NFT and Trading activities on the system
What is NFT? How does NFT help authors claim their ownership?
NFT (Non-Fungible Token) is a special type of crypto token which represents something unique, like a photo or artwork. On our platform, anyone can publish an NFT with their digital content.
What distinguishes NFT from other digital formats is its transparent and immutable transfer of NFT ownership recorded on the public blockchain network. Furthermore, the NFT creator’s blockchain wallet address is an inherent element of the NFT. When an artist creates an NFT using his/her wallet address, that address will be attached to the NFT like a “digital signature”.
On which blockchains can I create NFT ?
Currently, we are supporting NFT creation/trading on Binance Smart Chain, OKEx, IoTeX, Polygon, and HECO blockchains.
How do I sell my creations?
Choose “Create” on the menu bar and upload the image file
Complete the information needed, choose the category, and select your desired number of copies
Under the “Put on sale” section, choose the quantity and price you want to sell your work in the market
You can also uncheck the “Put on Sale” to create an NFT but don’t sell it immediately. After creating the NFT, when you are ready to trade it on the market, go to your Profile page, select the NFT, and click on the button “Put on Sale”. We have a detailed guide here:
OKEx Chain: https://sota01.medium.com/sota-beginners-guide-how-do-i-create-my-nfts-on-sota-finance-with-the-okex-chain-e8abfdaca4df
Can I create NFT on the system but not sell it?
Absolutely! In the NFT creation process, if you deactivate the “Put on sale” option, the NFT will not circulate in the market. You can sell the NFT afterward from your wallet by selecting “Put on sale”.
Can I create my own collection?
Yes. When creating an NFT, you can decide whether to save it in a collection that SOTA has made available (SOTA_USER) or your collection. Keep in mind that if you choose to create a collection of your own, there will be an additional fee to pay for the blockchain network.
Can I delete an NFT created by me?
Yes. Click on the NFT, go to its detail, choose the “…” icon near the NFT name and click “Burn NFT”.
What will I sell?
Each image you upload to the platform will be digitized into NFTs, which contain the author’s information to verify copyright. NFTs are traded on the market using USDT and other currencies.
Can I stop selling my work?
Yes. Choose the NFT you don’t want to sell anymore and choose to remove it from the sale. The remaining NFTs that haven’t been traded yet will no longer be traded on the market.
What if the NFT I want to buy doesn't have the price I want?
You can choose “Make an offer” and type your desired price. If the offer is accepted, the transaction will be made and the NFT will be purchased.
How do I want to sell my NFT from another platform on the SOTA platform?
You can use the function Import NFT of the SOTA platform. Note that the imported NFTs must be compatible with the SOTA platform. We have a detailed guide here: https://sota01.medium.com/sota-beginners-guide-how-do-i-send-and-import-my-nfts-6074e5bdb631
Can I transfer my NFT to another platform?
Yes, you can. You can use the function Send NFT of the SOTA platform. But please make sure that that platform supports displaying NFTs from the SOTA platform.
How to share my NFT on the SOTA platform to social media?
Select the button beside the name of your NFT in the NFT detail.
Choose the social media you want to share your NFT
How does the licensing fee work on the system?
When the NFT is traded for the second time onwards, 10% of the seller’s profits will be returned to the wallet of the author who created the NFT. This is the licensing fee to the author. For example, person A buys an NFT from the author for 20 USDT. Then, he sells that NFT for 30 USDT. His profit will be 10 USDT, so the author will receive a royalty fee of 1 USDT (10% of the 10 USDT profit). Please note that because the licensing fee is calculated on profit, the author will not receive the licensing fee if the profit on the secondary transaction onward is equal to or less than 0.
Can I report violations against an NFT or a collection?
When you find that NFT has signs of infringement (copyright infringement, inappropriate image, etc.), open the option on the “…” icon near the NFT name and choose “Report”, or contact us via e-mail support@sota.finance. For these reports, our system will record and review them. If the NFT or the collection is in violation, we will proceed to remove it.
Are there any operation fees on the platform?
Currently, users don’t have to pay any fees for the SOTA platform to create, cancel, or stop selling NFT. However, users will need to pay the gas fees for 3rd party blockchain networks used for the transaction. For example, if you work with NFTs created on Binance Smart Chain, you will pay the gas fees in BNB to the Binance Smart Chain network. Or if you work with NFTs created on the OKExChain network, you will pay the gas fees in OKT to the platform. SOTA only charges fees when you trade NFTs on the SOTA platform. When the author sells the NFT for the first time on SOTA, 85% will be returned to the author’s wallet, while 15% is paid to the platform. For normal NFT buyers and sellers, SOTA will charge a 2.5% fee for each transaction.
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