FAQs

What is Blockchain?

   In simple words, blockchain is just a database. Why is it different from any other database?

   There are two key differentiators of blockchain:

   1. Most blockchain networks are decentralized, which means that they are not controlled by one company or one group of people. They have millions of different computers that store information in different geographic locations and are operated by different people (just like torrents).

   2. Decentralized blockchains are immutable, which means that the data entered is irreversible. For example, for Bitcoin, this means that transactions are permanently recorded and viewable to anyone. Most of the problems in the current world are created by a lack of trust. But what if you could have signed a contract which can not be changed later by the other signee? That’s exactly what blockchain does! Such contracts are called “smart contracts.” Blockchain technology appeared ten years ago and enabled many new innovative markets such as cryptocurrencies like Bitcoin and Ethereum, or the NFT art market.

What is a token?

    In cryptocurrencies, the word “token” is used in many different meanings, but in a simple way token is an encrypted piece of information that goes through the blockchain. They are secured contracts — lines of codes that dictate terms of use for those tokens. A token can describe the value of some object or cryptocurrency or appoint ownership of the token to someone.

What is NFT?

    NFT means Non-Fungible token. Non-Fungible means “not interchangeable.” If you have one bitcoin, it’s absolutely the same as any other bitcoin (fungible and interchangeable). If you have NFT, that means that this token contains a unique record and value. This consequently means that one NFT is not interchangeable with another NFT.

    In other words, NFTs are blockchain-enabled records of ownership attached to digital pieces of art, music, GIFs, or any other collectible. The idea is that these digital items are unique or created in limited quantities and cannot be replicated further. NFTs transform digital works into one-of-a-kind, verifiable assets that are easy to trade on the blockchain.

How can NFTs help artists?

    Creators are often stuck in lengthy negotiations with intermediaries, and their success heavily depends on a big network of agents and distribution platforms. To sell music, art, and other kinds of creative content, Creators depend on the rapidly declining music sales, the music/video streaming platforms for streaming & advertising revenue, and Live-Performances/Events/Shows. However, since the COVID-19 pandemic, many live performances or events have since been postponed or canceled. Blockchain technology solves a lot of those problems using NFTs — because it creates a new creative economy that is based on smart contracts.

    Non-Fungible Tokens is an innovative way to sell tokenized creative content like Art or Music of any format and keep an unchangeable track of ownership. It also enables the distribution of royalty fees in a fair and transparent way when the art is sold on a secondary market.

What can I do with NFTs?

    Owning an NFT is similar to owning a piece of art or a collectible card — but usually in digital form. NFTs can be bought and sold on NFT marketplaces using cryptocurrencies. Just like real-life collectibles, NFTs also describe a person’s taste and interests — and people love to show them around, sharing their collections on social networks. Some put them on a screen in their homes!

What is a limited license?

    When you are buying an NFT, including those produced by NFT1, you are obtaining a limited license. That means that the art piece or it’s parts can not be used for commercial purposes. Just like if  you bought a painting, you are buying a license for persona non-commercial use. Please read Terms & Conditions on Rarible:

What is Rarible?

    Rarible is one of the NFT marketplaces where you can sell and buy NFTs.

How do I participate in the auction?

    To participate in an auction, a buyer needs to create an account on Rarible connecting it to a digital wallet and top it up with crypto bought at the exchange. Transactions on Rarible are made in Ethereum.

    Educational video from Rarible: Click

How can I buy Cryptocurrency?

    The simplest way to buy Ethereum is to open an account on a local exchange. Exchange is a compliant financial institution that provides services on selling and buying crypto. Opening an account on the exchange can be done online. For example, exchanges that can be used in Thailand are Upbit, Bitkup, Binance.

What is NFT1?

    NFT1 is an NFT producer. We work with international musicians, artists, and celebrities to co-produce NFTs. NFT1 has a store on Rarible platform where these NFTs are auctioned and sold. To access our NFT1 Rarible NFT Store, please click here.

Where to learn more about NFTs?

    Detailed information about NFTs : Click

    NFTs explained educational video : Click

    Latest news about NFTs : Click