What is an NFT?
NFTs are Non Fungible Tokens. These tokens can be represented as rare digital collectibles, artworks, virtual things, or even tickets to experiences. They mainly exist in the digital space (however some have physical counterparts), and offer unique features for collectors/holders such as price transparency, provenance, and authenticity. By leveraging blockchain technology, the lifespan and full history of an NFT are available on a public ledger, so you can authenticate and verify where your NFT originated and who created it.
What are cryptocurrency & blockchain?
Cryptocurrency (also known as "Crypto") is a digital asset designed as a method of transacting or providing particular utility. Crypto ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional tokens, and to verify the transfer of token ownership.
A blockchain is a decentralized, distributed, and oftentimes public digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.
What is minting?
Minting is when you create an NFT or digital collectible. It's when you set the "rules" of your unique piece, declare that it's yours, and "sign" the contract that links this information to the digital creation. This is platform independent, permanent, and originates from your wallet. It's like uploading an image, text, and information to your favorite social media accounts, however once this data is “minted”, the information cannot be changed by anybody (not even you!) so make sure it's accurate and correct.
At DoinGud, we “lazy mint” our creations so creators have the ability to edit and modify certain information until the point of sale when it is “minted” to the blockchain. After your NFT or an edition of your is purchased, you will no longer be able to edit it.
Can the same artwork or NFT be sold on different platforms?
While you can do as you please with your artwork, it is frowned upon to mint the same creations across different platforms as this violates the trust of your collectors. NFTs are like digital art prints, and special because they can be unique and limited edition in nature, even if a physical world version exists. Just like an artist will only release a limited number of fine art prints for an individual artwork and no more after that run, artists are strongly encouraged to follow the same rules or they run the risk of devaluing their artwork and collector/community trust.
What is the value of my NFT?
The value of your digital collectible should be personal and based on your enjoyment or connection with the piece you're purchasing. It's important to purchase NFTs that you like and enjoy as opposed to speculating on its price or value. You shouldn't buy an NFT with the assumption it will appreciate in value as there are many factors that can affect this speculation. DoinGud unfortunately has no control over the value or price of the NFTs on it's platform, so we encourage all users to buy digital collectibles because they want to and not for speculative purposes.
What can I do with my NFT?
While the NFT space is relatively new, there are many existing and emerging ways to enjoy your purchases. Some of these include displaying or viewing them in Metaverse worlds or virtual galleries, displaying them on a physical Digital Frame or Canvas, gifting them to friends and family, or using them as tickets to real world or virtual experiences.
Where are the NFT's art assets stored?
We store our NFT media files using a decentralized storage technology called IPFS.
How do I collect NFTs on DoinGud?
You can get started collecting on DoinGud by browsing our Drops, Exhibitions, or Marketplace via the "Explorer" menu link.
How can I report a creation or profile?
On each individual creation page as well as profile pages, click the "…" icon and select "Report" if you believe someone is violating the platform's rules and policies.
Are the NFTs on DoinGud bad for the planet or do they have a high carbon footprint?
Our platform initially uses Polygon, which is an Ethereum compatible blockchain that is Proof of Stake (PoS) by nature. This means we are not dependent on energy intensive hardware to run our network, which is the main reason blockchains that are Proof of Work (PoW) have high carbon footprints. With a PoS infrastructure such as Polygon, we use up to 99% less energy than other PoW/ETH platforms and are up to 100x more energy efficient.
Additionally, we are partnered with various social impact organizations promoting a variety of social impact causes, including positive climate impact. We encourage you to find creations or artists supporting these causes. We love our planet, and are actively working in order to find partners that can help us build an increasingly sustainable and environmentally-conscious ecosystem, while helping our creators create consciously.