INPROGRESS
Overview
Introduction to NFTs
An NFT, or non-fungible token, is a digital asset representing ownership of a unique item or piece of content. It could be anything from digital artwork to a tweet to a virtual real estate property. NFTs use blockchain technology, which allows them to be easily transferred and verified as authentic. They are unique as they cannot be exchanged for other similar tokens or assets, as each NFT is one-of-a-kind.
The Story of Orphan NFTs
As NFTs advance in the market, at times, various NFTs and other digital assets are left abandoned on the blockchain. Orphan NFTs, also known as "abandoned" or "zombie" NFTs, are NFTs created on the blockchain but never used or sold. An Orphan NFT has no link to the original NFT creator or the NFT platform.
Orphan NFTs come into existence for various reasons, including:
The original owner loses access to the wallet or account where the NFT is stored. This happens when the owner forgets their login credentials or if the wallet is lost or damaged.
The platform where the NFT was created shuts down or becomes unavailable. This can happen if the platform is no longer maintained or if it experiences technical issues.
The original owner decides to sell or transfer the NFT to another party, but the transaction is not completed or is not properly recorded on the blockchain.
The original owner intentionally abandons the NFT, either by not claiming it or by transferring it to a dormant wallet.
The NFT is created on a platform that is not widely used or is not well-maintained, which makes it difficult for the owner to sell or transfer the NFT to another party.
Foster NFTs: The After-story of Orphan NFTs
It becomes challenging for the NFT owner to access or manage their asset when it becomes orphaned. In some circumstances, the owner may even lose the ability to transfer or sell the NFT to another user. Foster NFTs are useful in this situation. Foster NFTs symbolize ownership of digital assets that are neglected or "orphaned" by their original creators. Abandoned digital assets exist for various reasons, such as the creator losing access to their wallet, losing interest in the asset, or even passing away.