Category: Blog

10 May 2021

What is an NFT

NFT, stands for Non Fungible Tokens. But to understand it better, let’s dive in step by step.

To understand NFT, you need to understand blockchains. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger and it’s available through the entire network of computers on the blockchain. This is the basis of cryptocurrency.

Now, when you take an NFT, an NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. For instance, if you and I each have 1 bitcoin and you exchange it with my bitcoin, at the end of the transaction, the net change is zero. But you can’t interchange NFTs. It will be like trying to interchange a Van Gogh with a 2B pencil.

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.

We are really excited about the repetitive royalty functionality of NFT. That means the original artist keeps getting a commission, even after they no longer own the NFT. This is revolutionary.

If you take the Mona Lisa, the true value of it lies in the pedigree. The fact that you can authenticate it as the original art done by Leonardo da Vinci. Similarly, the value of NFT lies in the authentication. It verifies the original artist, avoiding the sale of a replica.

NFT market tripled in 2020. Digital artwork entitled “Everydays – The First 5000 Days”, by artist known as Beeple, sold for US$69.3 million in 2021 along with many others being auctioned for exorbitant amounts.

10 May 2021

Frequently Asked Questions

When is the Auction (Updated)

Bidding starts at 6pm on the 12th of June 2021. Stay connected through our social media and the form below, to get SMS and email notifications prior to the event.

How to Bid

The auction will be live for 24 hours. During which anyone can login to the site and add their bid. You will be able to see the current maximum bid in the product page.

What is the Bid Fee

Bid fee is a one time registration fee to verify your bid. Once the auction is over, this will be refunded to you in total. You do not have to pay a bid fee, to increase your bid. If you have won a bid, you can finalize the payment, after which the Bid fee will be refunded to you. If you want to bid on multiple products, you have to make a bid fee for each product.

How can I pay

You can use any of the following methods to complete the payment.

Visa / Master / Amex cards
Bank Transfers

What if I win

Our team will contact you at the end of the auction to confirm the payment.

How are the tokens minted

We are using an already audited contract to mint the tokens once the auction is finalized. The tokens will be transferred to you within 3 working days.

How do I get the token

Once the payment is made, the NFT Token will be transferred to you within 3 business days. Incase you are not familiar with cryptocurrency and NFT, our team will help you get started!

Want to know more?

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