NFT Super Lab FAQ
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General information
What is NFT Super Lab?
NFT Super Lab only offers selected elite NFTs created by well-known profiles and brands. This way you can make sure your NFT has a value beyond the normal. In a world where the process of selecting the right NFT is pure chaos and completely unmanageable,NFT Super Lab has segmented, selected and offers only the best for you.
How can I start using NFT Super Lab?
- Register on the website - NFTSuperLab.io.
- Set up your CryptoX wallet.
- Connect your CryptoX wallet to your account on NFTSuperLab.
- You can now start buying NFTs on the website.
What is an NFT?
NFT stands for Non-fungible token.
Think of an NFT as a digital stamp of ownership used to confirm the authenticity of a unique item. At the moment that stamp is recorded (tokenized) on a secure public database (blockchain), the stamp becomes verified as one of a kind and cannot be modified or copied.
An item is fungible if it can easily be exchanged or substituted and maintain its same value. A dollar bill is an example of a fungible item because it can be replaced or exchanged for 4 quarters (or another one dollar bill) and still retain the same exact value. Other fungible items include:
- Gold
- Bitcoin or other crypto currencies
- Casino chips
An item is non-fungible if it cannot be substituted because it has unique qualities that make it different from other similar items. While many NFTs are digital, they can be used to verify the authenticity of real-world items too. Examples include:
- Event tickets
- Photography
- Collectibles like trading cards
- Music
- Digital art
- Virtual items like video game skins and avatars
- Tangible assets like real estate, cars, and even clothing
It is that publicly verifiable ownership that makes NFTs valuable because it allows them to be easily and securely traded or sold and allows for a variety of additional uses like:
- Unlock owner benefits like exclusive access to an event or an experience
- Artist/creator royalties
- Chain of custody verification, eliminating ticketing fraud
What are the platform fees charged and how does that work?
On the marketplace, a 10% platform fee will be deducted from all sales. This means that over and above the royalty fee set, a 10% platform fee will be deducted from the sale. This only affects the seller - not the buyer.
What is a Smart Contract?
A smart contract is a self-executing transaction protocol, or a piece of programming code, to put it simpler. This code is used for inputting all the terms of the agreement concluded between the parties to the transaction in the blockchain.
What makes this transaction protocol so important? The thing is that it regulates relations between sellers and buyers on NFT marketplaces.
How does a smart contract work?
Obligations of parties are represented in smart contacts in the form of if/then. For example, if a buyer transfers the payment for a digital item, then a seller grants the right to this NFT crypto asset. Provided that the condition is met, the smart contract conducts the transaction independently.
Non-fungible tokens are implemented via smart contracts. Each item comes with unique metadata. This set of the specific information related to supply, provenance, and authenticity is written in smart contracts. Blockchain technology carefully protects this data.
For a token marketplace development, we need to create a token protocol. As a rule, these protocols are created on a blockchain network, which is a particular group of smart contracts. They enable the implementation of certain marketplace functionality. Later on, token protocols will be integrated into the process of NFT marketplace development.
Where am I able to view the NFT smart contract?
Currently we do not support the option to view our smart contracts.
Buying
What do I use for payment when buying on the NFT Super Lab?
You will need to connect your CryptoX wallet to buy an NFT on the NFT Super Lab marketplace. After connecting your wallet you can choose to buy NFTs with crypto (CCD) or credit card. After the payment is completed, the NFT will be automatically transferred to your wallet.
How can I purchase a NFT on an auction?
- A user selects an NFT that is selling on an auction at the Marketplace storefront and clicks on a “Place a bid” button on the NFT details page to place a bid.
- The platform checks if a user has populated all the required information in her user profile. If all fields have been populated, the platform initiates the transaction for the user to send the bid to the blockchain.
- Seller approves the auction end which finalizes the auction: transfers the funds and changes the owner.
- Upon expiration of the auction, the smart contract transfers the NFT to the new owner.
Selling
What is minting/tokenizing an NFT?
The process of registering an item as a token on the blockchain. The minting adds a permanent stamp of authenticity and uniqueness. Similar to the way that physical metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
The minting process also ads key elements of value, the unchangeable rules by which that token will function in the form of a smart contract and the chain of ownership. Once a token is minted, it can no longer be altered.
Are NFTs refundable?
We are unable to issue refunds as transactions on the blockchain are irreversible. We have no ability to cancel, revert, or modify any transactions.
Now that I have made a purchase, where do I find my NFT?
The NFT will be stored in your CryptoX wallet. You can also see it on your profile on NFT Super Lab.
How do royalties work?
The percentage chosen when minting, will be deducted from the secondary sale. Meaning that the original creator will receive that percentage allocation for all sales on the secondary market.
E.g.
I bought an NFT where the royalty set was 10%.
I've decided to re-sell it for 200 CCD or 100 Euro, bearing in mind that the original price is not consequential to this explanation.
From that 200 CCD or 100 Euro, I will get 180 CCD or 90 Euro
What is the cap of royalties allowed to be set?
We have set it at 50%, but bear in mind that you want to make this as attractive as possible for buyers to be able to sell your work on the secondary market and still make a decent percentage of the sale.
Wallet
What wallets are used for NFT Super Lab?
We offer support for the CryptoX wallet. Note: CryptoX desktop app is not available yet.
What other wallet can be used on NFT Super Lab?
At this stage, we will only offer support for CryptoX wallet mobile application. Note: CryptoX desktop app is not available yet.
Where can I download wallets?
CryptoX
Please click on the following links:
IOS - https://apps.apple.com/ca/app/cryptox-wallet/id1593386457
Android - https://play.google.com/store/apps/details?id=com.pioneeringtechventures.wallet
How can I connect and use my CryptoX Wallet?
You can connect wallet on NFT Super Lab
- on header
- or by choosing “Manage wallets“ option
Once your wallet has been connected, you can see the wallet address in “Manage wallets” menu.
Is there a minimum amount of CCD I need to transact and mint on NFT Super Lab?
Currently, there is a minimum threshold due to the way the network fee is calculated on the Concordium blockchain. The current amount required is 10CCD. This might change due to the price fluctuations of CCD.
This (blockchain) gas fee you have to pay when your purchase an NFT on NFT Super Lab.
Can I view the NFT on my crypto wallet?
CryptoX:
NFT Super Lab NFT will appear automatically in CryptoX wallet in correspondent folder. If you need to synchronize your NFTs with another marketplace, please follow next guide:
- User presses button “NFT” in bottom bar of CryptoX wallet.
- User sees “Your NFTs” page. To add new NFT here, User needs to click “+” button in the right top corner.
- Then User should follow the app instructions: enter website URL, provider name and click “Continue”.
- User NFTs for provider will appear automatically. New tokens will be synchronized automatically, each time when User opens NFT tab
- If User want to remove provider, User need long-tap on provider name and press trash icon (for Android) or swipe left and click “Delete” (for iOS).
Integration information
How to add NFT to CryptoX?
How to integrate CryptoX wallet into your web app?
Introduction
To enable integration for web application with Concordium blockchain, you need to develop some integration flows.
Components, that required to be developed:
- Frontend integration for web-to-wallet interaction
- WebSockets bridge as transport for message with transaction parameters
- Backend API for wallet, if you need advanced functions for NFT
- Backend - Concordium synchronization driver
- Smartcontracts
Note that links contain files with documentation regarding these components.
Concordium Web Bridge
To integrate Frontend and Wallet, you need to setup WebBridge. See detailed documentation
here .Docker image need to be requested from developer.
To develop Web to wallet interaction, you need to send transactions, which Wallet user will sign and send to blockchain.
Guideline, how to prepare smartcontract transaction.Backend API for wallet
API to show user NFT in wallet.
Backend - Concordium synchronization
To be able to get actual state for smartcontract, you need:
- setup Concordium node
- configure Transaction Summary logs collector
- catch events for your smartcontract
- decode events, according to event structure with same rules, as encoding transaction parameters (encoding rules and examples described in “Concordium-web-to_wallet-integration-protocol”)
- update Backend database/storage with recognized event content
Smartcontracts
Your smartcontract, that deployed to Concordium blockchain, must generate Log Events with content, enough to synchronize backend data and blockchain smartcontract state data.
NFT Super Lab
Offering elite NFTs created by well-known artists and brands. Ensuring your NFT has a value beyond the normal.
