How do Auctions work on the Newly Launched ArtOfficial?

ArtOfficial Frequently Asked Questions – FAQs

What are NFTs?

NFTs (Non-Fungible Tokens) are unique digital assets that are secured and contained on the blockchain. The blockchain verifies ownership, provenance, and transaction history.

Where is my NFT collection?

There are various ways to view your NFTs online. For example, art.pizza, opensea.io, tryshowtime.com, lazy.com and many others. There are lots of other ways to keep track of your NFT collection, like etherscan.io. Each of these sites requires a “wallet ID” to log in (we’ll get to that in a minute).

What is a “wallet”?

Your crypto wallet is where you can view your cryptocurrency assets and transactions, all in one place. It’s also where you confirm any transactions in process. Different wallets have different features. For example, some allow you to view NFTs from a smartphone. Wallets currently supported by ArtOfficial include Metamask, WalletConnect, Torus, and Authereum.

What is “minting”?

NFTs are created through a process called minting. On the Ethereum network a command is run that creates the NFT as an immutable record, providing it with a unique hash that contains all of the metadata. The metadata stores key contextual information about your NFT, like its current ownership and transaction history. Sites including opensea.io, art.pizza, and etherscan.io allow you to view your own NFT collection and NFTs in other collections.

What are minting fees?

The blockchain depends on processing power provided by a decentralized network of computers. Minting fees, often called “gas fees” are what the members of this network earn in return for the processing power they provide. Gas fees can fluctuate according to the amount of traffic on the blockchain at any given moment.

What makes an NFT different from other kinds of digital art?

When you collect an NFT, your artwork has a public record on the blockchain and other distributed networks. This makes provenance public and verifiable, and permits for instantaneous transactions on the secondary market.

READ MORE: ArtOfficial… the FIRST Independent Online Auction Platform for Digital Artists

How can I get Ethereum?

ArtOfficial uses the popular cryptocurrency Ethereum (ETH) for transactions. There are multiple ways to get ETH into your wallet. Most wallets allow the user to convert other currencies into ETH. Each wallet has its own parameters for use, so it’s a good idea to plan well in advance of bidding at an ArtOfficial auction.

How do auctions work on ArtOfficial?

ArtOfficial auctions are held every two weeks, and feature original NFTs by a variety of artists. To bid, create a user account on ArtOfficial.com, login, and connect your wallet. A list of live auctions appear on the Home page, and bidding takes place on the Auctions page. Placing a bid instantly transfers the desired amount of ETH from your wallet. If someone outbids you, your previous bid is automatically returned to your wallet. Each bid requires a small “gas fee”. Any bid placed within the last 10 minutes of an auction automatically extends the auction timer by 10 minutes. We send you live updates by email to the address associated with your ArtOfficial account.

Please follow and like us:

Leave a Reply

Your email address will not be published.

Social Share Buttons and Icons powered by Ultimatelysocial