General information about NFTs

General information about NFTs This article will help you understand the world of NFT art Artland.

What is an NFT?

NFT stands for Non-Fungible Token. Non-Fungible Tokens are blockchain-based digital items, the value of which is unique and can be truly owned and exchanged openly. They are rare, one-of-a-kind collectables.

Since these unique characteristics also apply to artworks, the art world has developed a strong interest in NFTs. By using NFTs, the goal is to widen the interest for art to a new category of buyers.

Artland believes that art should be accessible to everyone who is interested. For this reason, Artland chose to include NFTs among the artworks that a gallery can upload for sale. However, not all NFTs are artworks. For this reason we are proud to be the first platform to offer a curated selection of NFT art.

What is a Crypto Wallet?

A crypto wallet is an application or hardware device that allows individuals to store and transfer digital assets like cryptocurrencies and Non-Fungible Tokens (NFTs).

Just as there are many banks and credit cards, there are many different wallet providers to choose from. They all serve the same purpose, but each one takes a different approach and makes different tradeoffs. To buy and sell NFT art on Artland, you will need to know how to use one.

If you'd like, you can try a few different wallets to determine which works best for you, but many users choose MetaMask for desktop use, and Coinbase Wallet for mobile use.

What Currencies Can be Used on Artland/OpenSea?

The core currencies on Artland/OpenSea are Ethereum (ETH), USDC, and DAI. Over 150 other payment tokens can be used, such as $UNI and $WHALE, but it's not currently possible to use non-crypto currencies like USD and the Euro.

What Are Gas Fees?

Gas fees are like transaction fees on the Ethereum blockchain. When you make transactions, such as transfer crypto to another wallet or purchase a digital collectible on OpenSea, you'll need enough ETH in your wallet for the initial transaction and the associated gas fees.

Check out this detailed written overview for more information and check out a gas tracker to monitor current gas prices.

Who Pays the Gas Fees?

First-Time Sellers:

If this is your first listing with OpenSea, sellers must pay 2 transaction gas fees to setup their account. This is a one time fee that you will not pay moving forward.

Returning Sellers:

Sellers do not have to pay gas fees to "mint" each individual item until the item is sold. This is referenced as lazy minting, the NFT is minted upon sale vs minted upon listing.

Sellers & Buyers:

There are gas fees when the item is sold and who pays the fees, depending on transaction.

Buyers pay the gas fees when purchasing fixed-price items.

Sellers pay the gas when accepting offers.

Additionally, OpenSea auto-completes auctions that finish above 1 ETH and pays the associated gas costs. For auctions that finish below 1 ETH, it's down to the seller to accept the top bid and pay the gas fee in order to complete the transaction.

Where Will I Store My NFTs?

Your NFTs will be stored on OpenSea. To see the NFT in your wallet, go to your OpenSea profile and select "In Wallet".

To know more about the buying process of NFTs, check this article.

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