What is an NFT?
NFTs, known as non-fungible tokens, are cryptographic tokens that exist on a blockchain. Each token represents ownership of a unique digital asset and is a certificate of authenticity.
There are various token standards for the trading of non-fungible tokens, of which the most prominent of these is ERC-721. However, Niftyzone’s marketplace uses the ERC-1155 token standard, which enables a single contract to contain both fungible and non-fungible assets. With semi-fungible tokens, transactions can be bundled and trades are more efficient, which ultimately saves costs for our users.
What crypto wallets can I use with Niftyzone?
If you don’t already have one, you’ll need a wallet to store your cryptocurrency and NFTs. Niftyzone supports the MetaMask wallet which is a popular crypto wallet used by several NFT marketplaces.
To create one, you can simply use Google Chrome to install the MetaMask wallet extension. For further reference on creating your wallet, here are the MetaMask FAQs!
IMPORTANT: You will receive a Secret Recovery Phrase when you first create your crypto wallet. NEVER give this phrase to anyone – anyone with your phrase has full access to any currencies or NFTs in your wallet.
How do I create and sell an NFT?
Select your desired blockchain and connect your crypto wallet to the marketplace. Once that is done, you will be able to see a ‘Sell Digital Asset’ page.
To create and sell an NFT, you need to key in the following details: Asset Name, Description, Quantity to be minted, Artist Name, Asset Link, Listing Period and Asset Price. After uploading your file, click on ‘Create and Sell your NFT’.
To just mint your NFT, you do not need to key in the Listing Period and Asset Price. Click on ‘Create your NFT’ instead after you upload your file.
If you would like to sell an existing NFT in your crypto wallet, go to ‘My Digital Assets’ and choose the existing NFT you want to list, click ‘List your NFT for sale’ and fill in the respective listing details.
What fees do I pay for my first listing?
For your first listing (for a particular NFT collection), you will have to pay 2 transactions just like how most marketplaces are doing.
The first transaction would be to set approval for the marketplace to transact on your behalf (when a willing buyer pays the amount you listed) which will incur approximately a few cents in USD.
The second one will be to list your NFT on the marketplace which will usually cost less than $0.10 USD since it’s on BSC or Polygon.
How can I cancel or lower the price of NFT listings?
Once listed, go to the marketplace page by clicking on ‘Home’ and find your listing. Listings belonging to you (as the owner) should appear differently as you will not see the ‘Buy’ button, but rather 2 buttons – “Update Price” and “Delist”. Click on the respective button to perform the action you desire.
What file formats can I use to make NFTs? Is there a maximum size?
For now, its only PNG and JPEG. Integration of file formats like GIF, mp4 shall be implemented in time to come. For now, there isn’t a maximum size since PNG and JPEG should most likely not exceed the threshold.
How do I change the supply quantity?
You cannot change the supply quantity once it’s minted. For marketplace listing, should you want to change the quantity of your listing, delist first then re-list with the right quantity.
What is the longest I can list an item for?
The longest listing duration right now is set to 90 days (approximately 3 months).
Will my NFTs be visible on other platforms such as OpenSea?
Yes but only in your profile assets, it will not be listed on other platforms unless you list those assets over there too.
What are the different types of NFT sales/listings?
Active listing: An active listing is a fixed-price listing of your NFT that is yet to be fulfilled on OpenSea. You can view active listings by navigating to the specific NFT you have listed for sale.
Expired listing: An expired listing is a fixed-price listing that has expired without being fulfilled.