Getting Started with NFTs

An NFT (non-fungible token) is a digital unit of data stored on a blockchain that is unique and cannot be duplicated or replaced and has a unique cryptographic address. It differs from a fungible token like Bitcoin because one Bitcoin can be exchanged for another Bitcoin and it is the same thing. An NFT can be associated with a digital file such as an image or video, conveying ownership of the underlying asset. Ownership of an NFT can be transferred via cryptographic transaction, thus providing authentication of provenance.

A crypto wallet is your gateway to blockchain participation. It allows you to buy, store, send and swap cryptocurrencies and tokens, including NFTs. When you create an account on the blockchain, it is comprised of two parts, a private key, known only to you, and a public address, which is recorded in the public ledger when you transact. Blockchain assets are not stored “in” a wallet, but rather, the wallet allows you to access your assets on the blockchain, and to securely sign for transactions with your private key.

The wallet you should choose depends on the network you want to transact on. If you want to transact on Stellar, you will need a Stellar wallet like LOBSTR or Rabet. If you want to transact on Ethereum, Polygon or Binance Smart Chain, MetaMask is recommended. Fimi Market Inc supports mobile Wallet Connect and the Ledger hardware wallet.

  1. How to set up a Stellar wallet
  2. How to set up an Ethereum wallet
  3. How to set up a Polygon wallet
  4. How to set up a BSC wallet

All blockchains have transaction fees, which are the cost of using the blockchain network. The fees are how the network validators (miners or stakers) are compensated for their computation effort and resources used for processing transactions to maintain the blockchain. The cost of transactions varies from network to network, and within a network, depending on congestion.

On the Ethereum network and other EVM blockchains like Polygon and Binance Smart Chain, “gas fees” refer to the network validator cost of executing smart contract functions.

Note that FIMI token holders always transact gas-free on the Stellar network: no transaction fees for minting, selling or buying.

Creating an NFT

Images, vector graphics, videos, audio and document files can all be minted as NFTs on Fimi NFT Marketplace. Currently, the file types supported are: jpg, jpeg, png, gif, svg, mp4, webm, mp3, wav, ogg and pdf. Maximum file size is 30MB.

There is no limit to how many NFTs you can create and list for sale on Fimi NFT Marketplace.

Fimi NFT Marketplace does not charge a platform service fee for minting. However, there are network transaction or gas fees associated with minting.

Fimi NFT Marketplace provides creators with two minting options, Mint Now and Mint Lata. When you choose Mint Now, the associated fees will be live-quoted and displayed in your wallet before you sign for the transaction. With the Lata Mint feature, the NFT is not minted on the blockchain until it is purchased for the first time, and the cost of minting will be included in the transaction fee paid by the buyer.

Note that FIMI token holders always transact gas-free on the Stellar network: no transaction fees for minting, selling or buying.

Currently Fimi NFT Marketplace supports minting, buying and selling of NFTs on the Stellar, Ethereum, Polygon and Binance Smart Chain networks. We will continue to add support for additional networks.

Creators are free to choose what network they prefer, or, leave it up to the buyer by selecting the “Buyer’s Choice” option.

When a creator makes an NFT, they can specify the network they want to mint on, or leave it up to the first-time buyer. This option is made possible by the Lata Mint feature, meaning the NFT will not be minted on chain until point of purchase, and the buyer will pay the associated gas fees. By leaving the choice up to the buyer, exposure for the creator is maximized.

Tags are ways for creators to categorize the NFTs you create on the Fimi NFT Marketplace, and allow them to be more easily found via search. You can choose from existing tags, or you can create and apply new tags.

Tags could refer to the medium or genre of your art, e.g., “#photography”, “#jazz”, “#Afrofuturism”, or they could tell the world more about you as an artist or the subject matter of your work, e.g., “#women” or “#Caribbean”.

Creators can add tags to a collection and an NFT, and they can be adjusted any time.

Properties are characteristics of NFTs in a collection that can have different values, known as traits. For example, consider a collection of PFP (profile picture) style NFTs, some might have the property “hat.” The possible traits for the hat are “beanie”, “beret” and “sombrero.” If there are 100 NFTs in the collection, and only five have the trait “sombrero,” these would be considered rare. When an NFT collection is created on Fimi NFT Marketplace, the rarity of each trait will show in that property category for every NFT in the collection.

Creators have the choice of making a one-of-a-kind NFT or multiple identical copies. Creating multiple means identical copies of the same NFT are available. In general, the fewer copies of an NFT that exist, the rarer and more valuable it will be.

NSFW means not safe for work content. Any NSFW content on the Fimi NFT Marketplace must be tagged as NSFW. NSFW is a content warning, urging viewers to use discretion or avoid the post or image when they are in a professional or public setting.

Lata Minting is a way for creators to make NFTs gas-free on Fimi NFT Marketplace. Once an NFT is created, the option to mint on the blockchain of the creator’s choice is available at the point of creation, or minting can be deferred until the NFT is purchased for the first time. With Lata Mint, creators do not have to pay gas fees associated with minting, instead these are included with the gas fees that the first-time buyer will pay.

Also with Lata Minting, creators can specify the blockchain the NFT will be minted on, or leave it up to the first-time buyer to choose the blockchain they are most comfortable with using.

When an NFT is created, not all of the information is saved on the blockchain. Some of this information (metadata) like file URL, name and properties are saved in a metadata file on IPFS (inter-planetary file system). When the metadata file is uploaded to IPFS, it will be safely stored, and it cannot be changed or lost, and is thus referred to as “frozen.”

When an NFT is minted on Fimi NFT Marketplace, the metadata is automatically frozen.

When Lata Mint is selected, the NFT will be minted when it is sold for the first time. However, the freeze metadata option is still possible after selecting Lata Mint. This indicates to buyers that what they see listed for sale will not change before they buy it. If a creator does not choose to freeze metadata, they will still be able to edit their NFT before it is purchased. Metadata is frozen by default when an NFT is sold for the first time.

It is recommended to freeze metadata for an NFT you are ready to sell.

After metadata is frozen, the only thing that can be edited are the NFT tags.

Once an NFT has been minted, only the tags can be edited.

Royalties are the percentage of a secondary sale that will be paid to the original creator. The rate of royalties is set by the creator when the NFT is created. Royalties are included in the cost of the NFT as viewed on the platform. If the sale is primary (made by the original creator) they will receive the entire sale price, minus platform service fees. If the sale is secondary (sold by an owner who is not the original creator), the seller will receive the balance of the sale price, minus platform service fees and royalties, and the creator will receive the royalty percentage.

For NFTs on EVM networks, (Ethereum, Polygon and Binance Smart Chain,) Fimi Market utilizes the EIP-2981 standard that allows for royalties to be built directly into the smart contract. This means that royalties will be paid to the designated creator address regardless of sale platform, in perpetuity, as long as the platform of sale supports the EIP-2981 standard. Read more about EIP-2981

For NFTs on Stellar, the royalties will be connected to Fimi Market. So, as long as secondary sales occur on Fimi NFT Marketplace, royalties will be paid out in perpetuity.

Collections

A collection is a body of work in a series that a creator wishes to showcase. If we are thinking in the traditional sense of a gallery or an album, the artist has a number of items in a body of work. These items have a similar theme, style or feel.

The Fimi Flaunt Collection is a shared folder that anyone creating NFTs on the Fimi Market platform can contribute to.

When viewing the Fimi Flaunt collection, it appears as one collection that includes NFTs created on any of the supported networks. However, on the backend it is also comprised of various ERC-1155 smart contracts: one for Ethereum, one for Polygon and one for Binance Smart Chain.

A single-chain collection can only contain NFTs minted on a specific network. A multi-chain collection is like a folder that can contain NFTs minted on any of the networks supported by Fimi NFT Marketplace. If you intend to leave the choice of minting chain up to the first-time purchaser for any NFTs created in the collection, you should create a multi-chain collection.

A single-chain collection on Ethereum, Polygon or Binance Smart Chain is an ERC-1155 smart contract.

You can import your smart contract to Fimi NFT Marketplace, as long as it complies with ERC-721 or ERC-1155 standards, and has been deployed on the main network (Ethereum, Polygon or Binance Smart Chain.) In order to import a contract, you must log into Fimi Market with the wallet address that owns the contract. Navigate to “My Collections” in your user dashboard, and select “Import smart contract.”

Once your items have been loaded, you can set up your collection profile to customize how it will appear on the Fimi NFT Marketplace.

Fimi Market supports the EIP-2981 royalty standard. Read more about EIP-2981

Buying and Selling an NFT

Fimi Market currently supports the following listing types:

  1. Fixed Price

    • Buyer pays gas fees when purchasing a fixed-price NFT.

  2. Make an Offer

    • Seller pays gas fees when accepting offers.

    • Seller can set a reserve price when listing. Any offers that are received that are below reserve price will be automatically rejected. Reserve price is only visible to the seller.

    • When an offer is received, the seller has the option to accept, reject or counter. The buyer has the option to edit or cancel their offer at any time before it is accepted.

Fimi NFT Marketplace charges a flat platform service fee rate of 2.25% on sales. If you receive FIMI in payment for a sale, you will receive 20% of the fee returned, effectively lowering the platform service fee rate to 1.8%.

Sellers who receive FIMI as payment for a sale will receive 20% of the 2.25% platform sales fee returned to them in FIMI, in a scheduled monthly airdrop.

Royalties are the percentage of a secondary sale that will be paid to the original NFT creator. The rate of royalties is set by the creator when an NFT is created. Royalties are included in the cost of the NFT as viewed on the platform. If the sale is primary (made by the original creator), the seller will receive the entire sale price, minus platform fees. If the sale is secondary (sold by an owner who is not the original creator), the seller will receive the balance of the sale price, minus platform fees and royalties, and the creator will receive the royalty percentage.

For NFTs on the Ethereum network, Fimi NFT Marketplace supports the EIP-2981 standard, which allows royalties to be built directly into the smart contract. This means that royalties will be paid to the designated creator address regardless of sale platform, in perpetuity, as long as the platform of sale supports the standard.

For NFTs created on Stellar, royalties will be connected to Fimi NFT Marketplace. So, as long as secondary sales occur on Fimi, royalties will be paid out in perpetuity.

If you have an NFT listed for sale on another platform, you can also list it on Fimi NFT Marketplace. Your NFT will be sold to the first buyer who meets your terms. If sold on a platform other than Fimi NFT Marketplace, the listing on Fimi NFT Marketplace will automatically be removed, as the NFT is no longer held by your address.

This option allows the creator to leave it up to the first buyer of an NFT to decide which blockchain to mint on. The buyer can choose any blockchain that Fimi NFT Marketplace supports. This option is made possible by the Lata Mint feature, and the buyer will pay the network gas or transaction fee for minting on their blockchain of choice.

If you believe your content has been plagiarized, please report the NFT or collection in question. The report action can be found in the ‘Actions Menu’ on the NFT or collection page. Provide an email address where Fimi NFT Marketplace can contact you, and we will investigate and resolve, if possible.