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  • FAQ
    • Welcome to Sparkles FAQ
  • About Sparkles & NFTs
    • What is Sparkles?
    • What is an NFT?
    • How are my NFTs stored?
    • What is a wallet and why do I need one?
    • What wallets can I use on Sparkles?
    • What blockchain does Sparkles support?
    • Why is Sparkles built on Songbird?
    • Aren’t NFTs bad for the environment and is Sparkles doing anything about this?
    • What makes Sparkles different from other NFT marketplaces?
    • How do I become a part of the Sparkles community?
    • What are Sparkles' fees?
    • Where can I learn more about NFTs?
  • Getting Started
    • How do I add the Flare network to my MetaMask wallet?
      • Where can I get $FLR?
    • How do I add the Songbird network to my MetaMask wallet?
      • Where can I get $SGB?
    • How do I view my NFTs?
    • How do I use filtering, sorting and searching in collections?
    • How do I use the analytics, activity history and events table?
    • Can I transfer an NFT as a gift?
    • Why do I have to 'approve' my NFT and other tokens?
    • How do I import my Bifrost wallet into MetaMask?
    • How do I prevent my test collections showing on Sparkles?
    • What are the recommended specifications for profile and collection page images?
    • How do I refresh the metadata of an NFT?
    • Metadata standards
  • BUYING AND SELLING NFTS
    • How do I see which NFTs are for sale?
    • How do I buy an NFT?
    • How do I make & remove offers on an NFT?
    • How do I accept an offer on my NFT?
    • How do I list an NFT for sale?
    • How do I remove an NFT from sale?
    • How do auctions work?
  • Safety and Security
    • Is connecting my wallet to Sparkles safe and secure?
    • Does Sparkles have access to my wallet’s private keys?
    • What is Sparkles’ policy on stolen items?
    • What should I do if works I own the copyright in are being sold without my consent?
    • How do I submit a copyright counter-notice?
    • Are spin-off, homage, remix or derivative collections permitted on Sparkles?
    • What should I do if I think items on Sparkles breach the Terms and Conditions?
    • How do I report fake or fraudulent content?
    • How do I keep my NFTs safe?
    • What should I do if I think my account has been compromised?
  • Legal Information
    • Terms and Conditions
    • Privacy Policy
  • Troubleshooting
    • My NFTs aren't displaying in my wallet, what can I do?
    • The Sparkles website isn’t working, where can I get help?
  • Community Tools
    • NFT Airdrops
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  1. About Sparkles & NFTs

What is an NFT?

A non-fungible token (NFT) is a type of digital asset (token) generated through cryptographic hashing on the blockchain.

NFTs are different to the more widely known cryptocurrencies, in that their characteristics are unique, and they cannot be exchanged or replaced with identical tokens.

The uniqueness of NFTs is achieved by smart contracts within the NFT, which store the unique and exclusive data associated to each NFT.

The non-fungible element of NFTs mean that they cannot be broken down into smaller denominations, as is the case with traditional and fungible cryptocurrencies, therefore an NFT cannot be sent in portions (however, there is the possibility of fractionalised ownership of NFTs).

NFTs can be thought of as means of proving digital ownership of assets, and can be applied to things such as art, media (music and videos), in-game items, collectibles, fashion, tickets, licences and certificates, ticketing, and domains.

NFTs do this by showing authentication and provenance of certain pieces of data and recording this on the blockchain. Such data includes:

  • The creator of the NFT;

  • When the NFT was created;

  • A string of who has purchased the NFT, and when;

  • The price the NFT was purchased for; and

  • The current owner of the NFT.

As this data is recorded on the blockchain, it is searchable by anyone, with the blockchain acting as a ‘source of truth’ for authenticity.

Whilst, on the face of it, NFTs may appear just to be digital images, there is potential for much wider application of what an NFT can be and do. In a technological sense, NFTs are fairly new, but additional use-cases and utilities are being discovered and applied all the time.

So, watch this space…

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Last updated 2 years ago

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