FAQs
about
NFTS

What is an NFT?

Non-Fungible Tokens (NFTs) are unique digital artworks and assets stored on the blockchain where ownership can be tracked and verified. NFTs can have an element of motion or sound in a moving image. They come in many forms such as JPGs, GIFS, audio files, memberships or any other digital file type. NFTs can be viewed on digital frames, TVs, projectors, computers and mobile screens.

Why are NFTS a breakthrough in the industry?

A NFT contains a smart contract between you and the artist. The artist, for the first time in history can sell original digital artworks, and collect royalties over time if these artworks are sold and traded on the market.

NFTS also expand the possibilities as to what we can create and sell. With your single digital wallet, you can have access to unique assets in the metaverse and exclusive memberships to theatres, clubs and conceptual performing art groups, in addition to digital artworks.

Why purchase NFTs on Novooi?

We believe the world is phygital where creatives have more control over their own art and designs. When you purchase a NFT on Novooi, you are buying the object directly from the artist. You (the buyer) get a personal connection to the artist when they send you the NFT original file and physical artwork. We forward your details to the artist, who then contacts you for your details.

Novooi will also be introducing exclusive memberships to different performing art groups and exhibitions that are only accessible through NFT memberships on Novooi.

What am I buying through NFTS on Novooi?

You are buying a smart contract and token on the Ethereum blockchain uniquely associated with a digital artwork. This smart contract proves the authenticity of the artwork. The value of this digital artwork can increase over time, can be sold further, and proves authenticity if at any time the physical version would be destroyed.

How to I purchase an NFT?

To purchase or recieve NFTS, you need to install a digital wallet. We recommend installing MetaMask or Coinbase. This digital wallet can be used to buy any kind of cryptocurrency in addition to NFTs.

If a NFT is included in your purchase, the artist will ask you for your wallet unique ID. If you are buying an NFT directly, the plattform will ask for you unique ID when purchasing the item. You will have to buy and transfer Ethereum to your digital wallet. Ethereum can be bought on Coinbase or another cryto exchange.

How much are artists getting paid?

Novooi takes a 25% commission rate, which is about half of what traditional galleries and retail stores take. Artists earn 75% on sales. This will also extend to royalties earned from secondary sales.

What about environmental costs?

The ethereum blockchain is the most secure and widely adopted blockchain for art at the moment. That being said, we also are critical to the current environmental impact of the Ethereum blockchain’s protocols with regards to energy usage. Novooi actively encourages collaborations to reduce the carbon footprint in the retail industry. We will be apart of an evolving conversation around the environmental impact of NFTs, and work towards achieving a reduced carbon footprint.