Most frequent questions and answers
While we may add this feature in the future, you do not connect or set up a crypto wallet for any Rare Goods account. To buy and sell NFTs you will use a Debit or Credit Card with Visa or Mastercard. We also accept wire transfers.
Until recently, all digital, audio, and video assets were fungible. There was no way to have them be unique or one of a kind. A copy was exactly like the original. NFTs (Non-Fungible Tokens) are unique and non-interchangeable images, photos, animations, video or audio files similar to a piece of authenticated artwork like the Mona Lisa or a unique stone like a diamond. You could have a print of the Mona Lisa, but you can’t say you own Michelangelo’s Mona. Unless you are the French Republic! The use of blockchain technology gives the NFT a public proof of ownership like a verified bill of sale called a Smart Contract.
One may notice that there are a few waiting periods when buying or selling NFTs. These are in place in order to ensure safe and secure transactions for our clients and customers. In order to identify and prevent potential fraudulent or illegal transactions, our platform performs Know Your Customer procedures and requires confirmation from financial institutions for the buying and selling of NFTs.
Once your transaction has fully processed (can take up to three days), log into your account and select the top right profile icon. Select the “My Profile and NFTs” option. Select the NFT you wish to list on the open marketplace. Choose the method of sale (Buy Now or Auction) and the price you wish to list your NFT. If you chose the Auction method of sale, the auction winner has 24 hours to submit the payment. Once the payment is submitted. The NFT will remain in custody until the three day transaction process is complete.
Rare Goods default auction select is commonly referred to as a “popcorn auction.” The way a popcorn option works is that whenever the latest bid is offered, a minimum of 15 minutes will remain on the clock to give previous bidders the right of refusal. This prevents users in the Marketplace waiting until the very last second to outbid someone buy a minuscule amount.
Upon winning an auction, a user will have no more than 24 hours to submit a successful payment method to claim the NFT. There is a standard transaction process period (can take up to three days) once the payment is submitted for the NFT to fully change custody.
There are various reasons for why a payment may be flagged. Often it can be that the issuing bank of the credit card is unfamiliar with the platform URL. Most of the time one can easily contact the issuing bank and clear the alert and the transaction will go through.
To maintain a fair marketplace and prevent money/asset laundering, we currently do not support the “gifting” of NFTs between users. Each NFT must have a transaction history between known accounts on the platform open to the full market. When this feature is made available in the near future, all platform users will be informed of the update.
NFTs on the platform are contracted and minted on the Polygon blockchain. Polygon is an Ethereum adjacent platform with all the functionality, but with lower gas fees and less environmental impact.
The creation and transfer of NFTs takes mining and processing computer power to verify transactions and keep the network running. Rare Goods does not receive a percentage of gas fees. Rare Goods does initially absorb some of the gas fees in order to keep users from having to pay rates that can increase depending on market traffic. In addition, Rare Goods mints on the Polygon blockchain (an Ethereum adjacent blockchain) in order to have the minimal environmental impact.
Users will often sell NFTs on the Marketplace and accumulate earnings on the platform. There is a minimum of 14 day waiting period following the earning sale prior to funds being authorized to leave the platform. For more on why there are waiting periods on the platform, see FAQ “Why are there waiting periods on the platform?”. In order to pull these earnings off the platform, log into your account and select the top right profile icon. Select the “Cash out your available balance” option. All balance withdraws require verification of the account user and wire transfer information.
The total balance is the amount of earnings your account has claim to. Your available balance will only show earnings that have cleared the 14 sales earning wait period. You are only able to withdraw the amount in your available balance. If your account has not sold any NFTs for 14 days, your Total Balance and Available Balance will be the same. NOTE: The waiting period to cash out your balance may fluctuate if the most recent sale transaction is delayed
Once you have set up an account and are logged into the platform, you can see all available NFTs for purchase by selecting the Marketplace at the top right of the screen or from the navigation bar on mobile devices. The Marketplace will have every NFT on the platform listed. Select the desired NFT to pull up all relevant information and description. Choose the Select and Buy button. From the Select and Buy window you can see every edition of the NFT, which editions are for sale, and for how much. You can filter what options you are seeing by choosing the “Sale Type.” Users have the ability to place NFTs for sale in two ways. There are Auctions and Buy Now options. Click on the edition you wish to purchase. Follow the prompts once you have selected the Buy Now or once you have won an Auction.
Organizations will often release multiple NFTs in Collections. These collections may have themes or be organized by any number of variables. Collections are often used to give fans and users an easy way to view what is being offered.
The feature to purchase an entire collection is in Beta and will be available soon. Once this feature is updated, all users will be notified.
When an NFT is sold on the secondary market, users will see that a percentage of the sale is set aside for royalties. These royalties are assigned and determined by the organizations and authors of each NFT.