WHAT ARE NFTs?
An NFT is a “Non-Fungible Token,” meaning that it is one-of-a-kind and represents ownership of a unique item that can be digital or physical.
Like blockchain tokens in general, NFTs are traceable, programmable, and immutable. To learn more, read our blog article on NFTs.
The Non-fungible Token (NFT) markets continue to grow at an unbelievable pace.
A recent Deloitte Global study anticipated that in 2022 alone, sports NFTs will generate more than US$2 billion in transactions – double the volume in 2021.
Additionally, the study predicts that by year’s end, roughly 5 million sports fans around the globe will own an NFT sports collectible.
WHY DO THEY MATTER?
ARE THEY BAD FOR THE ENVIROMENT?
Unlike many other blockchain protocols that require lots of energy to run, our choice of technical partners are built to minimise our overall carbon footprint.
For example, Fantom’s proof-of-stake system (in comparison to the traditional proof-of-work system) means that nodes who validate transactions consume little power to run the blockchain.
Infinity NFTs comes in form of digital tokens that owners can either keep or use to claim the physical counterparts (attached to the NFTs) they have won in the auction.
When said physical counterparts are claimed, the NFT will be “burned,” meaning that auction winners will redeem their NFT for the corresponding physical items. The NFT won’t be in possession of the user anymore and will be sent to an address inaccessible by anyone.
WHAT CAN I DO WITH NFTs?
FAQ - Auctions and Beyond
Each Drop will have a designated landing page and will be accessible through this website and all our social media channels
Q1. What do I need to do before joining the auction?
A: To participate in the auction, you first need to install Metamask or the Coinbase Wallet as browser extensions and connect to them on our landing page. This step-by-step documentation offers detailed instructions (with screenshots) on everything you need to know.
Q2. What is FTM and where can I get it?
A: FTM (Fantom) is the digital token that is used for transactions on the Fantom blockchain.
You will be able to purchase FTM directly on the showroom where we host auctions and direct sales.
Alternatively, numerous exchanges sell FTM (e.g., Binance, Cryto.com etc.). When buying, users should be aware that FTM has two main token standards: Opera mainnet tokens and Ethereum ERC20 tokens. You will need mainnet FTM to use the network. To bridge ERC20 to mainnet FTM, follow this guide.
Q3: I have ERC20 Fantom, but how do I convert it to the native Fantom token?
A: Fantom makes it easy to bridge tokens from Ethereum to Fantom. For step-by-step instructions, consult the Multichain bridge.
Q4: What digital currencies will I be able to use in auctions?
A: We partnerships include several athletes and the NFT Collections will differ base on their preference. So far we have hosted NFT Collections in FTM and TOMB.
Q5: What is wFTM, and how do I convert my FTM to wFTM?
A: wFTM is wrapped FTM, needed in some instances. Artion offers a convenient wrap station that makes the process quick and simple. Consult the Fantom documentation for step-by-step instructions.
Q6: How does bidding at this auction work?
A: Auctions refer to sales in which an item is awarded to the highest bidder. Note that to place a bid on an item, you must hold a corresponding amount of cryptocurrency.
For instance, if you have 4 FTM, you can place a bid for 3 FTM, but if later you wish to raise your bid to 5 FTM, you will need to hold at least that amount + a small amount of FTM for transaction fees.
Q7: What is a transaction fee?
A: A small fee is charged for any transaction – be it placing a bid, withdrawing a bid, or making an offer. This fee goes to the validators on the network who verify and confirm transactions.
With Fantom on Artion, this cost is minimal. We recommend keeping 1 FTM in reserve, which will be more than enough to cover several transactions.
Q8: What happens once I win an item?
Each item in the auction has an end time and date when the NFT will be awarded to the highest bidder and transferred to the winner’s wallet. The winner will then be able to redeem the NFT for the item through the auction site, via "My NFTs" section. The NFT will be burned (removed from the wallet and destroyed) when the physical item is claimed.