An NFT is a stamp of ownership on a digital asset through a “smart contract” posted on the blockchain. The acronym stands for “non-fungible token,” and the official definition can be found in Wikipedia-NFT. “Non-fungible” means that every token is unique. Each NFT is encoded with a unique key that makes it distinguishable from all other NFTs. This means we finally have a universal way (at least on planet Earth) to recognize ownership in the digital domain.
2. Do I need a blockchain wallet in order to create an NFT?
In most places you do. But with Sandmilk, we made things easy for you, so you can create, buy, or sell NFTs simply with your credit card.
3. What is “minting” an NFT?
Minting an NFT is the process of creating an asset or transaction of an asset on the blockchain. Once minted, this action is recorded on the blockchain, a ledger that cannot be changed or manipulated. Minting is the step that begins an NFT’s journey. Once minted, an NFT can be sold or traded.
4. How much does Sandmilk charge?
Sandmilk strives to promote diverse creators and their creations by offering low service fees. To create an NFT, Sandmilk charges 5% of the blockchain transaction fee as well as a minimal fee to cover third-party services, hosting, encryption, and credit card processing fees. To transfer NFT ownership, Sandmilk charges 5% of the sale price. All charges are paid by the buyer, letting Sandmilk creators keep 100% of their sale.We keep costs low so you can continue to create.
5. Why tokenize my digital assets?
Tokenizing your assets has never been more important than in today’s digital world. Asset tokenization ensures ownership, originality, authenticity, and value.
6. Which file types can you use to create an NFT?
Images: JPEG, PNG, HEIC, GIF. Maximum file size: 500 MB.
Video: MP4, MOV, AVI. Maximum file size: 3GB.
Audio: MP3 and WAV, Maximum file size: 500 MB.
Other file types: GLB and GLTF in ZIP, Maximum file size: 500MB
7. How do I upload an NFT?
Click “Create NFT”
Drag and drop your file size or click to browse for your file.
Create a title and description for your NFT.
Set your NFT for sale or for free.
Choose the license type
Set your royalty rate (optional).
Add Unlockable Content (optional).
Include a signed Model Release form if there is a recognizable face in your NFT
Click Continue and confirm your NFT
8. How do I upload an audio or video file?
Follow the same steps as above, but make sure to:
Choose an image cover that will be shown in the feed
Choose the preview type
full video preview
short video preview (first 15 seconds of the video)
If a video is shorter than 15 seconds, there will be no ''short preview'' option and the entire video will be shown on the feed and single asset page.
9. What is the difference between a full audio/video preview and a short preview?
When uploading your video or audio file, you have the option to choose between a full video preview or a short video preview that will be shown to viewers who do not own your NFT. This preview will be shown on the Sandmilk feed and the single asset page.If you choose the short preview:The first 15 seconds of the video or audio uploaded will be shown on the feed and single asset page. Only those who own the NFT can watch/listen to the entire file.If the video or audio is shorter than 15 seconds, there will be no “short preview” option and the full video or audio will be shown.If you choose the full preview:The first 15 seconds of your video/audio will be shown on the Sandmilk feed, but you can view/ listen to the entire file on the single asset page.
10. What is unlockable content?
Unlockable content is a great way of adding more value and engagement to your NFT offering. These unlockable files are only accessible to those who buy your NFT.. When creating your NFT, you can add up to six files of any type as unlockable content.
11. How do I list my NFT for auction?
You can list your asset (created or purchased) for auction by selecting this option on the asset detail page or by clicking the three dots in the top right corner of the asset card in your gallery under “My Account”.You can only list NFTs that you own for auction that have a unique license type.
12. How do I place a bid?
You can bid on an auction either on the asset detail page or by clicking “Place a bid” on the bottom right hand corner of the asset card.When you click “place a bid”, a pop up will appear asking you to either choose a suggested bid amount or enter an amount, followed by a confirmation screen.
13. Where do I see items I have bid on?
All of your current bids can be found in your profile under “My bids”.
14. What happens if I win the Auction?
Well done! If so, you will be notified by email and have 3 days to process your payment. If you do not complete the payment within 3 days, the auction is canceled, and the asset remains with the current owner.
15. Can I change my asset’s price?
Yes. You can change your NFT’s price, offer it for free, or list it as “Not for Sale” by clicking on the three dots in the top right hand corner of the asset card, clicking “edit”, and confirming your price change.
16. How do I see NFTs that I created or purchased?
Click on your profile photo in the top right corner then click on “My Account.”
Go to “Account Settings” and open the tab “Payments”.
All of your transaction history will be featured under the “Transaction history” tab.
18. What is two-factor authentication (2FA)?
2FA is a security process in which you are asked to provide a second factor in order to verify yourself (for example: via an SMS code sent to your mobile phone). We highly recommend that you enable 2FA in order to better protect your account. You will not be able to create an NFT without this security feature in place.
19. How do I enable two-factor authentication (2FA) for my Sandmilk account?
Click on your profile photo in the top right corner then click on “My Account.”
Then click on “Account Settings,” and finally click on “Get verified.” Please note that it may take a few weeks for this process to be completed. If you find that you have not been verified after your request, please remain active on Sandmilk for a few weeks and then check back with our team.
22. How do I report an asset?
Go to the asset’s page, click on “Report,” and follow the steps.
Click on your profile photo in the top right corner; then click on “My Account.”
Click on “Account Settings,” and then click on the “Payments” tab.
Click on the “Balance” label, and then click the “Withdraw” button.
Signup / Connect to your Stripe account.
Enter the amount you desire to withdraw from your account and click the “Confirm” button.
24. How long does it take for my funds to appear in my account?
It typically takes 3-5 business days for your funds to appear in your balance and up to 5 business days to be transferred to your bank account through Stripe Express. If you are unable to create a Stripe account, please contact firstname.lastname@example.org
25. What is a Model Release form, and why is it important?
At Sandmilk, privacy and consent are important to us. If you would like to create an NFT that shows a recognizable person(s) in the NFT each recognizable person must sign a release form, even if it is a recognizable image of you, the creator. You can download the sample model release here.
26. How do I price my NFT?
It depends on the license type. For a unique copy and/or limited edition, it is typically priced higher than an unlimited series.
27. If my NFT is Free or Not for Sale, what license type should I choose?
You must choose a license type at the time your NFT is created. The license type selected is registered on the blockchain and cannot be changed.
28. What is burning a token?
Burning a token means that the NFT is taken out of circulation and is deleted from the blockchain. The act of burning an NFT is permanent. There is a nominal fee charged for this service.
29. If the creator sells their work to someone, could they be told to take down their work from their personal accounts?
No. The creator will always be listed as the original owner/creator of the NFT. This can be seen by reviewing the Asset Ledger on the single asset page.
30. What happens if other people were involved in the creation of your work?
If others were involved but were hired by the main creator of the piece, then the work is considered fully yours. If you are collaborating with others, you need an external agreement. We are currently developing a new NFT minting process for projects with numerous collaborators, stay tuned.
31. What kind of rights does the buyer obtain when purchasing an NFT?
The buyer does not receive usage or commercial rights unless specified in the NFT description. You are always listed as the creator both on Sandmilk and the Asset Ledger. Buyers will be able to download the original file of the NFT purchased.
32. How do you create an NFT with a physical item?
When you are creating a new NFT with a physical select the toggle named “physical asset” to ON, and make sure you describe the details of the physical asset being minted within your description. It is recommended to include images and additional details of the physical item within the asset page.
33. What are the seller’s obligations for an NFT with a physical item?
When you are selling an NFT with a “physical asset” it is important to provide all the details of your offer, such as if it includes global or select shipping costs within the sale price. For example, if the item price includes shipping within the U.S and Canada. It is important to note that if the purchaser resells the NFT, they are obliged to also ship the item to the new seller for no additional shipping fee
34. What type of text should I include in the NFT description for a physical asset?
An example of what else to add in your asset description is: “The owner of this NFT does not have the right to license or to use, exploit or reproduce the work commercially. The NFT should only be for the purchaser’s limited personal use, all copyright and other rights in the work are strictly reserved to the creator. The NFT owner will be written on the digital ledger stating that they own that digital asset. However, even after the NFT is sold to someone else, the NFT creator retains all original copyright. This NFT includes a physical item(s), and the seller is obliged to “ship” the physical item to the new owner, when they sell this NFT.”
35. What should I do if I did not receive my physical item after paying for it?
If you have not received your NFT physical item within the expected time frame, please contact our customer support email@example.com and our customer support team will contact the seller and assist you.
36. What is a collection?
A collection is a selection of numerous NFTs that usually consist of the same style or characteristics with some changes with each NFT.
37. How do I add my existing NFTs to a collection?
You can add your NFTs by simply clicking the three dots on the right top corner of the NFT and then select “Add to collection”.
38. How do I create a collection?
Go to your Sandmilk profile, on the top next to “Created and Purchased” tabs you will find “Collections” tab, click on it and create your first collection.
39. How can I suggest an additional feature or improvement?