Frequently Asked Questions
NFT Showroom is a digital art marketplace built on the Hive blockchain. Hive is a fast and feeless blockchain that scales, is globally accessible, and unlocks an entire ecosystem of services for artists and collectors! Our mission is to provide a platform that is easy to use, less expensive to transact for both the creator and collector, and which solves existing problems in the crypto art sphere.
A non-fungible token (NFT), also known as a nifty, is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable by their individual specification. Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art (rare art), crypto-collectibles and crypto-gaming. Find more info on Wikipedia.
Attaching art to a token (NFT) has several benefits: most importantly it creates a record of provenance. A token can be compared to a certificate of authenticity as it is cryptographically signed by the artist. Upon creation, ownership and trade history can be tracked on a publically verifiable ledger (blockchain). This helps combat issues like plagiarism and can be used to verify copyright of images. Tokenization also permits the art to be efficiently and securely traded. Secondary market royalties allow the original artist to be rewarded on subsequent sales, which is a huge revolution in the art industry.
Here are the basics, but feel free to visit our Get Started page!
To begin creating and collecting you will need a Hive account and Hive Keychain. Hive Keychain is a browser extension that securely encrypts your keys and allows you to safely and easily authorize transactions on the platform.
Once you have your account and keychain extension installed, you will need some Hive! Hive can be purchased on a number of exchanges such as Blocktrades, Bittrex Binance, Kraken, Huobi etc. https://hive.io has a complete list.
Hive-Engine is a smart contract platform built on the Hive Blockchain. One of the smart contracts on Hive-Engine is the NFT contract that NFT Showroom uses to operate the digital marketplace.
The Hive blockchain uses the HIVE cryptocurrency as the medium of exchange. Hive-Engine utilizes a HIVE backed token called “SWAP.HIVE” to execute all the smart contracts. To interact with NFT Showroom users are required to convert Hive to SWAP.HIVE. You can do this in your wallet on nftshowroom.com by clicking the deposit button and entering the desired amount. Simply sign the transaction with keychain and your Hive will be deposited as SWAP.HIVE.
There is a 1% fee when converting between HIVE and SWAP.HIVE.
On NFT Showroom artists can create limited edition tokenized art that can be sold on the market. Collectors can buy, sell and trade limited edition art. NFT Showroom also offers artists the option to make the art available for commercial uses, which adds additional security for both the artist and collector.
NFT creation costs 5 SWAP.HIVE + 1 SWAP.HIVE per edition. Upon completion of the initial sale NFT Showroom collects a 10% commission. Upon completion of secondary market sales NFT Showroom collects a 10% commission and pays all of it to the original artist.
Currently items can only be listed with a buy it now price. Bidding is on the roadmap!
As the creator of the token you have digital ownership of your work. We offer two options when creating a token, Private and Limited Reproduction Rights:
'Private' means the artist retains the full copyright to the art. The buyer may display the art as part of their collection or resell it on the secondary market.
'Limited Reproduction Rights' means the artist is selling the full commercial rights to the reproducibility of the art. This means the buyer can use the art for commercial projects, which could include making prints, t-shirt designs, website/blog graphics, etc. This does not mean that the purchaser could sell their own secondary licenses for the piece, or could retokenize it themselves.
Image: JPEG, PNG, and GIF files are supported. Maximum size is 30 MB and you will need a 3 MB version for the thumbnail. If you are tokenizing a GIF the thumbnail can also be a GIF provided it is below 3 MB.
Video: MP4 files are supported. Maximum size is 100 MB. You will also need a 5 MB thumbnail in MP4 format which can include sound. We recommend using H264 codec as that will play reliably in most browsers!
Audio: MP3 and WAV files are supported. Maximum size is 30 MB and you will need a 3 MB image for the thumbnail.
Thumbnail: The thumbnail displays at different aspect ratios on different part of the website and also slightly varies by device, 400PX tall and portrait ratio is best overall. The largest it will be displayed is 400x330 from it's thumbnail.
All images uploaded to NFT Showroom are stored on IPFS (InterPlanetary File System) and also backed up on an image server.
Yes, you can transfer an NFT to anyone with a HIVE account.
By creating an NFT with a specified number of editions you are ensuring the scarcity of your art for your buyers. Once art is tokenized, it is important you do not tokenize the same creation again as that will negatively affect the value of your artwork and reputation.
We reserve the right to restrict access to NFT Showroom if an artist is caught plagiarizing or fraudently issuing multiple tokens of the same creation.
In simple terms editions are like prints, or copies of the same art. When tokenizing art the rarity is a very important aspect. Collectors will take this into consideration when making a purchase. On NFT Showroom we offer the option to tokenize single or multiple editions. It is important that you decide the number of editions when you are minting the token because you can’t create more later or change the details after the transaction has been broadcast.
During the alpha we are only allowing verified artists to tokenize. There are future plans to open the site up once we have a verified badge system in place. Current wait times are around 1-2 days, but can vary based on the amount of pending applications. NFT Showroom is excited to be growing so fast, and we are welcoming artists as quickly as possible!
To apply as an artist, log in to nftshowroom.com, click your name in the upper right menu > then click profile. Please fill out your profile as best as you can before requesting to be whitelisted! Profiles with no art portfolio or social media links will be denied, and remember to keep an eye on your messages at your submitted social sites. Please see this Artist guide on applying for more detailed information: Artist guide
No. You can contact the buyer/seller, but if they refuse there is no recourse.
Fraudulent art from verified creators may be refunded up to the price the first owner paid. Otherwise all sales are final.
Hive Blockchain Info
HIVE is a cryptocurrency that powers the Hive blockchain.
On Hive you can own liquid HIVE or choose to stake (freeze it) as HIVE Power (HP). HP grants you voting rights on the platform as well as resource credits. Resource credits are consumed when you transact on the blockchain (e.g. tokenizing art NFTs or blogging on DAPPs like peakd.com) These credits regenerate. We recommend you have at least 5 HP staked to be able to smoothly transact. For more information about the Hive blockchain such as wallets, dapps, exchanges and more please visit https://hive.io
Hive Keychain is a browser extension that works with Chrome, Brave, and Mozilla to encrypt your keys within a browser. By using Keychain you can prevent your keys from ever being shared with a malicious website.
The smart contract platfrom Hive-Engine, which is the backend of the NFT Showroom website, requires that all contracts be settled in SWAP.HIVE.
Blockchain transactions are irreversible, so all sales are final.
For all support needs please contact us in discord.