What am I buying when I buy an NFT?
You’re buying a limited-edition digital creation signed by the creator. Upon purchase, you’ll be given the right to use, distribute, and display the creation for non-commercial purposes. Since you own this unique creation, you can also re-sell the same non-commercial use rights, to the creation, on a secondary market or even directly on MakersPlace.
Upon purchase, you can access the high-resolution digital file to display on any digital device or to create a print for personal use. You own the authentic piece, verifiable on the blockchain and re-sellable on the open market.
How do bidding, offering, and buying NFTs work?
Whether creation is priced outside of your comfort range or doesn’t have a price tag, bidding is a great way to try to acquire a creation for a particular price. You can bid with your credit card or with Ether.
Bidding with a Credit Card. Once you’ve provided an offer amount and your credit card details, your bid will be submitted for the creator to review. If the creator accepts your offer, the creation will be transferred to your MakersPlace collection. When the offer is submitted, an authorization for the full bid amount will be placed on your card. However, it is not charged. Your credit card will only be charged after your offer is accepted. If the offer isn’t accepted within 4 days, the offer will automatically be canceled.
Bidding with Ether. Once you’ve provided an offer amount and confirmed with your Ethereum wallet, your bid will be submitted for the creator to review. If the creator accepts your offer, the creation will be transferred to your MakersPlace collection.
💡 Tip: Submitting a higher offer on the same creation automatically cancels your previous offer.
A committed offer cannot be canceled and will only be refunded if the offer is outbid or a higher offer is made.
All offers made during the closing time of an auction will be committed. This is done to prevent the unfair canceling of offers during the waning moments of an auction.
A reserve price indicates the minimum amount the creator is willing to sell their artwork for. When the reserve price is met, the creator agrees to accept the highest offer within a four-day period.
You may still make an offer below the reserve price, in case the creator decides to lower their reserve price.
Purchasing an NFT with a digital wallet
A digital wallet is an application that manages your cryptocurrencies and also allows you to interact with blockchain technologies like Ethereum. MakersPlace uses your digital wallet to publish and sell your digital creations using the Ethereum blockchain.
All creators on MakersPlace are provided with a hosted digital wallet that is securely managed by MakersPlace using the highest grade security.
When joining MakersPlace, you have the option to use a personal digital wallet or use a MakersPlace-issued wallet that is managed by MakersPlace. If you have a personal wallet, we recommend using it. Learn more.
If you need to create a personal wallet, we recommend using MetaMask.
How NFT editions work
A one-of-a-kind non-fungible creation. Digital art with one edition can only be owned by one person at a given time, making these NFTs quite attractive to collectors. These creations generally command the highest sale price.
A rare digital creation. Digital art with ten editions may be sold and owned by up to ten collectors at any given time. Though rare, each edition generally commands a slightly lower sale price than a 1/1.
A limited digital creation. Although still limited, because it can be owned by many collectors, collectors will expect the price of each edition to be much lower.
No predetermined number of creations. NFT collectors are given a time window during which they can mint. When the window closes, the edition size is capped. Artists may create approximate caps, limit the number of mints per wallet, or enable other tactics to keep edition sizes low.
Because the edition size is unknown, open editions don’t receive as much speculative attention, making it a relatively low-priced haven for fans and collectors who aren’t interested in flipping their holdings.
NOTE: Because of their unique mechanics, open edition NFTs are not minted at the moment of purchase. If you purchase an open edition, you can generally expect it to land in your wallet within 24-48 hours.
Original mints are primary market purchases. An NFT that is still owned by the original creator of the artwork.
Secondary NFT market
After an NFT is minted, it can be sold or purchased on the secondary market.
Displaying your NFT collection
Because the artwork can exist in many forms at one time while still being uniquely owned by the NFT holder, abundant options exist for displaying NFTs.
For in-home or otherwise “IRL” displays, digital “printing” and specialized display screens are wonderful options. Here are a few of our favorites:
- Infinite Objects offers digital display frames for video NFTs with a run-time of up to 24 hours. Simply upload the file to the Infinite Objects website and receive your digital frame within a few weeks.
- Atomic Form Wave produces state-of-the-art 4k digital NFT frames connected with the user’s crypto wallet, which verifies every NFT on the blockchain before displaying them.
- Tokenframe is another digital display, this one with anti-glare display, stereo speakers, and an auto-rotating function. Users can control their Tokenframe via smartphone to switch between NFTs.
- Solid NFT is a print option for your digital art. Solid prints on lightweight aluminum panels with a range of framing and sizing options.
- Samsung QLED HDR Smart TV comes with an “Art mode” that can be used to display NFTs
- Metaverse galleries and curatorial opportunities abound: Decentraland and Sandbox are popular options for metaverse displays.
- Similarly, JPG Protocol is vying to be a kind of Wikipedia for digital curation, and is an amazing option to curating with pieces you own and/or don’t own.