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Frequently asked questions
What is Masterscontemporary?
Masterscontemporary allows users to transform digital content into NFTs residing on the blockchain. The digital content could include books, images, videos, musical tracks, or even complex digital files. Users can just enter the details for describing their item and use the Concordium blockchain for taking their digital item to the public. Users could browse the Masterscontemporary marketplace for making bids and purchasing digital items. The items reside on the blockchain and belong to your wallet when you purchase them.
What is an NFT?
NFT stands for Non-fungible token.
Think of an NFT as a digital stamp of ownership used to confirm the authenticity of a unique item. At the moment that stamp is recorded (tokenized) on a secure public database (blockchain), the stamp becomes verified as one of a kind and cannot be modified or copied.
An item is fungible if it can easily be exchanged or substituted and maintain its same value. A dollar bill is an example of a fungible item because it can be replaced or exchanged for 4 quarters and still retain the same exact value. Other fungible items include:
- Gold
- Bitcoin or other crypto currencies
- Casino chips
An item is non-fungible if it cannot be substituted because it has unique qualities that make it different from other similar items. While many NFTs are digital, they can be used to verify the authenticity of real-world items too. Examples include:
- Event tickets
- Photography
- Collectibles like trading cards
- Music
- Digital art
- Virtual items like video game skins and avatars
- Tangible assets like real estate, cars, and even designer clothing
It is that publicly verifiable ownership that makes NFTs valuable because it allows them to be easily and securely traded or sold and allows for a variety of additional uses like:
- Unlock owner benefits like exclusive access to an event or an experience
- Artist/creator royalties
- Chain of custody verification, eliminating ticketing fraud
How can I start using Masterscontemporary?
- Users register on an NFT platform
- Users set up the crypto wallet.
- To create an NFT users have to upload a digital item and enter the description.
- Users list the NFT for sale, the price can be determined either by an auction or a fixed price.
- As soon as new NFTs are published, potential buyers can see them in the list for sales.
- If the auction is selected, the NFT creators start accepting bids.
- When the auction closes, sellers are notified about top bids.
- The NFT platform regulates the transfer of digital assets and funds.
What is minting/tokenizing an NFT?
The process of registering an item as a token on the blockchain. The minting adds a permanent stamp of authenticity and uniqueness. Similar to the way that physical metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
The minting process also ads key elements of value, the unchangeable rules by which that token will function in the form of a smart contract and the chain of ownership. Once a token is minted, it can no longer be altered.
What is Masterscontemporary?
Masterscontemporary allows users to transform digital content into NFTs residing on the blockchain. The digital content could include books, images, videos, musical tracks, or even complex digital files. Users can just enter the details for describing their item and use the Concordium blockchain for taking their digital item to the public. Users could browse the Masterscontemporary marketplace for making bids and purchasing digital items. The items reside on the blockchain and belong to your wallet when you purchase them.
What is an NFT?
NFT stands for Non-fungible token.
Think of an NFT as a digital stamp of ownership used to confirm the authenticity of a unique item. At the moment that stamp is recorded (tokenized) on a secure public database (blockchain), the stamp becomes verified as one of a kind and cannot be modified or copied.
An item is fungible if it can easily be exchanged or substituted and maintain its same value. A dollar bill is an example of a fungible item because it can be replaced or exchanged for 4 quarters and still retain the same exact value. Other fungible items include:
- Gold
- Bitcoin or other crypto currencies
- Casino chips
An item is non-fungible if it cannot be substituted because it has unique qualities that make it different from other similar items. While many NFTs are digital, they can be used to verify the authenticity of real-world items too. Examples include:
- Event tickets
- Photography
- Collectibles like trading cards
- Music
- Digital art
- Virtual items like video game skins and avatars
- Tangible assets like real estate, cars, and even designer clothing
It is that publicly verifiable ownership that makes NFTs valuable because it allows them to be easily and securely traded or sold and allows for a variety of additional uses like:
- Unlock owner benefits like exclusive access to an event or an experience
- Artist/creator royalties
- Chain of custody verification, eliminating ticketing fraud
How can I start using Masterscontemporary?
- Users register on an NFT platform
- Users set up the crypto wallet.
- To create an NFT users have to upload a digital item and enter the description.
- Users list the NFT for sale, the price can be determined either by an auction or a fixed price.
- As soon as new NFTs are published, potential buyers can see them in the list for sales.
- If the auction is selected, the NFT creators start accepting bids.
- When the auction closes, sellers are notified about top bids.
- The NFT platform regulates the transfer of digital assets and funds.
What is minting/tokenizing an NFT?
The process of registering an item as a token on the blockchain. The minting adds a permanent stamp of authenticity and uniqueness. Similar to the way that physical metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
The minting process also ads key elements of value, the unchangeable rules by which that token will function in the form of a smart contract and the chain of ownership. Once a token is minted, it can no longer be altered.
Masterscontemporary
The most intuitive digital marketplace for non-fungible tokens (NFTs) and crypto collectibles. Discover and collect rare digital artwork.