FREQUENTLY ASKED QUESTIONS
WHAT ARE NFT´S?
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies any digital file to be unique. An NFT functions like a cryptographic token, but unlike cryptocurrencies such as Bitcoin, are not mutually interchangeable, in other words, not fungible
CAN I SELL MY OWN FILM OR MUSIC COMPOSITION AS AN NFT?
Yes, we will help you publish your product with NFT credentials and we will process sales revenues from the buyer to you as soon as a sale is completed.
WHAT IS A SMART CONTRACT?
Smart contracts work by following simple “if/when…then…” statements that are written into code on a blockchain. A network of computers executes the actions when predetermined conditions have been met and verified. These actions could include releasing funds to the appropriate parties, registering a vehicle, sending notifications, or issuing a ticket. The blockchain is then updated when the transaction is completed. That means the transaction cannot be changed, and only parties who have been granted permission can see the results.
WHAT IS "PROOF OF WORK" AND "PROOF OF STAKE"?
In order to buy or sell an asset with NFT´s the blockchain needs to verify the authenticity of the transaction. Depending on the cryptocurrency involved this is done either through a proof of work or a proof of stake process.
ARE BLOCKCHAIN AND NFT´S BAD FOR THE CLIMATE?
It depends, some cryptocurrencies requiring a "Proof of Work" process to certify a transaction in a blockchain require large amounts of computational resources drawing a lot of energy so this process is bad for the climate. We always try to use the more environmentally friendly "Proof of Stake" process and we also mint NFT´s during "off peak" hours further reducing the environmental impact. With the right approach buying and selling digital products is generally more environmentally friendly than to produce ship and store physical merchandise
Still have questions? Get in touch and we’ll be happy to help.