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.
What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
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. Popular wallets include Coinbase and Metamask.
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 and etherscan.io allow you to view your NFT collection and NFTs in other collections.
What is ‘Gas’?
The blockchain depends on processing power provided by a decentralized network of computers. “Gas fees” are what the members of this network earn in return for the processing power they provide. These 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, it has a public record on the blockchain it was created on. This makes provenance public and verifiable, and permits for instantaneous transactions on the secondary market.
How can I pay for my NFTs?
NFTs can be purchased with the cryptocurrency Ethereum (ETH). To purchase with ETH, first you’ll have to get Ether (see full details). Once you have ETH, you will need to transfer it to your wallet, such as MetaMask. You can then connect your MetaMask wallet to make your purchase, confirm the transaction and then receive your NFT. If you have questions, just reach out to us via Immutable X Discord!
How can I get ETH (Ether)?
First, you must purchase Ethereum (ETH) through an online exchange such as Coinbase, Binance, etc. Once you have purchased ETH, you will need to transfer those funds into your Metamask or other compatible wallet in order to buy an NFT token.
Please note there are limits on the amounts of ETH you can buy and sell based on your account and the platform you’re using to purchase ETH. There are also time delays from when you buy your ETH to when you can transfer it to your wallet to make NFT purchases. Most platforms require you to hold the money in your wallet before you can transfer it to use for purchases.
What Can I Do with my NFTs?
NFTs can be collected, sold and traded on the blockchain. NFTs can also be tied to specific benefits, rewards, or experiences, depending on the program and particular details of each NFT.
How Can I Protect my NFTs?
Your digital wallet will come with a 12-24 word ‘seed phrase’ that acts as the password to your wallet. Never, ever share this seed phrase with anyone. We also recommend keeping a written, physical copy of your seed phrase for access offline. If another person gains access to your seed phrase they can take control of your wallet and everything it contains. If you lose access to your seed phrase, you effectively lose access to your wallet as well so keep it safe!
Where is my NFT collection?
You can view your NFTs directly in your wallet, either on a smartphone or desktop computer.
You may use digital marketplaces that aggregate digital collectibles and NFTs under your ETH address; such as OpenSea, Rainbow, Lazy, Etherscan, and more.
How Long Until I Receive my NFT?
Depending on the amount of transactions pending on the blockchain, it may take up to 24 hours for the NFT to land in your wallet when you claim it. This is totally normal. Thank you for being patient!
What is the Primary Market?
Primary Market or Primary Sales are the first time an NFT is sold. This can either be a purchase from the NFT creator or an NFT that is minted on purchase.
What is the Secondary Market?
“Secondary market” refers to all NFT sales that occur after the initial NFT purchase. The most popular secondary marketplace to buy NFTs include OpenSea.io. As the owner of a TikTok Top Moments NFT, you can choose to either collect your NFT, or choose to sell it on marketplaces like Opensea and TokenTrove.
What are you doing about the environmental impact of your NFT collection?
TikTok Moments one-of-one NFTs will be made available on Ethereum, and the limited edition NFTs will be powered by Immutable X (minted and traded with zero gas fees). TikTok chose to partner with Immutable X, because all NFTs traded on Immutable X are completely carbon neutral.
TIKTOK MOMENT SPECIFIC FAQ
What is the price of the NFT?
One-of-one NFTs will be sold via an English auction, to the highest bidder. Limited Edition NFTs will be sold at accessible price points; to enable creator communities to engage with their favorite creator in this new way.
What Do I get for my purchase?
The TikTok collections can be traded on two secondary NFT marketplaces, including OpenSea and Immutable X official trading partner, TokenTrove. Please note that TikTok Top Moments NFT bought on a secondary market won’t give users the same utility access as other users who bought during the drop.
As mentioned above, your NFT’s authenticity can be verified on the public blockchain. This gives you the rights to flex your new NFT as your next profile picture.
How Do The Auctions Work?
Each auction will last for up to a week.
Please take note of the following details for the NFT auction and sale:
- Any bid made in the last 15 minutes of the auction will extend its duration up to another 15 minutes. Thus, the auction only ends when the 15 minutes duration of the final bid has expired.
- During this period of the auction, each bid submitted must be a minimum 5% higher than the previous bid. It’s important to check after your bid to see if anyone has outbid you.
Where Can I Go For Updates?
Can I Resell My NFT?
Yes. TikTok Top Moments one-of-one’s can be resold on NFT marketplaces such as OpenSea. The Limited Editions are minted on Ethereum’s Layer 2 with Immutable X and can be resold on NFT marketplaces like Token Trove.
Can I commercialize my TikTok Top Moment?
No. All TiKTok top moments art and talent rights are owned by creators, as such token owners cannot sell or distribute TikTok Top Moments or designs in any way.
What blockchain are these NFTs minted on?
One-on-one NFTs are minted on Layer 1 Ethereum. While the limited editions are minted with Immutable X—an Ethereum Layer 2 solution.