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What is NFT?

An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership.

Non-fungible, means the item is totally unique, and therefore has its own unique value. For example, two cars of the same make and model might have different values based on how many miles are on the odometer, their accident records, or if it was previously owned by a celebrity.

How do NFTs work?

NFTs operate on blockchain technology. The blockchain is basically a large, digital, public record. The most popular blockchains are distributed across many nodes (read: people’s computers), which is why you’ll hear them described as “decentralized.”

The impact of NFT technology

Blockchain technology is revolutionary for digital goods. With NFTs, digital goods can be provably scarce, openly transferable, and have authenticated ownership. But you might be thinking…so what?

For creators, these new attributes are incredibly powerful. Instead of distributing their artwork, music, or other creations on platforms that are traditionally hard to monetize, they’re able to sell unique and authenticated items on a blockchain-based marketplace. In addition to the initial sales, the underlying code that powers NFTs also can also enable creators to receive set creator earnings on every secondary sale. For example, a developer could make an in-game skin that can be used across a variety of games and has established authenticity and ownership, and that developer can earn money every time that skin is bought or sold.

What is minting an NFT?

“Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership.

What is the purpose of minting?

You may have heard people ask, “Why can’t I just screenshot an NFT?” Minting is part of the answer. When you mint an NFT, it becomes stored on the blockchain, where its authenticity and ownership is established. And because the blockchain record can’t be edited, minting is the start of that NFT’s immutable history.

How to mint on Coin Verse Nft

Minting NFTs on Coin Verse Nft is easy. On the Ethereum blockchain, Coin Verse Nft also offers “lazy minting,” a process by which you can avoid paying gas fees to mint your NFTs. When you lazy mint, you can list your item for sale on OpenSea, but it’s not actually written to the blockchain yet. When someone buys your NFT, the mint and the sale are combined into one transaction, so the buyer pays all the gas fees! A Service Charge Code is typically generated within your mainnet account and then linked to the ERC network to serve as a validation mechanism for NFT transactions and reservation deposit confirmations. This code represents 10% of your total profits from the reservation deposit and is specifically designated as the Coinverse NFT service charge. It plays a crucial role in verifying all your transactions and NFT sales within your account. To maintain a secure NFT blockchain ecosystem and safeguard against royalties theft, it's essential that your capital balance equals or exceeds 10% of the total reservation deposit received for your NFT sales. The Service Charge Code is a vital tool for retaining ownership of your NFTs after they are sold.

How to buy an NFT on Coin Verse Nft

In order to buy an NFT, you'll need a crypto wallet and cryptocurrency (Ethereum) and their fund your Coin Verse Nft wallet to get started. Using Coin Verse Nft, you can buy items listed for sale instantly, bid in auctions, or make offers on any NFTs.

Is connecting my wallet to Coin Verse Nft secure

Just like your physical wallet, your crypto wallet is secure as long as you don’t compromise it. When you creating your wallet to Pixorum, you only give us permission to “view the addresses of your permitted accounts”, meaning we can’t take anything out of your wallet.

I brought an NFT from someone, but I think I was scammed. what happened?

One of the best things about web3 is that anyone can transact with anyone else anonymously. Unfortunately, that also applies to scammers. While we immediately ban any confirmed scammers from our platform, web3 is permissionless. So the best way you can keep yourself from getting scammed is doing your due diligence and research on anyone you buy or trade NFTs with.

What is Coin Verse Nft privacy and policy

Coin Verse Nft's privacy policy can be found at the very bottom of any Rarible page. It can also be found here.