FAQ
Maybe at this point you are already an expert, or you have more questions than when you started getting into this. Either way, here we made a little guide for you:
What is an NFT?
NFT stands for Non Fungible Token…. Blah blah…you’ve heard this already right? If you got to this point you probably already have heard about NFTs but perhaps just have even more questions than you had when you knew nothing about this.
NFT is a unique digital asset; think of a picture, a painting, a video, a performance, a ticket, a collectible, a song, your dad’s sculpture collection, your signature or even your working contract. Its ownership and value are tracked on a blockchain and it can’t be replaced.
What is blockchain technology?
Blockchain is a basically database that is shared within a computer network. As a database, it records information and stores it digitally. These records cannot be changed and are public which makes them open-source and transparent. This guarantees the value and the authenticity of the NFT and its ownership to the creator and the buyer through a smart contract.
What are NFTs useful for?
The utility of NFTs is what actually pushed us to kick off this project. There are many reasons why we think NFTs are a great tool for creators. This technology allows creators to build their own community, on their own terms, without the need to depend on a third party, mostly unfair towards the creator. NFTs are sold from creator to collector. From you to me. Separately it helps the creator to receive a % of the selling price as commission. So if an NFT reaches a crazy price point, the creator could receive a percentage of this transaction, something that does not happen in the conventional creators market.
Why are some NFTs so expensive?
Simply supply and demand. There are no rules set to put a price on an NFT. This world got known and gained fame because of the crazy price points of some artworks, being the most expensive one ever sold for 91,8M$. However, this doesn’t mean that all NFTs have to reach similar price points. It is still a marketplace, so our work at Loading…NFT is to advise creators on these kinds of concerns they may have and give them the tools to deep dive into this space.
