A New Cryptocurrency Stream of income: NFT’s : available now on Hive!

LeoFinance
22 days ago
(edited)
9 Min Read
1865 Words

NFT Market on Hive

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NFTs nonfungible tokens or Nifties...

were thrust into the limelight years ago with Cryptokitties on the Ethereum blockchain...

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What are NFT or non-fungible Tokens?

The word Fungible means that each Bitcoin is worth the same as any other and they are interchangeable, just any dollar or euro is interchangeable with another dollar or euro. They are indistinguishable in form and function, this is fungible or fungibility.

The opposite of day is night, and the opposite of interchangeable or fungible is Non-fungible.
Non-fungible Tokens are each created to be unique, or to represent something unique. An NFT token can represent an entire unique object or a specific piece of a unique object.

For example an NFT Token could represent your entire body or a piece of your body like your right arm or left leg. The NFT token representing your arm would differ from the NFT representing your leg and just as your right arm and left are are unique and NOT interchangeable, so are the NFT tokens which represent them.

The term fungible means the same and interchangeable. The term non-fungible has the opposite meaning, non-fungible means uniques and not interchangeable.

An additional use of this term or concept we should understand, to understand the role of fungible and non-fungible in commerce or finance is that a dollar is fungible and dollars are interchangeable. But a rare antique car, a rare painting by a famous artist or a piece of real estate are unique, not interchangeable and are by definition non-fungible.

A digital exam-,e is the cards used a very popular cross blockchain game called Splinterlands!...

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Plus recently the NBA licensed NBA Top Shots

Nonfungiblearttokens

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And they have been selling for thousands of Dollars!

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Even Mark Cuban, billionaire owner of the NBA Dallas Mavericks has started making NFTs!

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I am sure many of you enterprising individuals thought 💭 Why don’t I monetize my pictures, paintings, drawings, short videos?

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But then you thought...where Ethereum? Wax?

Why can’t I do it on Hive? Actually You can!

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Yes you can make and sell NFTs here on Hive!
It’s called the NFT Showroom and instead of the Proof of Brain concept theme underlying the Hive Platform Blogging Site...Its called Proof of Art

Now you can learn all about it Here, but I have added a short summary below from those webpages:

What is NFT Showroom?

NFT Showroom is a digital art marketplace built on the Hive blockchain. Hive is a fast and feeless blockchain that scales, is globally accessible, and unlocks an entire ecosystem beyond art. Our aim is to provide a platform that is easy to use, is less expensive for both the creator and collector to transact on, and that solves existing problems in the crypto art sphere.
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What is an NFT?

A non-fungible token (NFT), also known as a nifty, is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable by their individual specification. Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art (rare art), crypto-collectibles and crypto-gaming. Find more info on Wikipedia.

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Why create and collect tokenized art?

Attaching art to a token (NFT) has several benefits, most importantly it creates a record of provenance. A token can be compared to a certificate of authenticity as it is cryptographically signed by the artist. Upon creation, ownership and trade history can be tracked on a publically verifiable ledger (blockchain). This helps combat issues like plagiarism and can be used to verify copyright of images. Tokenization also permits the art to be efficiently and securely traded. Secondary market royalties allow the original artist to be rewarded on subsequent sales which is a huge revolution in the art industry.

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How do I get started?

Written and Video instructions

Here are the basics but feel free to visit our Get Started page!

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Written:

First

To begin creating and collecting you will need a Hive account and Hive keychain. Hive keychain is a browser extension that securely encrypts your keys and allows you to safely and easily authorize transactions on the platform.

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second

Get a free account here: Hiveonboard.com

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third

Install the Hive Keychain browser extension: Chrome/Brave
or Mozilla Firefox

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Video Instructions

How to video

NFT Showroom / A digital art marketplace on Hive / Get an account and install keychain

Get help in Discord

NFT Showroom

What do I need to use NFT showroom?

Once you have your account and keychain extension installed you will need some Hive!

Hive can be purchased on a number of exchanges such as, Blocktrades, Bittrex Binance, Kraken, Huobi etc. https://hive.io has a complete list.

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What is Hive-Engine and why do we need it?

Hive Engine is a smart contract platform built on the Hive Blockchain.

One of the smart contracts on Hive-Engine is the NFT contract that NFT Showroom uses to operate the digital marketplace.

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What is SWAP.HIVE?

The Hive blockchain uses the HIVE cryptocurrency as the medium of exchange. Hive-Engine utilizes a HIVE backed token called “SWAP.HIVE” to execute all the smart contracts.

To interact with NFT Showroom users are required to convert Hive to SWAP.HIVE. You can do this in your wallet on nftshowroom.com by clicking the deposit button and entering the desired amount. Simply sign the transaction with keychain and your Hive will be deposited as SWAP.HIVE.
There is a 1% fee when converting between HIVE and SWAP.HIVE

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How NFT Showroom Works

On NFT Showroom artists can create limited edition tokenized art that can be sold on the market. Collectors can buy, sell and trade limited edition art. NFT Showroom offers artists the option to make the art available for commercial uses which adds additional security for both the artist and collector.

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Fee structure and secondary sales

NFT creation costs 5 SWAP.HIVE + 1 SWAP.HIVE per edition. Upon completion of the initial sale NFT Showroom collects a 10% commission. Upon completion of secondary market sales NFT Showroom collects a 10% commission and pays half of that as a royalty (5%) to the original artist.
Currently items can only be listed with a buy it now price. Bidding is on the roadmap.

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Who owns my creations?

As the creator of the token you have digital ownership of your work. We offer two options when creating a token, Private and Limited Reproduction Rights:
'Private' means the artist retains the full copyright to the art. The buyer may display the art as part of their collection or resell it on the secondary market.
'Limited Reproduction Rights' means the artist is selling the full commercial rights to the reproducibility of the art. This means the buyer can use the art for commercial projects, which could include making prints, t-shirt designs, website/blog graphics, etc. This does not mean that the purchaser could sell their own secondary licenses for the piece, or could retokenize it themselves.

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Accepted file formats and specs

Current supported formats: JPEG, PNG, GIF, and MP4
JPEG, PNG, GIF: Max 30 MB
MP4: Max 100 MB
You will also need a thumbnail 1 MB or smaller for each upload.
We suggest uploading the highest resolution possible while staying below the size limits.

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Where are my creations stored?

NFT Showroom is currently using an image server to store all uploaded art, this is subject to change as we explore options.

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Can I gift my creation?

Yes, you can transfer an NFT to anyone with a HIVE account.

If I tokenize my art on NFT showroom, can I sell the same creations elsewhere?

By creating an NFT with a specified number of editions you are ensuring the scarcity of your art for your buyers. Once art is tokenized it’s important you do not tokenize the same creation again as that will negatively affect the value of your artwork and reputation.
We reserve the right to restrict access to NFT Showroom if an artist is caught plagiarizing or fraudently issuing multiple tokens of the same creation.

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Unique and Multiple Editions

In simple terms editions are like prints, or copies of the same art. When tokenizing art the rarity is a very important aspect. Collectors will take this into consideration when making a purchase. On NFT Showroom we offer the option to tokenize single or multiple editions. It is important that you decide the number of editions when you are minting the token because you can’t create more later or change the details after the transaction has been broadcast.

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How can I get whitelisted?

During the alpha we are only allowing verified artists to tokenize. There are future plans to open the site up once we have a verified badge system in place.
To apply as an artist, log in to nftshowroom.com, click your name in the upper right menu > then click profile. Fill out the profile as best you can, click update profile then agree to the TOS and apply. Please be patient, an admin will contact you on social media for verification.
See our blog post for more information: Artist guide

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If a sale goes through can it be reversed if I change my mind?
No. You can contact the buyer/seller, but if they refuse there is no recourse.
Fraudulent art from verified creators may be refunded up to the price the first owner paid. Otherwise all sales are final.
hive blockchain info

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What are HIVE and Hive Power?

HIVE is a cryptocurrency that powers the Hive blockchain.
On Hive you can own liquid HIVE or choose to stake (freeze it) as HIVE Power (HP). HP grants you voting rights on the platform as well as resource credits. Resource credits are consumed when you transact on the blockchain (e.g. tokenizing art NFTs or blogging on DAPPs like peakd.com) These credits regenerate. We recommend you have at least 5 HP staked to be able to smoothly transact. For more information about the Hive blockchain such as wallets, dapps, exchanges and more please visit https://hive.io

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What is Keychain?

Hive Keychain is a browser extension that works with Chrome, Brave, and Mozilla to encrypt your keys within a browser. By using Keychain you can prevent your keys from ever being shared with a malicious website.

Why is the sale price in SWAP.HIVE?

The smart contract platfrom Hive-Engine, which is the backend of the NFT Showroom website, requires that all contracts be settled in SWAP.HIVE.

Can I get a refund?

Blockchain transactions are irreversible, so all sales are final.
Contact and support

For all support needs please contact us in discord.

Hive Communities are diverse and the members very talented.

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written by @shortsegments

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LEARN MORE ABOUT NFTs here

Posted Using LeoFinance Beta