🎭NFT FAQs

This is a rolling list of common FAQs about the BOLT project. For more information, please visit our websites: www.bolt.global, www.boltplus.tv, and www.boltx.app

Bolt Global is on a misson to bring the awesome benefits of web3 to anyone and everyone, regardless of their technical knowledge. This includes the exciting, if sometimes confusing, world of NFTs.

NFT FAQs

⚡️What is a Non-Fungible Token (NFT)?⚡️

A non-fungible token is basically a unique, one-of-a-kind digital asset. It is verified on the blockchain and its metadata can never be amended or tampered with.

⚡️Why do people buy NFTs?⚡️

When you pay for an NFT, what you get is the right to transfer the token to your digital wallet - specifically, the private key of creation of the NFT to your wallet. The token proves that your copy of a digital file is the original, like owning an original painting. Just as masterpiece paintings can be copied and distributed as inexpensive posters, anyone can have a digital copy of your NFT.

Your private key is proof of ownership of the original. The content creator’s public crypto key serves as a certificate of authenticity for that particular digital artefact. This pair of the creator’s public key and the owner’s private key is primarily what determines the value of any NFT token.

⚡️What is the difference between the Non-Fungible Token (NFT) and the BOLT Token and my unique Streamer Token?⚡️

The BOLT token is a fungible token and it is not unique in nature. If you trade one BOLT token for another BOLT token, you will have exactly the same thing. It is the same thing as trading one Bitcoin for another Bitcoin. A one-of-a-kind trading card (like a NFT), however, is non-fungible. If you traded it for a different card, you’d have something completely different.

Your unique streamer token will be a fungible token, which will allow your viewers to trade your streamer tokens using other cryptocurrencies (such as the BOLT token)

⚡️What happens if no one bids for/buys my NFT? ⚡️

We will work with you to plan your unique NFT drop/timed auction and co-market your unique digital asset. However, should there be no interested buyers and viewers after 48 hours, we will deem the auction as void and re-look at doing another auction at an appropriate timing.

⚡️Does selling someone an NFT mean they own the rights to that piece of content (e.g. a music track, a piece of art, etc)? Does this mean I won’t be able to share it with my other fans or use it in another piece of content?⚡️

No, not necessarily. When someone buys an NFT of your content, it means that the buyer has the right to transfer the token to their digital wallet. The token proves that your copy of a digital file is the original, like owning an original painting. Just as masterpiece paintings can be copied and distributed as inexpensive posters, anyone can have a digital copy of your NFT.

However, BOLT is in a unique space as well to arm streamers and buyers to create one-of-a-kind NFT experiences -since we have a streaming platform! This means that a particular piece of content (as a NFT) could be available for a limited time to the buyer's selected friends/family exclusively on BOLT+. The possibilities of creativity and financial freedom could be endless. We are providing a way for buyers and streamers to work together to create unique experiences to achieve creative and financial freedom.

⚡️I want to make an NFT – will I still be able to get it listed in the marketplace if another streamer is offering something similar (e.g. a different remix of the same song, different sets of collectible cards for the same artist/sports player, etc)?⚡️

Yes, of course you can. Creativity has no limits. We will also share best practices to ensure that your NFT auction will be as successful as possible. Remember to consider the rarity, exclusivity, and relatability of the NFT you want to issue and auction off to the highest bidder!

⚡️What are some benefits of working with BOLT to issue my NFTs?⚡️

We offer all-in NFT support, including technical support, onboarding, and creative campaign planning to ensure that your NFT issuance, auction, and utilisation will be a success.

Our advantage is also in having an integrated ecosystem where we have our own financial engine ecosystem (BOLT X wallet feature on iOS, Android) as well as our own liquidity protocol/marketplace through boltx.finance.

Layered on top of this ecosystem is the ability for NFTs to not just be owned, but be used across the breadth of the BOLT ecosystem (e.g. BOLT+, our streaming service) as well as our partner ecosystem/distributor network.

⚡️Why is the NFT space so game-changing? Is it all smoke and mirrors, and hype without substance?⚡️

There is a good case for not just the ownership of such unique digital assets, but also tracking provenance and ensuring fair and transparent payouts for creators of the NFTs. In short, NFTs present a unique (and relatively new) revenue opportunity for users, streamers, and brands.

Monetise the value of your creations and the intellectual property that you develop by tokenising your effort in the form of NFTs. Give your fan base the opportunity to show how much they value your creations.

• NFTs are great for artists to ensure provenance and traceability for royalty payments, executed via a smart contract

• potentially allowing the owner of the NFT to stream exclusively on BOLT+ (to increase desirability and rarity factor)

⚡️What blockchain platform do I use to issue my NFTs?⚡️

We offer our partners a variety of choices to mint their one-of-a-kind NFT on Ethereum (ETH) and Zilliqa (ZIL).

⚡️I am a brand looking to issue my own NFTs and I am keen to find out more. Will you be able to do training sessions/brand masterclasses for my team?⚡️

Absolutely! Feel free to book in a timeslot here.