SCRIBBLENFT MINT EXCHANGE SOCIAL ART PLATFORM WHITE PAPER
Last Update: January 26, 2022
In the past few years, there has been a rapid increase in demand for investment vehicles. From Bitcoin's rapid rise to power to crypto assets such as Ethereum and Dogecoin putting their stamp on the market.
While these are the baseline currencies that make up the current market the ability to actually use any of these currencies in transactions remains slim. NFTs (or Non-fungible Tokens) allow crypto enthusiasts the opportunity to invest and spend their hard-earned cryptocurrency in other types of tradeable assets.
ScribbleNFT aims to help facilitate this growing market of NFTs by providing a platform for users to quickly jump on to make, purchase, and sell NFTs quickly. Let's see what ScribbleNFT has to offer in this quick review of its features, pricing, and other related capabilities.
What is ScribbleNFT?
ScribbleNFT was developed in early 2021 by Michael McCarthy and Xavier Pro. They are the developers of two successful businesses, Hygieia Labs, and Rxgreenthumb.com, which have been sold to larger parent companies since their inception.
ScribbleNFT directly follows the inception of CryptoKitties, a 2017 crypto-asset that gave rise to what would then be developed as the modern NFT. ScribbleNFT was built through lean collaboration and an eagerness to invest in exciting new technologies..
What is an NFT Market Place?
An NFT marketplace allows you to buy and sell digitally created goods. They can be traded, just like any other digital asset. They can be used on different platforms but NFTs are unique because of their Blockchain-Induced scarcity.
Digital goods have been plagued by scarcity for a long time due to their inherent ability to duplicate and copy any item. This makes it difficult to create digital art or other collectible memorabilia as their scarcity can only be controlled by platform controls or release limitations.
You can manage scarcity with NFTs by creating a digital token that is non-fungible. This token can be attached to your creations to verify that it is the original. This functionality allows people to buy, sell, or invest in digital art that they value. Since its soft inception in 2017. NFTs have grown in size and breadth. They now offer virtual experiences, sports memorabilia, and digital clothing.
What is ScribbleNFT Doing Differently?
ScribbleNFT's primary focus is its drive to put this new technology within reach of all digital creators out there. If you're a digital artist, you can utilize the ScribbleNFT platform and list your work without having to pay any commission or usage fees. This is similar to traditional e-commerce sites like eBay, where sellers can post items to sell regularly without paying any consignment fees.
ScribbleNFT is a great choice for artists and other creators because of its sheer size. It has grown to become a trusted NFT marketplace online since its inception. This increases the chance for interested buyers to discover your work and invest. They even have the mobile app available for iOS devices so you can transact on the go.
ScribbleNFT's collection manager makes it easy to manage these transactions. It allows users to mint and then sell NFTs without any fees.
ScribbleNFT is also integrating its own Crypto Exchange and NFT Mint. This gives us the ability to offer a complete turn-key product to any artist interested in this new marketing medium and strategy.
ScribbleNFT has any costs?
Of course, ScribbleNFT needs to generate revenue somehow to maintain its operations and keep the platform running. As is typical with other NFT marketplaces, ScribbleNFT charges a percentage of the NFT's price as an additional selling fee on top of any transaction. The buyer usually pays this. additional fee, which allows sellers to enjoy the full value of their NFTs. This fee comes in at about 2.5% on top of the listed price of the NFT, meaning a $100 NFT will cost the buyer $ 102.5 to purchase.
Sellers can even attach an additional fee on top of the price if they deserve an artist's fee for their work. Suppose they don't feel like adding extra fees. They can opt for the NFTs' built-in royalty system. That means that any subsequent sale of your NFT after your initial sale will still generate yours at a max of 10% of the sale price.
ScribbleNFT, however, does not accept payments in the form of bank deposits. credit cards or debit cards. To make transactions on ScribbleNFT, you'll need to have existing wallets that have compatibility with the Ethereum network. There are many wallets available, but trustWallet, MetaMask and Coinbase are some of the most popular.
Is ScribbleNFT Easy to Use?
ScribbleNFT's platform is pretty user-intuitive in that it can showcase bids and auction times in varying ways. The gallery page displays a variety of NFT art. They can be purchased using either the traditional auction process or a faster “Buy Now” option, similar to eBay's sales.
You can view and follow different artists as well. Some artists may have additional biographies or anecdotes about the meaning and purpose behind their work. You can also see information on each listing's price, offers made, and even the artist's price history.
If you want to create your own NFT, a process called NFT Minting. you can do that through ScribbleNFT as well. Click the Create function on the ScribbleNFT homepage, and then click "Create A Collection"
You can now design the logo, banner, and other elements of your collection, as well as the name for NFT and URL layout. Make sure to include any relevant social media links and portfolios to lead prospective buyers to your other work.
You can now set your royalty rates up to 10% and choose which Blockchain you would like to add your NFT (as of this writing, Ethereum and Polygon are the current Blockchains). You can then designate what token you'd like to accept payment in, either EtH. WITH, DAI, or USOC. To allow buyers to pay you, you win need to verify the transaction using your wallet.
Lastly, click create and watch your collection space develop. Once the collection is set up. you can add items to it and upload your work up to a maximum of 100MB per file. Add a name to each item you upload and a subsequent description. mark it for sale, and just like that, you're a certified NFT creator. Note that the NFTs are not stored in ScribbleNFT but rather in your wallet, so ensure that your wallet is web3 capable.
How to Open an Account
To properly set up an account, you will need a wallet. This is a prerequisite to opening a ScribbleNFT Account. However, it is easy to do.
Register with your email and set a password. Then, personalize your account by adding a banner or your personal bio. The ScribbleNFT FAQs has the dimensions guidelines for banners.
You used to need to verify the validity of your collection. ScribbleNFT removed the requirement and has expanded the number of searchable items available on their site. High-traffic profiles have the advantage of having a "verified status" (signified by a blue check) that indicates the authenticity of their account.
Is ScribbleNFT safe?
Safety is a concern with any crypto platform, especially when it comes to large transactions. Like all crypto transactions, ScribbleNFT transactions are secured on the Blockchain. Specifically, Ethereum's smart contract allows the platform to facilitate transactions instantly without any oversight from third party auditors.
ScribbleNFT can also be described as a non-custodial market. This means that ScribbleNFT does not hold any of your crypto funds on its platform, only moving cryptocurrency from one wallet to another when a transaction takes place. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.