FAQ – Bidding in NFT Auctions

Frequently asked questions about NFTs and NFT Auctions?

NFT - what is it? Technical questions and answers

What's an NFT?

NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art. They can only have one official owner at a time and are secured by the blockchain.

NFT stands for non-fungible token. Non-fungible is an economic term that describes that certain things are not interchangeable for other items because they have unique properties.

What is a Blockchain?

A blockchain is a public database that is updated and shared across many computers in a network.

"Block" refers to data and state being stored in consecutive groups known as "blocks". If you send ETH to someone else, the transaction data needs to be added to a block to be successful.

"Chain" refers to the fact that each block cryptographically references its parent. In other words, blocks get chained together. The data in a block cannot change without changing all subsequent blocks, which would require the consensus of the entire network.

Every computer in the network must agree upon each new block and the chain as a whole. These computers are known as "nodes". Nodes ensure everyone interacting with the blockchain has the same data. To accomplish this distributed agreement, blockchains need a consensus mechanism.

What is a Smart Contract?

A smart contract is simply a program that runs on the blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the blockchain.

What are Royalties?

The rights of the artist can also be specified on the smart contract. Royalties (equivalent to the German resale right under Section 26 of the German Copyright Act) enable the author to continue earning money from his digital object if it is sold again.

Buy NFTs

Do special conditions apply to the NFT auction?

Yes. The box "GTC NFT" will take you to the special conditions that apply in addition to our GTC.

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