What are NFTs?
NFTs (Non-Fungible Tokens) are unique digital assets that are secured and contained on the blockchain. The blockchain verifies ownership, provenance, and transaction history.
What is Blockchain?
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 of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
What is a “wallet”?
Your crypto wallet is where you can view your cryptocurrency assets and transactions, all in one place. It’s also where you confirm any transactions in process. Different wallets have different features. For example, some allow you to view NFTs from a smartphone. Popular wallets include Metamask, Coinbase, and Phantom.
What is “minting”?
NFTs are created through a process called minting. On the Ethereum network, a command is run that creates the NFT as an immutable record, providing it with a unique hash that contains all of the metadata. The metadata stores key contextual information about your NFT, like its current ownership and transaction history. Sites including byt.io, art.pizza, and etherscan.io allow you to view your NFT collection and NFTs in other collections. Each blockchain has thier own set of tools to view transaction data and minting information.
What is ‘Gas’ or minting fees?
The blockchain depends on processing power provided by a decentralized network of computers. Minting fees, often called “gas fees” are what the members of this network earn in return for the processing power they provide. Gas fees can fluctuate according to the amount of traffic on the blockchain at any given moment but cannot be avoided.
What makes an NFT different from other kinds of digital art?
Traditional works of art such as paintings are valuable precisely because they are one of a kind. But, digital files can be easily and endlessly duplicated. With NFTs, artwork can be "tokenized" to create a digital certificate of ownership that can be bought and sold.
How can I pay for my NFTs?
NFTs can be purchased directly through our website (https://byt.io/) as a secondary market with the cryptocurrency SOL. For minting, you can mint directly off of the respective collection’s mint page. That would be known as the primary market.
How can I get Solana(SOL)?
Several crypto exchanges exist both centralized and decentralized. The differences can be the quality of service each offers; transaction costs, ease-of-registration, safety, payment options, and many other factors. A list of popular platforms a number of crypto users utilize to buy tokens/coins would be Coinbase, Binance, FTX, and Crypto.com. You can easily use any of these services to transfer your SOL to your Solana NFT Wallet.
How Can I Protect my NFTs?
Your digital wallet will come with a 12-24 word ‘seed phrase’ that acts as the password to your wallet. Never, ever share this seed phrase with anyone. We also recommend keeping a written, physical copy of your seed phrase for access offline. If another person gains access to your seed phrase they can take control of your wallet and everything it contains
Where is my NFT collection?
You can view your NFTs directly in your wallet, either on a smartphone or desktop computer.
Can NFTs be returned and buyers refunded after purchasing?
NFT sales are final and returns or refunds will not be offered after purchase.