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FAQ
What is an NFT?
NFT is the abbreviation for “Non Fungible Token”. An NFT is a digital and unique certificate of ownership on a blockchain (a cryptographic consensus network). It can be linked to a photo, video, music, or almost any other digital file. Simply put, an NFT is a unique digital creation that can be sold and exchanged. NFTs come in various forms and file size, and can be used by all kinds of creators. Some NFTs have sold for millions of dollars!
What is Algogems(Gems)?
Algogems is a DAO curated NFT platform that allows anyone to create, share, and trade their digital assets online with NFTs. It was started in 2021 by our French company NFX LABS. Algogems has a growing community of thousands of active users who will interact with your creations, and profile! We are using the carbon-negative blockchain Algorand to manage all NFTs and related data. Algogems conducts an ongoing $GEMS-based Governance. $GEMS holders can vote, and make meaningful decisions about the future of the platfor(Big Vote).
What is the $GEMS Token?
$GEMS is Algogems' native asset, used to reward the platform’s Creators and Supporters while developing a positive dynamic for the Algorand NFT and DAO ecosystem! The Total $GEMS Supply is 10 million.
$GEMS is a multi-purpose utility token. The GEMS platform functions hand in hand with $GEMS, to the benefit of all users. $GEMS Governance gives stakers (Governors) the ability to participate in votes to fund new initiatives, verify Algorand Accounts, curate and moderate content, prevent stolen art, and categorize or tag NFTs. Furthermore, it will incentivize delayed gratification for $GEMS Governors, and be a source of continuous passive income!
The $GEMS Token model is designed to make the Algogems community and content more vibrant and valuable, while preserving the platform’s user-friendliness. GEMS Governance is a way to participate meaningfully within the Algorand Ecosystem, either as a Supporter or as Creator (or both).
What Do I Need to Use Gems?
You will need to have an Algorand compatible wallet (a place to store any tokens). Currently, we support 4 options:
Create your wallet (we recommend Pera), and connect to GEMS by clicking on the lock logo (top right of the Algogems homepage), and sign the transaction or transactions in your wallet.
How Do I Create an NFT?
To start, click the “Create” button found on the top right of the homepage. Next you will upload your media, and choose all of its descriptors for it such as AlgoGlyph, ARC 69/3, and tags. Finally, set the duration of your auction, or a timeless sale.
- Title: This is what your NFT(ASA) will be named. Take your time!
- Description: This will describe your ASA, or NFT. It can be whatever you want. This is stored on-chain.
- Tags: Make it easy to find your NFT for potential buyers, by using keywords. For example, if you made an NFT with a boat on the sea, you could put “boat” and “sea” as tags. Therefore, if a fisherman wants to buy a NFT and types “boat” in the search bar, he will be directed to your creation. This is not stored on-chain, just on GEMS.
- ARC: Add specific traits and properties to your NFT, or other descriptors. GEMS has currently integrated ARC69 into our minting process. ARC69 is a great way to develop a rarity system, and better define your work! This is stored on-chain, and is mutable post- mint. ARC3 is also stored on-chain.
- Unit Name: This is for further identification, and organization. This is usually similar to the Title and appears in an abbreviated form. This information is also stored on-chain. By default this is set to GEMS NFT. This can be changed from the advanced options while minting!
- Free to Mint: This choice uses Algogems as the CREATOR and MANAGER. GEMS pays all fees to mint and list. This is a tool for users to get started who have no access to $ALGO. You receive all proceeds and royalties, minus fees, either way you mint!
- Royalties: This percentage will go to the CREATOR, or Creator (if Free to Mint). Go to algogems.io/settings to set your royalties account wide!
- Glyph: Apply a signature to your creation. You can create your own AlgoGlyph from the Settings page. If applied, it can be toggled on and off at will by the viewer. This is stored on-chain, in the metadata.
Algogems is a marketplace for Creators who want an easy way to start minting and selling NFTs. No transaction fees are required for creating (minting) something on our website. Once you have created your NFT, it will be on the Algorand blockchain (our foundational network) and will be available to list.
What are the Marketplace Fees?
GEMS Governors voted at the beginning of Period 2. They decided on:
0% on the first 100 $ALGO volume per month, or equivalent value in another currency. 2% afterwards. Resets on the 1st of the month. 00:00 UTC. Governors may vote to change the fee structure in future periods!
How Do I Buy an NFT?
Once you have connected your wallet to Algogems, you will have to purchase and deposit Algorand into your wallet. To do this, copy the address of your wallet and paste it on the withdrawal page of your funding wallet/platform. There are many great CEX options, and we recommend Probit.
How Do I Join the Community?
Algogems is supported by a community of artists and crypto enthusiasts, along with many people who appreciate NFTs and wish to explore Algorand's new creative content! The Algogems team organizes many contests and activities with our social networks. Follow them for more information and updates! We welcome new participants in our artistic contests and games.