Q : What is an NFT?

A: NFT stands for Non-Fungible Token, a token with a specific value stored in a blockchain. Due to the encrypted transaction details being permanently stored in the blockchain, it is uniquely identifiable and non-duplicable. As a result, NFTs typically contain references to digital art that each hold a unique ownership and the value is preserved.

Q: What are Cryptocurrency Transactions?

A: EdenLoop was the first in Korea to introduce the Ethereum-based crypto transaction system in the blockchain network, tradable by ELT (EDEN LOOP TOKEN) or ETH (Ether)

*Crypto transaction is only available on PC at the moment. Mobile version is scheduled to be updated in the latter half of the year.
(Please refer to the guidelines for PC, also refer to guidelines for Metamask if unable for mobile version.)

Q: How to create NFTs?

A:

1. Sign in and click the user icon. Then, click Create.
2. Choose the art type you wish to create.
3. Make sure you have your MetaMask wallet connected to proceed.
4. Upload the file you wish to create, no more than 40MB. We support PNG, GIF, WEBP, MP4, MP3, and we strongly recommend you to upload picture files 1,500 pixel and above for the best quality. (Only upload thumbnail image if your content is not a PNG, GIF, JPG file, or else you don’t have to upload a thumbnail)
5. Check the preview of your creation.
6. Choose sell method. Auctions are not available for now.
7. Set a price you wish to sell your creation in either ETH (Ether) or KRW (Korean Won). We’ll take 2% of service fee for each creation.
8. Choose payment method, we support cryptocurrencies and credit card.
9. Give your creation a title and write something about it. Any language will do.
10. Provide an external link so that we can know more about this item. This will be shown on this item’s detail page.
11. Set royalties up to 30%. You will collect the fee when a user re-sells your creation, which will be deducted from the final sale price and paid monthly to your default wallet address.
12. Set number of editions. (Each creation allows one edition at the moment)

Q: Can I cancel my creation’s listing?

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My Profile> NFT> Creation> Cancel Listing
Note that gas fee is required to cancel listing, and your creation will remain as an NFT even after you cancel the listing.

Q: How to buy an NFT?

A:

1. Sign in and click the NFT you wish to buy then click Buy Now.
2. Make sure your MetaMask wallet is connected to proceed with the payment.
3. Gas fee is required to do payments. Check the amount of estimated gas fee and the total amount before check out.
4. After payment is done, you’ll meet your purchased NFT at My Profile> Collection.

Q: Where can I view my purchased NFT?

A:

1. My Profile> NFT> Collection
2. Check your MetaMask wallet or connect MetaMask wallet to OpenSea.

Q: What is a MetaMask Wallet?

A: MetaMask is a decentralized personal cryptocurrency wallet used to interact with Ethereum blockhain. You can create a MetaMask wallet through a browser extension or mobile app. (We do not support MetaMask app at the moment). This wallet is required to purchase and store EdenLoop’s and Ethereum-based tokens and NFTs around the world.

Q. What is EdenLoop transaction fee (Service fee)?

A: We take 2% of every transaction involving an NFT (buy or sell) on EdenLoop as transaction fee. When a listed NFT is sold, the amount after deducting 2% of transaction fee will be paid to the seller. When a listed NFT is purchased, the buyer has to pay the listing price plus the transaction fee.

Q. What is Creator Royalties (Creator Fees)?

A: This is a reward system that pays the ‘original creator’ who first created and issued the NFT. From the second sale onwards, up to 10% royalties will be paid to the original creator for each transaction.

Q: What can I do with My Profile?

A: First of all, make sure to sign in before you get started.

Q. What is an Edition?

A: Edition here is similar to editions in the traditional art field. A digital work can have copies issued as an NFT but each has a unique Token ID, different transaction history, and unique identity. For example, a NFT collection of 100 pieces means that an artwork is issued as NFTs with different serial numbers. 33/100 means it is the #33 of that artwork out of 100.

• Transaction icon– number of transactions made after the NFT was listed.
• Inflation icon– the rate of increase in current listing price over the first listing price.

Q: What do these terms mean?

• Approval pending - Phase where your creation will be in review by EdenLoop curator.
• Approved - Phase where your creation will be in review by EdenLoop curator.
• Mint - By clicking ‘Mint’, it means you mint an NFT by converting digital data (your creation) into crypto collections or digital assets recorded on the blockchain. (gas fees is required)
• Minting in progress - Phase where you are awaiting your NFT to be minted.
• Minting is successful - Your creation has been minted as an NFT successfully.
• Check status - Check status of the actions you requested.
• List - By clicking ‘List’, it means you want to set a price for your NFT for sale. (gas fees is required)
• Listing approval - You request to list your minted NFT. (gas fees is required)
• Listing in review - Your NFT is in review for listing.
• Listing is approved - Your NFT listing request has been approved.
• Listed - Your NFT has been listed successfully and it is now for sale.
• Token approval - You request to list your purchased NFT collection for secondary sale.
• Token approved - Your request to list your purchased NFT collection for secondary sale has been approved.