NFT stands for non-fungible tokens like ERC-721 & ERC-1155 (a smart contract standard) tokens which are hosted on Ethereum’s own blockchain. NFTs are unique digital items such as collectibles or artworks or game items. As an artist, by tokenizing your work you both ensure that it is unique and brand it as your work. The actual ownership is blockchain-managed.
We are currently integrating this standard onto the Binance Smart Chain.
What’s the difference between Single and Multiple?
Single: A single NFT uses the ERC721 NFT standard. ERC721 cannot be used to create multiple copies of a single token.
Multiple: A multiple NFT uses the ERC1155 Token Standard, this standard can be used to create multiple instances of a single token, you can think of this as making Multiple copies of an image, they will all be identical.
What does “minting” mean?
The process of tokenizing your work and creating an NFT
What is “unlockable content”?
As a content creator, you can add unlockable content to your collectibles, that only becomes visible after a transfer of ownership (i.e. selling or gifting your NFT). Artists use this feature to include high res files, making ofs. videos, secret messages etc.
How does the royalty system work?
Whenever you create a collectible you can set a certain percentage as royalty for secondary sales. Example: You create a digital painting and sell it for 1000 TWIN, the royalty is 10 percent. Your buyer then sells your painting at a higher price point for 5000 TWIN. Here, the royalty system kicks in. As the original content creator you receive 10% of that sale, being 500 TWIN.
Can I create an NFT on twinci.io without putting it on sale?
Yes, you can and it is up to you if you decide to sell it later or not.
Can I change the price of an already created collectible?
Absolutely, you can lower the price free of transaction costs at any time. You just need to sign the signature request via your wallet.
What is verification?
Verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items
What is a collection and how is its benefits, downsides, limitations?
Collection: The easiest way to explain a collection is to compare it to a folder on your desktop. When you mint art on Twinci by default the art is put into either the ERC721 or ERC1155 Twinci folder. This folder is a public folder in which anyone is allowed to mint NFTs. When you create your own collection, you are essentially creating your very own folder in which no one except you can create NFTs.
Benefits: Having your own collection makes it easier for you to promote your work as you can just share your collection instead of individual pieces. It also allows you to keep a consistent style of art per collection. Having your very own collection will also help with exposure on platforms like Opensea.
Downsides: The biggest downside is that creating your own collection requires deploying a smart contract (Don't worry you don't have to code anything, we'll handle that for you!), while that does not sound like a huge deal, deploy smart contracts are more expensive than deploying in Twincis default collection.
Limitations: The biggest limitation is that you need to have a separate collection for Singles and Multiples (ERC721s & ERC1155s), there is no way to store ERC721s (Singles) in an ERC1155s (Multiple) collection and vice versa.
What is TWIN token, and why is it being distributed?
TWIN is a Twinci token on the NFTs market. You can use TWIN tokens to buy and sell NFTs products that you like, and you will receive a lot of special offers when using TWIN tokens to pay.
In the long term, the more popular the platform becomes, the more people want to hold shares as an investment, the business worths more and the token will be accepted for sale on the most major cryptocurrency exchanges of the world.
And we believe that from 2020 onwards, digital art creation, buying and selling of NFTs products will occupy a large market share in the cryptocurrency market.