Non Fungible Tokens
Non Fungible tokens are the latest thriving feature in the cryptocurrency space. BiblePay is proud to be the first to offer Non-Fungible-Tokens in the Bitcoin/Dash line of wallets. Normally NFT's are created with Ethereum wallets.
A Non Fungible token, in contrast to a standard single biblepay currency token, has a value that is based entirely on the extrinsic value of the asset linked to it (and not at all on the currency unit). For example, if you own an NFT that represents the original Mona Lisa painting, your NFT may be valued at $50,000 while the underlying BBP coin is valued at .01. This is because the marketable nature of the NFT gives it an appraised value based on what other people are willing to pay for it in the marketplace.
How do I create an NFT?
First you go into biblepaycore, and click the top level menu NFT | NFT - Add. A page will appear with the fields that need entered.
The Name is the short catchy name for example: The Mona Lisa - Original PNG by Lupo. The detailed description gives you 512 characters to further explain what you are selling. The minimum bid amount is the minimum you will accept in the marketplace. Caution: Once this is populated, your item may sell and be transferred to a new owner!
The URL is the distinct global URL pointing to the asset. No two NFTs can share the same URL.
The marketable checkbox designates if the item is for sale. If this is checked, we will list your NFT in the marketplace (see here). If not checked, your item will NOT be able to sell anywhere.
For an item to sell, it must have a minimum bid amount greater than zero, the marketable checkbox must be checked, and an offer must be made by someone greater than or equal to your minimum bid amount.
How do I edit my NFT?
People will want to edit the NFT to change the marketable status, and to change the price. They may also edit the description text. To do this, click NFTs | List NFTs. Double click on the NFT that you own that you would like to edit (note than you cannot edit someone elses nft).
Modify the fields and click Save. The NFT is stored in the biblepay chain.
How do I delete an NFT?
We do not yet support deleting an nft, however you can change the minimum bid amount to zero and uncheck the marketable status and it will be hidden from all marketplaces. Or you can sell it to one of your other wallets so that you no longer see it in your primary wallet.
What happens when I sell an NFT?
When you sell an NFT, the new owner will take over the ownership of your NFT instantly (as that block is mined). Note that we use your CPK to designate the ownership of an NFT. Your CPK can be viewed from your address-list under "Christian-Public-Keypair". This particular address signs for the ownership of each NFT. If you sell your NFT to another CPK, their CPK will then own the NFT.
How do I buy an NFT?
There are two methods to buy an NFT.
Method 1: Using the RPC console, you can type 'buynft nftid price'. If the NFT is for sale and your price is sufficient, the network will immediately transfer ownership to you. After a couple blocks you will see the NFT in your NFT list.
Method 2: Using the Marketplace (see FAQ), you may buy an nft that is "marketable". Click Buy it now from the web (you must have enough BBP in your web account) and you must have your CPK public address populated in the marketplace | Account | Settings. When you buy an NFT online, it will immediately be sent to your core wallet. Then after two blocks you will see the NFT in your NFT list.
What items can be listed as NFTs?
Most digital goods (PDF, JPEG, PNG, MP3, MP4) - more info will be added here about digital delivery.
You may also list a distinct non-sponsored orphan as an NFT, following these guidelines: To be added.
What happens if I sponsor an orphan NFT?
We are designing orphan-NFTs to have an active lifespan (a duration). The duration will be advertised right on the NFT. For example: Sponsor Eve for 90 days. The minimum bid amount will be set to include the sponsorship fee for the whole duration just by buying the NFT. After the duration elapses, the NFT will expire -- and the NFT will automatically dissapear. The NFT will not be re-marketable.