Frequently Asked Questions (FAQ) – NFT Marketplace

What does minting mean?

Minting is the act of tokenizing a digital asset to guarantee its authenticity and uniqueness. A clear example would be uploading an artwork to the Sologenic NFT Marketplace and issuing a token, a code that will be attached to the artwork and guarantee ownership and authenticity to collectors.

How can I buy my first NFT?

In order to start buying and collecting NFTs, you need to make sure your Wallet has been activated and you have a positive balance on it. Once you connect your Wallet to the platform it will generate a username; you can create a profile but this is optional.

When you click “Purchase” the only action that will be needed to complete the buying process is signing the transaction from your Wallet.

How can I put an NFT for sale?

Once you have finished the minting process of your NFT, and it appears on your profile, you can proceed to put it for sale. Click on the “Sell” button and follow the steps as you add the required information such as price and currency. You have the option to add a duration for the sale.

Once this process is completed, your NFT is listed and ready to be purchased by collectors. Make sure you share it on Social Media to maximize exposure.

Can I put an NFT for auction?

This feature is not available yet. It will be available on the next updates of the marketplace.

What are the fees?

A certain amount of SOLO will be burned instantly every time an NFT is created. This amount is sent to the Sologenic gateway address (Blackhole) which is available to be reviewed on the blockchain.

On top of this fee, there is an XRP Ledger Network Fee that can be as low as $0.000005 USD.

Can you mint multiple NFTs with one XRP address? 

Yes. The minting process allows you to mint multiple NFTs with a single XRP address while paying a single XRPL fee per collection minted.

Is the Sologenic NFT Marketplace Decentralized?

Yes. Just like the SOLO DEX, the NFT Marketplace is 100% decentralized. This means information like passwords, user behaviour, and transaction history are not stored by a centralized entity or institution.

Is +18 content permitted in the Sologenic NFT Marketplace?

The Sologenic NFT Marketplace provides users with the option to upload +18 content as long as it is marked as explicit during the minting process. This content will only be available to users that have verified their age.

Once XLS-20D goes live, will NFTs minted currently be transferable into the new format?

The current standard used for minting NFTs is a combination of XRPL XLS-14 and Sologenic’s own methodology, which may have some limitations due to the lack of currently available features on the XRP ledger.

Once the XLS-20D standard becomes available on the XRPL Mainnet, Sologenic will provide a swapping system to convert your NFTs to the new standard while preserving its history.

Can I mint different copies of an NFT?

It is possible to mint different copies of the same NFT. The number of copies will be displayed no the listing page of the NFT as an indicator for the rarity or each item.

Minting Tutorial Video