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NFTs can be created for any kind of digital asset and NFTationsupports most types of digital creation.

We majorly empower artists to sell their artworks. However, there are different categories available for collectors to choose from. You can purchase NFTs in the form of Digital Video and Photo Art, Music and Audio, Game Collectibles, Sports Collectibles, and other general collectibles as well.

There are several benefits of buying NFTs. Here, we would like to list a few:

1. Ownership: NFTs allow you to get provable ownership of the digital items. Years back, it was impossible to own something digital without a middle man and people couldn’t claim their creation. NFT is a revolution that allows people to own digital assets. Like any physical art, you can have art under your name on the blockchain.
2. Copyright: In the digital world, it was difficult to secure someone’s creation. Creator’s; hard work was lost and thousands of people used to claim the same thing. However, with NFTs, artists can secure their art as NFT and retain the copyright of their creations.
3. Transferability: One of the great advantages of NFTs is transferability. Though NFTs are not mutually interchangeable, they are free to be traded and transferred from one to another. This is the benefit with which artists sell their art to interested people at their price.
4. Decentralized marketplace: NFTs are backed by blockchain which is a decentralized network. This means, you don’t have to trust any mediator, who keeps all the information, for buying or selling NFTs. Every member has the same data as anyone else through distributed ledger technologies.
5. Economic Opportunity and Growth: NFT is the face of a new creative economy. It provides the economic opportunity to the creators all over the world to share their work and get adequate payment out of it. The sale and purchase of art, music and other creations on the blockchain has seen millions of dollars flowing. This is the cause and effect of more and more people entering and buying NFTs.
6. Royalties are empowering artists: One of the benefits of NFTs being on the blockchain that is programmable and transparent is that artists not only benefit from the initial sales of their work but also form future sales by way of royalties. It gives them the power to have an ongoing reliable source of income and simultaneously be able to focus more on their creative side and create new artwork.

There are two ways by which NFTs are sold on the NFTation: Fixed Price and Reserve Price Auctions.

For buying the fixed-price NFTs, you just need to make a single transaction to pay the price denominated by the artist and the fee for the transaction itself. When the transaction is confirmed by the miners, the NFT is minted and transferred to your wallet on the same transaction and the sale is finalized at that very moment.

The Reserve Price Auction is available when the artists list their work with a minimum bid requirement (Reserve Price).

First Bid: Once the price is set, anyone can place the first bid. A 24-hour auction will start as soon as a collector places a bid that should be equal to or higher than the reserve price.

Subsequent Bids: If someone has already started the auction of the NFT you are interested in, you can still participate in the auction by placing a subsequent bid, the amount of which should be at least 10% higher than the current bid.

Bids in the last 15 minutes: If a bid is placed in the last 15 minutes of the 24-hour auction, the deadline of the auction will be reset to 15 minutes to allow for a fair competition.

Winner: The highest bid after the end of the auction is automatically the winner and the new owner of the NFT. Winners would just have to settle the auction.

Auction Settlement: After the auction is over and a winner is found, either the winning collector or the artist needs to settle the auction, meaning they will need to pay for the GAS fees of minting the NFT and transferring it from the smart contract to the new owner’s wallet.

So, this is how you can participate in an auction.

For knowing if you have won the auction or been outbid, you can check the item page for which you have placed the bid.

Alternatively, if you have provided an email address in your profile section of the platform and signed up for receiving emails for the activity, we’ll notify you through an email as well.

After the auction is over and a winner is found, either the winning collector or the artist needs to settle the auction. It means, they will need to pay for the gas fees of the following actions:

• Transaction fee of the transfer of the NFT from the smart contract to the collector wallet
• Transaction fee of the bid amount transferred from the smart contract to beneficiaries

Once the artist or you have paid these GAS fees, the transactions are settled and NFT is yours.

Stuck transactions can only be cancelled if you could see the pending button next to your transaction. With a small fee, you can cancel the transaction.

Yes, NFTs that are minted on the NFTation platform are available on other platforms as well. We use the same standard schemes for the NFTs Metadata and therefore they are compatible and viewable on other platforms such as OpenSea, Rarible, etc.

Collectors gain significant benefit from Galleries such as:

1. Curated artworks by professional creators

   One of the benefits of the galleries is that they gather a curated collection of artworks from a group of artists that they believe in. They verify the artists and therefore makes it much easier for collectors to discover a great curated collection of artworks that have been vetted by professionals. With this, collectors can be at peace with the reliability of artworks and buy them with more confidence.

2. Additional seal of authenticity of the artwork and artist:

   In the present form of NFTs, collectors have to be assured of the authenticity of the artwork. It’s the responsibility of the collector to make sure that not only the artwork they are buying is authentic but also it has been minted from a wallet that belongs to the original artist. Galleries alongside the $NFTationplatform could play the role of a helping hand in this verification process.

NFTation allows only directly or indirectly verified artists to operate on the platform. However, galleries give NFTs another seal of approval as curators of the galleries only promote NFTs that are valuable and have been minted by artists thoroughly vetted.