How is the transfer of ownership of an NFT facilitated?

The transfer of ownership of an NFT, or Non-Fungible Token, is facilitated through blockchain technology. When an NFT is created, it is minted as a unique digital asset and recorded on a blockchain network, such as Ethereum. This blockchain acts as a decentralized ledger that tracks and verifies ownership and transactions. To transfer ownership of an NFT, the current owner needs to initiate a transaction on the blockchain specifying the new owner's wallet address. The transaction is then validated by the network's nodes, and once confirmed, the transfer of ownership is complete. This transparent and immutable process ensures the authenticity and provenance of the NFT, making it highly secure and tamper-proof.

This mind map was published on 10 September 2023 and has been viewed 53 times.