 10, the artist sells 9 of these NFT to the studios and actually keeps 1 so everyone, including the artist, has shared ownership.
The XRP addresses are not active until they have been funded. For each address 20XRP is required for activation and 5 XRP is required to set a trustline. Send 25XRP to each address now.
THIS IS A SIMULATION FOR EDUCATIONAL & ENTERTAINMENT PURPOSES, THESE ADDRESSES DO NOT EXIST, DO NOT SEND YOUR XRP TO THESE ADDRESSES!