Do you own the Intellectual Property (IP) of NFTs?

No. Owning an NFT does not give you copyright or intellectual property ownership of the file or any of the vault content. This means that you can enjoy the images, audio or video files for yourself, but you cannot commercially exploit them unless the file contains explicit permission from the artist or IP rights holder.

What does owning an NFT mean?

Owning an NFT is digital proof of ownership to a media file, such as a photograph, a video, or a music file that is recorded and stored on the blockchain. Some CrunkSpot NFTs include CrunkSpot-exclusive Vault Content which could be special IRL (in real life) benefits such as access to an unreleased song, VIP concert tickets or a once-in-a-lifetime experience. As the owner of the NFT, you can enjoy all the benefits that come with the NFT for as long as you own it, or you can list it for sale on the CrunkSpot Marketplace. Please note that once a CrunkSpot NFT is exported out of the CrunkSpot platform, any Vault Content is no longer accessible.

Fungible? Non-Fungible? What does it all mean?

“Fungible” means interchangeable. For example, a General Admission ticket to a concert is exactly the same as (and includes the same benefits as) another General Admission ticket. “Non-fungible” means something is NOT interchangeable—such as a concert ticket with assigned seating that has a unique seat number and location. Non-fungible tokens (NFTs) are NOT interchangeable as some tokens are more rare (and valuable) than others.

What does "Minting" mean?

“Minting an NFT” is just another way of saying “storing on the blockchain”. If an NFT is a blockchain-based token that proves ownership of digital items such as an image, music or video files, “minting an NFT” refers to converting those digital files into digital assets stored on the blockchain

What is minting an NFT?

“Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership.

What is the purpose of minting?

You may have heard people ask, “Why can’t I just screenshot an NFT?” Minting is part of the answer. When you mint an NFT, it becomes stored on the blockchain, where its authenticity and ownership is established. And because the blockchain record can’t be edited, minting is the start of that NFT’s immutable history.

Minting for creators

As a creator, minting your work allows you to establish provable scarcity, verified ownership, and ongoing creator earnings. For the first time, creators can publish limited edition digital works, whose authenticity is validated on the blockchain. Ownership is undisputed and public, allowing creators to build special communities and perks for those who hold their NFTs.
Creators can also set “creator fees” to earn on every secondary sale of their NFTs, and these fees are automatically programmed and executed by the NFT’s code. On CrunkSpot, creators can receive up to 10% of every sale after the initial sale.

Minting for collectors

Minting NFTs isn’t just for creators, however. NFT projects will often offer early access to their NFTs via a mint. When you mint an NFT from a project, you’re the first ever owner of that NFT, since the mint is when it’s written to the blockchain. Oftentimes, participating in a project’s mint is like buying a pack of collectable cards: you don’t know if you’ll end up with something rare.

How to mint on CrunkSpot

Minting NFTs on CrunkSpot is easy. All you’ll need to do the following:

1. Set up a crypto wallet

In order to do anything on the blockchain, you’ll need a crypto wallet. This will hold your NFTs and cryptocurrency.

2. Create a collection

Before you mint your NFTs, you’ll have to create the collection that they’re a part of. At this step, you’ll name and describe your collection, choose a category, and add any social links.

3. Upload your work

Once you’ve set up your wallet and created a collection, you’re ready to start minting your NFTs! Visit our Help Center for more detailed tutorials on creating NFTs.