Hello everyone, there are multiple confusions going around the NFT. For those who don’t know first check this article on what is NFT? With this article, we are going to clear all the information and confusion regarding NFT. So without any further due, let’s get started!
Table of Contents
Confusions Around NFT
Gas Fee is still chargeable in Polygon?
If you are having issues such as Gas Fees in Polygon, this means you have tried to do it with Ethereum. It’s too easy to fix. For fixing it, you have to again create the same NFT in OpenSea and this time select polygon. Do not forget to delete the previous one. Once you create then you have to check if it asks for a gas fee. If still then reject it. This is because in Meta Mask the payment request is added to the queue and it is not overlapped. So the one you are seeing is of Ethereum. Reject it then you will see one for Polygon. This will definitely fix it.
How to Withdraw Money?
If you have sold an NFT, then you might probably be thinking that what about the Withdrawal. How you could withdraw the money? The amount is credited to the Meta Mask Wallet. To withdraw, you will need an account in any crypto exchange (WazirX, etc.). Once created, go to portfolio.
Search for the currency (on your NFT sold) and click on deposit.
Here you will see an address copy it.
Now open Meta Mask wallet and click on send money and then paste the address.
Now you can exchange it easily as cash to your bank account. You should note that there will be a tax charged (service tax) when you withdraw it from the Exchange.
Same NFT at a sell for Multiple Markets?
So you might probably be thought of, to sell your NFT early you can post the ad at multiple NFT Market Places. NO, don’t even try that. NFTs are being sold because of their uniqueness and rare ability in this world. If you post it at different Market Places, it wouldn’t be unique anymore. Indirectly it harms your own reputation.
Where to charge royalty?
To charge a royalty on your NFT, you have to follow some steps. If you have added the NFT, then Go to collections in Open Sea and click on this icon as shown in the image.
Here you will find an option to put the % of royalty charge on every trade. You should note that the royalty amount might take some time (probably weeks) to credit. So don’t get panic, it will get the amount. The royalty charged is applicable to all the NFTs in a collection. So if you want to charge different Royalty on different NFTs, make sure to divide them into different collections.
Can you copy someone’s NFT?
Technically it’s possible, but practically it isn’t. This is because if you get caught, the actual creator can take legal actions and even you could be asked to pay a very high amount of money. So don’t even think about copying it. Do your hard work, there are multiple ideas to create your own (the sky is the limit of Imagination 🙂 ).
Why Tokenisation in NFT?
This is being done to continue the genuineness of the NFT. To stop people from copying it. A person can earn some money by copying, but it can not possible in the long run. It will be a serious issue for them.
What’s the need for NFT?
Basically, it’s a collection. They just do this to make a collection of these, just like some paintings or artworks. As the buyers knew it will definitely be going to pay back in the future. To give an example- When Bitcoin came, there are many who thought why buy it? But now many are regretting, why won’t we buy it at that time 🙁 So from here, you can get an idea of what we are trying to say…
Varying Gas Fees?
Many of you, who have minted multiple NFTs might have noticed that the Gas Fee changed in some time(even in minutes). If it’s charging $110, then it is not necessary that it would be the same after even 15minutes. It totally depends upon the active traffic to process that transaction over Ethereum.
Polygon vs Ethereum
The Polygon is totally based on the same concept as Ethereum. It totally depends whether you have to pay the Gas fee or not. The choice is yours, it’s just a matter of about a hundred bucks ($100) ????.
That’s all. If you think it all is just time-pass, then let us tell you a case. In 2010 Bitcoin was just $1. But in 2021 it has even crossed $71000. There are still chances it will cross even $100,000. So the choice is yours, money is yours and the decision will be yours where to spend.
Stay Safe Stay Sarcastic!