HOW DO THE AUCTIONS WORK?
Groovetime will list creator NFTs as auctions that last for some specified period of time. In each auction, there will be a limited number of copies (editions) of the NFT available for purchase. At the end of the auction, the top bidders on the NFT will be awarded copies of the NFT. Example, if an NFT is listed in an auction as a limited collection of 20 copies, the top 20 bidders on the NFT will receive copies of the NFT at the end of the auction.
During an auction, It is important to check after your bid to see if anyone has outbid you, as there will be no notification system set up.
CAN I RESELL MY NFT?
Yes. You will be able to resell your NFTs on Magic Eden and Solsea (subject to their seller approval process), with support for other Solana-based marketplaces to come. Eventually, you will also be able to resell your NFTs on the Groovetime marketplace itself.
Each NFT resale will generate 10% royalties for the original creator of the NFT.
WHAT ARE NFTS?
NFTs (Non-Fungible Tokens) are unique digital assets that are secured and contained on the blockchain. The blockchain is a reliable database that verifies ownership, provenance, and transaction history. An NFT's originality can be verified because NFT data is stored on a blockchain. The NFT data on the blockchain cannot be forged, which makes it easy for interested buyers to check the authenticity and transaction history of any particular NFT.
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.
WHAT IS “MINTING”?
NFTs are created through a process called minting. 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. Minting fees, often called “gas fees” are what the members of this network earn in return for the processing power they provide. Gas fees can fluctuate according to the amount of traffic on the blockchain at any given moment.
WHY IS GROOVETIME SELLING NFTs?
We believe that the art that dancers create has value. Unfortuantely, it has been hard for dancers to monetize their work on platforms like YouTube, Instagram and TikTok. Furthermore, dancers lack the kinds of ownership and copyright protections that other artist enjoy. In order for dancers to continue creating works of art that move and inspire us, they need to be able to sustain themselves and their families. NFTs are an effective way for dancers to sell their art in digital form (videos). They also more tangibly represent the depth of the connection between a dance creator and their fans. Owning the NFT of your favorite dancer is a point of pride for you.
WHAT CAN I DO WITH AN NFT FROM GROOVETIME?
NFTs in Groovetime can be bought and resold on the blockchain. NFTs will also be tied to specific benefits, rewards, or experiences offered by dance creators in the product, such as shoutouts, exclusive VIP fan meetups, and discounts on creator branded merchandise.