All about NFTs
(“MT-NFT” refers to “Maria Theresia Ankeruhr NFT”)
- What is an NFT?
An NFT is a specific kind of token/collectible digital asset. Unlike other tokens, an NFT is, as its name suggests, “non-fungible” or not fungible/replaceable. An NFT is, as rule, unique. An NFT is a digital asset that can be owned, sold, and traded. After initial purchase, the NFT can be sold on the marketplace.MT-NFT CASE
The first Ankeruhr MT-NFT are linked to a specific minute/second of the Ankeruhr. The MT-NFT will be offered solely in digital form, and will be sold as a limited digital edition of the full HD images of every minute from 11:00-11:59 of the Ankeruhr and numbered from 0000 to 3,599.
- What is a crypto wallet?
To buy, hold and transfer an NFT, you need to open or create a wallet that supports the NFT format. Wallets also allow users to send, receive and spend cryptocurrency and (in many cases) your NFT. A cryptocurrency wallet stores your private keys, ensuring its security and accessibility. Think of it as your address/ID on the blockchain. You can send and receive items from your wallet or keep them locked away safely.MT-NFT CASE
To start your MT-NFT transactions, you have to create a wallet and connect it to www.ankeruhr.art or connect your existing wallet (go to "connect my wallet").
- What is a drop?
An NFT drop is the launch of a non-fungible token project. It includes the exact date, time, and usually the minting price of the NFT.MT-NFT CASE
All Ankeruhr MT-NFT will be dropped on 16th October 2023.
- What is the blockchain?
The blockchain is a kind of digital ledger of records, called blocks, that are linked together in a decentralised, secure and transparent way using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data.MT-NFT CASE
All MT-NFT are stored on the blockchain. After the purchase of the MT-NFT, the location of the MT-NFT on the blockchain is granted via the smart contract. The entire image of MT-NFT is however stored outside the blockchain (via an IPFS storage, see below). The Polygon blockchain is used for the MT-NFT.
- What is Minting?
When someone “mints” an NFT, they create a file that lives on a blockchain that cannot be edited or deleted. They register, for example the digital work on the blockchain.MT-NFT CASE
As for the “MT-NFT”, there is the credit card payment option: you pay with EUR (FIAT) with your credit card. The gas fees will be mentioned on top (in real time) by following the "minting" process indicated on the website.
- What is a smart contract?
The smart contract is by definition an automated programme or literally a “smart contract” i.e. a digital contract in which the terms of the agreement between the users are defined in computer codes. NFT usually contain a so-called "smart contract", a computer code that automatically performs certain actions as soon as predefined conditions are met. Smart contracts consist of several key parts: the signatories, the purpose, the terms of the transaction and the specific conditions.MT-NFT CASE
As for the Ankeruhr MT-NFT, the smart contract will provide for the specific terms detailed in a programming language compatible with the smart contract’s blockchain, and shall contain among other things the proof of ownership of the MT-NFT and permission or access levels to different Ankeruhr content (unlockable content) like a free tour through the famous Ankeruhr in the heart of Vienna.
- What are treasuries & utilities?
Treasuries/utilities (benefits) are only made available and accessible only to those who hold a particular NFT. These could be anything from higher resolution versions of the NFT’s image, videos and related material, to access to secret communities/events, or even simple discount codes.MT-NFT CASE
The unlockable contents/MT-NFT treasuries are designed and access to them is granted only to the current owner and holder of the MT-NFT. Copying or sharing them with others will not make this NFT special anymore and could decrease its value.
- What is an IPFS?
IPFS stands for “Interplanetary File System" which is a distributed storage network / solution. It works in a similar way to cloud storage. IPFS is an information or file storage network that is not centralised or controlled by a single party. Furthermore, it is a content-based system and not on the domain or location-based under a URL.MT-NFT CASE
In order to reduce the environmental impact, all HD image files of the minutes of the famous Ankeruhr are stored in an IPFS infrastructure and not stored as such on the blockchain. By purchasing and owning the famous Ankeruhr MT-NFT, you will gain access to your HD image file. You will receive a link to your personal NFT on the IPFS. You will also be able to download your HD image file for your personal use or to display it on a marketplace or in your own virtual gallery.
- What is NFT Reveal?
When you mint an NFT, the artwork won’t actually be created until the minting is complete. This means that you’re purchasing a ‘blind box’ and won’t know exactly what you get until it’s time to reveal it.MT-NFT CASE
When you buy MT-NFT, what you’ll see first on OpenSea is a placeholder image. For MT-NFT it is the Ankeruhr NFT image in black and white. After the mint ends (the drop is on October 16th 2023), the NFT image will be revealed and you can vizualize it on your digital NFT account and on marketplaces like OpenSea.