What is an NFT?
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
The NFT market value tripled in 2020, reaching more than $250 million. During the first quarter of 2021, NFT sales exceeded $2 billion.
What types of sales are supported on Tokns?
There are two different methods of purchasing an Official Team GB NFT: Fixed Price Sale and Auction.
Fixed-Price Sale: Team GB NFTs purchased in the Shop are limited editions sold at a fixed-price. Please note that upon starting the purchase process, you will have 10 minutes to complete your purchase before the inventory is released and another user will have the chance to purchase
Auctions: This type of sale, highlighted in the Featured Drops and Live Auctions sections, enables users to bid for rare, usually single edition (1 of 1) NFT’s through the designated duration of each auction. TeamGB reserves the right to require documentation of fund availability on certain higher priced NFTs. Each bid is final and cannot be cancelled. If a bid is made within 5 minutes of the end of the auction, the remaining time on the auction will be automatically reset to 5 minutes.
If you have the final winning bid, you will be contacted via email with directions to complete the transaction. You will have 48 hours from the end of the Auction to complete purchase, at which point the next highest bidder will be deemed the winner. See Terms and Conditions of Purchase to understand penalties and liabilities for failing to complete the transaction.
Where do I find my NFT’s?
When you purchase an NFT via Fixed Price Sale, the NFT and other associated items will be displayed in, and may be downloaded from, your TeamGBNFT account after your payment has cleared. You may elect to store and access them here or move to an ETH Wallet (more on this below).
When you purchase an NFT via Auction, we will contact you via email and walk you through the process to both complete the financial transaction and move the NFT to your ETH Wallet of choice.
See Terms & Conditions of Sale for specifics for both type of transaction.
What is an Ethereum (ETH) Wallet?
Ethereum wallets are applications that let you interact with your Ethereum account. Think of it like an internet banking app – without the bank. Your wallet lets you read your balance, send transactions and connect to applications. It also allows you to securely store digital items like NFT’s. You need a wallet to send funds and manage your ETH. Here’s is a helpful link to learn more and help select an ETH wallet that fits your needs. https://ethereum.org/en/wallets
To transfer your NFT into your Ethereum Wallet, email email@example.com with the public address of your Ethereum Wallet to initiate the transfer. This process can take up to a week, depending upon request volume. In the future, you will be able to do this directly on the platform.
What are Tangible Items and Experiences?
Some NFT’s may include Tangible Items and/or Experiences in addition to the NFT.
Tangible Items are physical goods that are included with completed purchase of the NFT and can be exclusive items or memorabilia. One or more of the items may be a display device which is a unique creation that allows the collector to display their NFT in the real world.
Experiences are prizes that grant you access to participate in exclusive events and once in a lifetime experiences. Upon purchasing an NFT that includes an Experience, TeamGBNFT will send further instructions on how to redeem it. Generally, we will ask you to send an email to firstname.lastname@example.org. You must contact us during the redemption period to set up the experience. The redemption period will be listed in your confirmation email.