Frequently Asked Questions

What is blockchain?

A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. This chain records these transactions and information in a way that makes it difficult or impossible to change, hack, or cheat the system.

Blockchains are used for recording transactions made with cryptocurrencies, NFT marketplaces, but could and have other uses such as royalties tracking, voting mechanism, medical data sharing, etc.

What is an NFT?

An NFT, or Non-Fungible-Token, is a unit of data stored on a blockchain, which can be sold and traded. An NFT can be associated with a particular digital asset such as a file, game object, gif, image, etc. Each NFT has a specific, immutable, and unique ID. Also, an NFT cannot be substituted for another NFT as each NFT is distinctive and unique in some way. An NFT is not a medium of exchange and is not convertible virtual currency. NFTs can be created (minted) by anyone - artists, developers, corporations or hobbyists.

Each SPIN NFT is secured by the Algorand blockchain.

What is a fungible token?

These are types of cryptographic tokens, based on blockchain, that are basically identical or uniform and can be interchanged with other fungible tokens of the same type without any issues, just like any physical token such as the Dollar or Euro.

Such Crypto tokens are built in such a way that each fraction of a token is equivalent to the next. For instance, Bitcoin, the most popular cryptocurrency, is fungible, which means one Bitcoin is equal to any other Bitcoin, and to all other Bitcoins. Such tokens are assumed to be interchangeable and divisible as well.

What does "minting" mean?
The process under which an NFT is generated or created is called minting. When an NFT or digital asset is minted, it becomes a part of the underlying blockchain (in this case Algorand's), making it public, unchangeable, and tamper-proof. The process is similar to the way that metal coins are minted and added into circulation; NFTs are also tokens that get “minted” once they are created. They can be minted by individuals or businesses for a specific purpose, like in-game assets or collectible art, and can take the form of images, gifs, videos or other media.
What is a digital wallet?
A digital wallet is an instrument that allows users to store and retrieve their digital assets such as cryptocurrencies and NFTs. The same digital wallet enables users to transfer assets to and from it in the case of purchases or sales, using its address or key.
How do I purchase an NFT?
You can purchase an NFT by signing up for an account, selecting any available NFT, either in an auction or a pack, and following our secure checkout process. When signing up, the platform creates a personal digital wallet for you where your asset(s) will be stored. You can view the wallet by going to your account page and clicking “View on AlgoExplorer.”
Do I need a digital wallet to purchase an NFT?
Yes, but when signing up or opening an account on the platform, a digital wallet will be automatically created for you.
What fees are charged to purchase an NFT?
The SPIN NFT Marketplace charges a 2.5% transaction fee (paid by the seller) on all sales.
Can I sell or trade my NFT?
Not yet, but stay tuned! We anticipate launching secondary market functionality in the near future.
What is Algorand?
Algorand is a decentralized blockchain technology network, with a native currency called ALGO. Algorand's blockchain supports the platform.
What is circle.com?
Circle.com is a blockchain based payment processor that is extremely secure, private and safe.
Where can I see or find my NFT once I purchase it?
You will find all of its details and information in your profile. Remember, all NFT purchases will always be tied to your personal digital wallet.
What type of NFTs do you have?
Our current selection of NFTs includes images of the most iconic SPIN Magazine covers in our history, as well as original artwork made in collaboration with unique brands, venues and media partners.
How many NFTs will be made available?
A variety of different unit quantities will be offered, depending on the media type. Some NFTs will be ultra limited-edition and only be made available as one-of-ones via live auction, while others will be sold in quantities of 10, 20 or 100.
Will there be more NFTs available in the future?
Yes! We plan to regularly drop new NFTs over the coming months featuring many of the most recognizable and historic artists from our rich library of photographs and visual imagery.
How information will be shared?
Check out our website at www.spinnft.xyz and social media channels at @spinmag. Make sure to subscribe to our mailing list at the bottom of spin.com to stay in the loop about upcoming NFT drops, auctions and other exclusive releases.
Who do I contact if I need support?
Please contact admin@spinnft.xyz with any questions or concerns.