Frequently Asked Questions
Find the answers to our frequently asked questions here.
Non-fungible token. A non-replaceable unit of data. For Fauna NFT this means a piece of digital art. It is like a one-of-a-kind trading card, think Pokemon or baseball cards.
The blockchain is a decentralized digital record of financial transactions. At least initially this is what it was designed for, however with upgrades and improvements to functionality it can now also store information regarding asset ownership, transfer, and authenticity.
Everything we do in life has an impact on the environment. We call this our carbon footprint. NFTs also have a carbon footprint. Depending on which blockchain you launch, and the consensus mechanism that the blockchain uses for its processing, this will impact the carbon footprint of the NFT. Once Fauna NFT has determined which blockchain our collections will be launched on, we will provide further information on the environmental impact of our NFTs.
When you purchase an NFT it will end up in your crypto wallet. From here there are many options available to you. You may wish to display your purchase proudly, such as in your home, or on your social media. You may wish to use it for advertising purposes. You may wish to sell or trade it.
The blockchain helps to verify this. When an asset such as an item of art, like the one you are purchasing, is minted (created) it is given a unique digital stamp/certification which is stored on the blockchain. This is then verified by a network of computers. Each future sale or trade is then also recorded in the same manner.
Yes. Just like any piece of art or image on the internet anyone can view and copy or duplicate it, like fakes and forgeries, however they will not be able to provide proof of authenticity or ownership. This is something only the owner of the original will be able to provide evidence of.
Refers to a decentralized process in which members of a network solve complex mathematical equations to validate transactions or to create new coins (cryptocurrency). This process prevents the ability to double-spend coins and makes it extremely difficult to attack or forge data. This process requires a large amount of specialized hardware, time, and energy to complete the function.
Refers to a decentralized process in which members of a network ‘stake’ or invest a percentage of their cryptocurrency to enable them to solve complex mathematical equations to validate transactions or to create new coins (cryptocurrency). This process also prevents the ability to double-spend coins and makes it extremely difficult to attack or forge data. This process requires less hardware, time, and energy to complete the function.
Crypto = short for cryptocurrency, which refers to a digital currency. Blockchain = digitally distributed, decentralized, public ledger that exists across a network. PoW = Proof of Work is a consensus mechanism used to verify transactions. PoS = Proof of Stake is a consensus mechanism used to verify transactions. DeFi = Decentralized Finance is the technology, infrastructure, and process used to democratize financial transactions.