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NFT FAQ

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Buying & Selling NFTs

Listing NFTs

Accessing NFTs

 

Buying/Selling NFTs

What are NFTs?

NFT is an acronym for non-fungible token. Non-fungible means non-interchangeable. Essentially, an NFT is a collectable digital asset whose ownership is validated on a Blockchain similar to the way networks would process and validate cryptocurrency transactions. Each NFT is unique and cannot be duplicated. The image can be reproduced or saved, but you are its owner. This is what gives NFTs their appeal to own as an asset and investment. Because they can't be owned by another person while you own the original. This uniqueness makes them rare and collectable. 

While ownership of the asset is changeable, just like physical art, the artist still retains the copyright and reproduction rights. This allows for greater integrity around royalties and allows artists to receive fair compensation and recognition for their work. 

Aside from just being digital collectables, certain NFTs will also have further utility. For example, owning an NFT from our listed Gauntlet collection, users will receive a BLU membership granting access to member-only benefits including entry to an interactive Metaverse gaming experience.

 

Which NFTs can I Buy/Sell?

Users can buy and sell their NFTs on CoinSpot, below here are some examples of some NFT projects that are available to CoinSpot Users.

To view the full list of NFTs available on CoinSpot, please head on over to the CoinSpot NFT Marketplace to browse our full selection.

 

Do I need to be verified to Buy/Sell NFTs?

Yes, users must be verified to purchase and sell NFTs on CoinSpot NFT Marketplace.

For further information on account verification, please have a read of our How to Verify an Individual Account article.

 

Which coins can I use to purchase NFTs?

You can purchase NFTs with any available coin that is actively traded within the CoinSpot Platform.

 

What is the 'Floor Price'?

The ‘Floor Price’ is the lowest purchase price for an NFT within a certain collection.

 

What are the Buy/Sell transaction fees?

When buying and selling NFTs on CoinSpot, a flat service fee of 0.9% will be incurred. A network processing fee (Gas Fee) will also apply; this will vary depending on network activity. 

Unique to the sell process is the inclusion of a creator royalty fee. This fee is set by the creator of the NFT collection and applies each time the NFT is sold.

 

What is a Creator fee?

The creator fee (or royalty fee) is intrinsically linked to NFTs. NFTs are designed so that each transaction sees the creator receiving a royalty in perpetuity. The creator fee ranges up to 10% and will vary between collections. This is dictated by the creator of the NFT, not by CoinSpot, as such we cannot adjust this.

 

 

Listing NFTs

What is a listing duration?

When you list an NFT for sale on CoinSpot, your asset will remain on the market for a 7 day period. 

 

What happens if my NFT doesn't sell within the listing duration?

If your listing is not sold within the set listing duration, the NFT will remain within your collection and will no longer be available to be purchased by another individual.

If you still wish to sell your NFT after the completion of your initial listing duration, you can relist the item.

 

Can I cancel my listing?

Yes, users can cancel their listing, there will be no fee to cancel any listing. For instructions on how to cancel your NFT Listing, please have a read of the instructions here.

 

What is the fee to list NFTs on CoinSpot?

There are no fees to list NFTs on CoinSpot.

 

 

Accessing NFTs

Where will my NFTs be stored?

Once purchased through CoinSpot, your NFTs will be held in your account’s NFT collection. At this time the NFT Marketplace and collection will only be accessible via the web page.

 

How long can I hold my NFTs on CoinSpot?

Just like your coins, there is no limit to how long you can hold your NFTs on CoinSpot.

 

Can I mint NFTs on CoinSpot?

No, currently you cannot mint NFTs through CoinSpot.

 

Can I deposit NFTs into my CoinSpot NFT Wallet? 

CoinSpot has recently released depositing of NFTs into your CoinSpot NFT Wallet.

However, you can only deposit NFTs that are only listed on CoinSpot. To view the full list of NFTs available, please visit our CoinSpot NFT Marketplace.

Depositing NFTs that are not listed on CoinSpot will result in a permanent loss of asset. For further information, please visit the CoinSpot Asset Recovery Policy article.

For further information on how to deposit NFTs into your CoinSpot account, please have a read of our Depositing NFTs article.

 

Can I send my NFT to an External NFT Wallet Address?

Yes, CoinSpot has recently released sending of NFTs to External Wallet Addresses. 

When sending your NFTs on CoinSpot to your External NFT Wallet, please ensure that the wallet supports receiving of NFTs. For further information on how to send NFTS, please have a read of our How to send NFTs to an External Wallet Address.

 

Where can I locate my NFT Transaction History?

You can locate the full list of NFT Transactions via the NFT Wallet Page here, then select the CoinSpot_NFT_-_Cancel_-_History_Button.png button. From here, you can locate all transactions including buying, listing, sending and receiving of NFTs.

For step-by-step instructions on where to locate your NFT Transaction History, please have a read of the article here.

 

Need more help? 

Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new  

or start a conversation with us via Live Chat and our team will provide full instructions and advice.

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