1. A transaction in terms of how payment is made
If you are the succesful biider on an NFT art work, you will be notified, and your Ethereum wallet will be used to make the transaction. Your wallet broadcasts a transaction to the Ethereum network that sends the ETH to NFT-s wallet and the transaction is mined (which usually happens after 30-70 seconds and requires no addiitonal action from you), the item becomes yours and the ETH becomes the ours.
A wallet is a complex tool that, among other things, helps you create and manage addresses. An address is a 42-character hexadecimal string that roughly corresponds to a unique location in the Ethereum network. In essence, you should understand that an address is an identity in the web 3 world. Your Ethereum address serves a similar function to your email address in the PayPal context.
Currently we have items at Auction on Rarible and in from early August 2021 in our collections an OpenSea, which has a bundle of supplemental information, stored on OpenSea’s traditional servers, attached to an address. But please note you don’t store NFTs in an OpenSea or Rarible account. They’re instead owned by an address on the blockchain. You, in turn, own the address by exclusively controlling your private key or seed phrase. An OpenSea and/or Rarible account just provides a bright and cheerful lens to view the cold, binary reality of the blockchain.
Before we initiate our further auctiona - a decision will be taken on this aspect - so watch this space for more information shortly.
3. How to get an Ethereum Wallet
One way to get an utilise an Ethereum wallet is by using MetaMask You can easily buy Ethereum with a debit card or Apple Pay directly within MetaMask by clicking “Add funds”. You can request funds from a friend by sending them a payment request showing your QR code in person or by sharing your public address.
Click here to read more about MetaMask and to install their app which allows instant transactions.
4. Can you sell your art work once purchased in an auction? - Yes indeed, and you can even add a small royalty to be charged and rebated to you from any future sales - say 2.5%. Thus NFT-s artwork is both a collectible and a future investment opportunity.
5.. A very good understanding of NFT's is provided by Coinbase here
6. This part of the site is in development as we establish the easiest procedures for all users, and collectors.
7. And finally - Limited Edition NFT's - here is a good understanding of the concept and uniqueness of each minted edition NFT
by Art Collector Toby Hazlewood:
............. the main thrust is, as he writes:
"Having done some research into the way that NFTs could be used to track and manage the issue of limited edition print runs of physical artwork, here’s how I see it working:
8. So since each of our NFT's has a certificate of authenticity, digitally signed and with a QR which can be scanned to show the minting and new ownership by the purchasing collector; and numbered - 1/100, 2/100 ... to 100/100 - no further tokenised NFT of the artwork can be issued - ensuring an eventual appreciation of each piece in value.