NFT FAQ
What is an NFT?
Non-fungible tokens (NFTs) are tokens that we use to represent ownership of unique digital assets that are verified by the blockchain. Proof of ownership over NFTs drives its demand, scarcity, and uniqueness. Anyone can own a copy of the Mona Lisa, but only you own the original.
2.
What is the point of an NFT?
NFTs are not just about ownership. Creators can provide NFTs with utility, royalties, roadmap, physical merchandise, charity aspects, unique experiences, and much more. NFTs are the gift that keeps on giving - they are the social and economic bridge between community and content creators.
3.
What is blockchain?
A blockchain functions similar to a ledger because it stores, verifies, and records all transactions. Users can trace ownership of the NFT back to its creator to verify its origins.
When you purchase an NFT, what you have actually purchased isn’t just the asset file itself, but a digital certificate of authenticity that says in code: “X user has transferred ownership of this file to me on this date for this much money” like a receipt set in stone, which makes the blockchain almost impossible to delete, duplicate, and hack.
4.
What are gas fees?
Gas fees are the costs associated with the computational efforts and resources necessary to execute transactions on the Ethereum blockchain.
5.
What is a crypto wallet?
Imagine a digital bank vault. A crypto wallet is where you can send, receive, and store digital assets like cryptocurrencies and NFTs.
You are given two very important keys to this vault: a public key and a private key. The public key is your “wallet address” and it allows you to receive cryptocurrency transactions. You can send it to anyone without worry because only the private key can unlock the transactions. Never share the private key or “password” to anyone because it is used to verify your identity and that you are the owner of the wallet.
6.
Why is mintNFT’s video provenance important?
Along with blockchain technology, mintNFT offers additional layers of provenance for NFTs through video. First, a video link telling the story behind the NFT is attached to the NFT itself, assuring buyers of its authenticity. The recorded video is permanently linked to the NFT even in the secondary market, which also helps perpetuate the NFT’s popularity and marketability. Second, mintNFT hosts a virtual event promoting the NFT auction, and the recorded highlights from the event can constitute the video provenance attached to the NFTs.
mintNFT’s patent pending process is so important to reduce the possibility of buying fake NFTs and give the credit that artists deserve for their hard work.
19.
What Is An NFT Drop?
An NFT drop is the release of a non-fungible token project. A drop refers to the exact date, time, and generally the minting price of the NFT. Many NFT drops have purchase limits that apply to the number of NFTs you are able to mint in one transaction. Purchasing at drop time is a great way to save money as well.
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nft@cristelisabelmarcon.com