FAQ

1. What are the key terms newcomers need to know？

Below is a list of key terms about NFT. It would be very helpful for newcomers to learn those words before they start.

Non-fungible-token (NFT) – NFTs are unique digital assets with blockchain-governed ownership, such as digital art, collectibles, virtual reality projects, encrypted domain names, ownership records for physical assets, etc. For further information on NFT, and its development history, you can read the popular overview of our CEO.

ETH – Ethereum is a blockchain and ETH is the token used for transactions on the Ethereum blockchain.

BSC – Binance is a blockchain and BNB is the token used for transactions on the BSC blockchain.

HECO – Huobi is a blockchain and HT is the token used to conduct transactions on the Huobi blockchain.

GSA Fees - GAS fee can be considered as the transaction cost on the blockchain. OpenMeta has no say in setting gas fees –Gas fees are determined purely by the supply and demand on the blockchain.

Crypto wallet- A crypto wallet is an app or hardware device that allows individuals to deposit and retrieve digital assets.

Wallet Address – Everyone’s wallet address is unique. It is used when people send you cryptocurrencies or NFTs to your crypto wallet.

Mnemonic Phrase - Mnemonic is a list of words that can be used to recover your passwords if you forget them or lose access to your wallet. When you first use your wallet to transfer, find your mnemonic phrase and back it up somewhere safe, in multiple places if possible. Don't store your mnemonic on a cloud storage service or share it with anyone.

2. How to sell NFTs

Before listing an NFT for sale, OpenMeta will first review the content to ensure that it meets the listing standards. The process usually takes about 4-8 hours. After the approval, the NFT will be listed on the marketplace immediately. Users can sell it through an auction or a fixed-price sale as they prefer. Besides, users can also choose to list NFTs at a fixed time (no earlier than 12 hours after approval).

3. What is a non-fungible token (NFT)?

A non-fungible token (NFT) is a cryptocurrency that represents a unique asset. It can prove authenticity and ownership in a verifiable way in the blockchain. NFTs are not interchangeable, making rarity possible for digital items.

4. How to calculate the transaction fee for buying and selling NFT?

2% transaction fee + royalties charged by NFT authors (Royalties are set by the NFT creator)

5. Where can users check the NFTs purchased?

Click on the up right icon – Users can view their NFTs at “My Projects”.

6. Can the purchased NFT support cross-chain transfer?

Not supported for now

7. What is the “unit daily reward”

Mining efficiency of cards at different levels:

N card: x1

R card: x2

SR card: x4

SSR card: x8

The “unit daily reward” refers to the number of token rewards that an NFT card with a mining efficiency of 1 ( N card) can get per day.

8. How to calculate the mining efficiency

Mining efficiency = ∑ NFT staked * mining efficiency of the NFT

9. Could token rewards be withdrawn in real time?

Yes, the rewards obtained by users can be withdrawn at any time

10.What is Primary?

The Primary function in OpenMeta offers project owners the opportunity for premiere NFT sales, aiming to help quality projects, artists and collectors, etc. to issue their NFT in the primary market. Users can directly participate in the market subscription in OpenMeta and will have the opportunity to receive early dividends.

11.How to participate in Primary?

Primary has two forms: whitelist participation and non-whitelist participation. Whitelist participation is only accessible to some users. Please pay attention to the requirements for whitelist requirements; non-whitelist projects are open to all users.

12.How to apply for launching mystery boxes in Primary?

Quality project can apply for the release of mystery boxes in Primary. You can fill in your project details in the application link at the bottom of OpenMeta home page,and the OpenMeta team will review your application in time. When the agreementis made, you can then release your mystery boxes in Primary.