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Non Fungible Token - Coggle Diagram
Non Fungible Token
Process
- Currency: Buy ETH using fiat currency or convert other cryto currency to ETH
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Safer: Exchange-independent wallet (metamask.io, trustwallet.com, Rainbow)
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- ETH miner to create a NEW block in Ethereum blockchain with hash calculated by attributes of the upload art work file. This hash is unique within Ethereum network.
- Gas fee: To mint, artist need to pay Gas fee, in flat currency, to ETH miner who create a NEW block in Ethereum blockchain. Gas fee is positively proportional to mining activities in Ethereum blockchain. Gas fee can be checked online at txstreet.com, ethgasstation.info. Gas fee structure (high,med,low) depends on how quickly artist would like to have the mint process to complete (faster, more expensive).
- Art work is NOT stored in Ethereum blockchain. Rather it is stored in market place whether transaction was taken place(?)
- Mint: Computer process to create a NEW block in Ethereum blockchain. In Ethereum, a block represents a smart contract.
- Initial sales price in ETH
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- Piece within a collection (upward ladder to encourage early purchase)
- Loyalty fee of subsequent sales (10% usually) within the SAME marketplace. Q: NFT can be transferred to other marketplace? If so, loyalty fee structure is completely reset? (i.e. no interoperability)
Artist
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Package
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Genesis: First ever art work posted in marketplace like Opensea, Rarity, Foundation, SuperRare...etc
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Art work
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Digital art (2D,3D,motion,animation)
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:warning: DISCLAIMER: NOT FINANCIAL ADVICE; FOR REFERENCE ONLY; USE AT YOUR OWN RISK; INFORMATION CAN BE INCOMPLETE, INACCURATE, MISLEADING, OUT-OF-DATE
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