NFT stands for Non-Fungible Token. In short it means that it is a crypto asset that cannot be reproduced. Think of it as a digital or virtual art piece that someone buys with cash or cryptocurrency and holds in their personal NFT collection.
Thus, an NFT is a digital asset built on blockchain technology that exists completely in the digital universe. It is a unique piece that cannot be exchanged or traded, therefore a limited number of NFTs exist and their value is driven by demand for ownership rights.
An NFT can be any type of digital file: A drawing, a digital version of a painting or photograph, music, a tweet, a meme, a short video, an article etc. The unique identity of these digital files is verified on the blockchain, the same technology that powers ETH.
The technology behind an NFT allows one to prove who created a digital artwork and to track its history of ownership. This is super exciting since it will change the way digital art is sold from now and in the future.
As far as the minting (the creation) of an NFT goes, it is the copyright owner that has the right to create an NFT based on his/her original work.
It is important to note the work (the NFT of your artwork) can be re-sold and this gets embedded on the blockchain transaction of that specific NFT. Re-selling and bidding are how NFT’s gain value and how you as an artist will continue to make money from the same NFT of your art piece.
ERC-721 is a token standard that was on the Ethereum Blockchain. The ERC 72 standard allows for digital representation of unique collectibles in the form of NFTs. This non-fungible token creates intrinsic asset value for unique collectibles that can be sold and traded.
ERC-1155 is also a token standard that lives on the Ethereum Blockchain. Unlike ERC-721, ERC-1155 can be used for both fungible and non-fungible smart contracts.
In simple terms minting means to uniquely publish your token on the blockchain. By doing so you make it purchasable, therefore a digital wallet needs to be created. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFTs.
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts are stored on the Ethereum blockchain and allow for transparent and clear instruction on the asset it is linked to.
A Crypto Wallet is a digital app that allows its owner to store, retrieve and transact with their digital assets. Gallery QkweQkwe’s Marketplace integrates with MetaMask (www.metamask.io).
The term ‘gas’ is exclusive to the Ethereum platform. It refers to the cost of using the Ethereum Virtual Machine (EVM) platform to run smart contracts and transfer ETH.
When you want to transact in ETH on the Ethereum platform, you have to pay a gas fee, therefore an NFT transaction requires gas fees.
Gas fees are the price you pay to create, buy and sell your NFT. It is necessary to have enough ETH in your Digital Wallet for transactions and the associated gas fees. These fees fluctuate depending on the time of the day.
Selecting the speed of your transaction will be a determining factor to calculate the gas fees. Select the speed of your transaction and calculate the required amount of GWEI necessary to process your request.
Yes, you can change the price of your existing NFT
Burning an NFT means to destroy it from the Ethereum Blockchain. This step is irreversible.
Once you list a work with QkweQkwe you cannot list the same work on any other marketplace. QkweQkwe.io will also sell on Opensea and other selected marketplaces in the future.
- Create a profile.
- Select Create NFT.
- Upload your file.
- Name your file.
- Describe your file.
- Mint your NFT (you will need ETH for gas fees).
- Market your NFT.
Unlockable content is available when setting up an NFT artwork. It means holding the key to adding value and creative dimension to that artwork. The creator of the NFT can add unlockable, hidden content serving as a significant bonus, viewable only to the owner of the NFT. This unlockable or hidden content can be just about anything and allows the artist to add real-world value to the NFT outside of the digital token.
Technical: your Unlockable content together with the NFT cannot exceed 30MB.
All unlockable content needs approval from Gallery QkweQkwe before minting.
NFT royalty payments are perpetual, executed by smart contracts automatically, and it gives the artist a percentage of the sale price each time the NFT is sold on the marketplace. This is an unbeatable proposition NFT offers, since artists have the benefit of getting returns for the art they produced once, on a recurring basis.
Although royalty systems can differ between marketplaces, it is quite common that artists are given a choice of the royalty percentage, whereby 5-10% is considered a standard royalty.
Not all NFTs yield royalties and this has to be specifically mentioned in the terms. These smart contract terms should be written clearly into the blockchain for it to run automatically thereafter.
A percentage of the secondary sales can be allotted as royalty and the creator can decide this amount at the time of minting the work. Once minted your NFT will earn you the chosen percentage on all future sales.
Blockchain technology and smart contracts work hand in hand to ensure that the identify the artist/author is identified, and ensure the royalty payments are made at once after the transaction is completed
Both artist/author and buyer gain from an NFT royalty. It can be a substantial source of revenue for the artist/author/creator and buyer alike. The buyer gains as he/she can verify the authenticity of the NFT. This makes it possible to display the asset as well as resell it. It is indeed a win-win transaction.
NFT royalties are a hassle-free way to keep earning from your hard and dedicated work and to tap into profits of secondary sales.
When you have sold and interacted with Gallery QkweQkwe and proved trusted trading you will be assigned a verified badge. The longer you are active and the more you sell the more benefits you will unlock on Gallery QkweQkwe.
It is the responsibility of each artist or gallery operational on Gallery QkweQkwe to pay their taxes on earning in their respective jurisdictions. QkweQkwe and its affiliates take no responsibility for any taxes other than their own.
Yes. The fact that you created and minted the NFT will forever be inscribed on the smart contract and embedded in the blockchain.
Once you load your artwork on the blockchain via Gallery QkweQwke’s NFT Marketplace it is entered into the blockchain. It is then awarded an unmistakable certificate of authenticity: the creator, purchase price, subsequent owners and acquisition prices are visible and travel with the piece through something known as a smart contract. Thanks to the technology of a smart contract a level of market transparency is reached that has never existed in the traditional art world.
NFTs are different from cryptocurrencies in the sense that they are not interchangeable. NFTs are a type of cryptographic token.
Cryptocurrencies can be exchanged for each other at the same value without reducing or increasing the value.
An NFT cannot be exchanged for another for the same rate since no two NFTs are the same.