faq
Here's the answers to some of the most frequently asked questions! Feel free to join out Discord and contact us if you have additional questions.
What are smart contracts?
Smart contracts are what define the value of each NFT. A smart contract is a legally binding agreement to uphold the value of the token. The contracts offer access to some good or service, whether that be an exclusive membership, free services from a specific business or royalties from sales. For example: If McDonald’s decided to create an NFT of the golden arches, and link a smart contract for unlimited fries, you could purchase that NFT and receive free fries for life. You would hold your NFT and carry it with you so that you can use it just like you would cash, a coupon or a credit card. We hold digital currency in digital wallets.
What is a blockchain?
Blockchain: a system in which a record of transactions made in cryptocurrency are maintained across several computers that are linked in a peer-to-peer network, providing security and avoiding fraud. If you are unfamiliar with cryptocurrency, it serves as digital currency that can be held like a stock or used in transactions. Rather than by an authority such as a bank, these transactions are verified and maintained through a decentralized system using cryptography. All this means is that the communications between these computers is secured and available to only the sender and recipient of these messages. Blockchain is for all purposes an incredibly complex code.
What are Cryptocurrencies?
Cryptocurrencies are digital assets and decentralized systems that allow for secure online payments.
What is an NFT(Non-Fungible Token)?
Cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other; essentially a digital asset. Fungible: something is able to be exchanged or substituted for something of the same value Everything has the potential to be an NFT. Each token can hold value for anything utilizing smart contracts. Businesses can use NFTs as coupons, currencies, etc. example: If you purchase a skin in a video game, you own an NFT already. The future virtual world opens up the potential for anything to become an NFT, and their value can be anything: money, goods, property, memberships, anything!
