How Does the NFT Concept on iShopMeta Marketplace Work?

1. As a User/Consumer you are getting the NFT as a gift along with your regular purchased physical good(s). The user will be responsible only for the gas fee during minting.
2. The NFT is an exact representation of the actual physical goods purchased.
3. Our marketplace will not allow any used merchandise resale, however as a user you will have the option to resale/trade (buy and sell) NFTs only on our marketplace. 
4. Brands cannot sell NFTs only, but users can trade and resale The user can sell thier NFTs only for real crypto of fiat money.
5. This option is for shoppers who might like for example a Tommy Bahama outdoor chair, a La-Z-Boy Recliner or a Gucci bag NFT for their Meta world, they want the NFT without spending money on an actual physical product. They can shop for NFTs only from previous users on our marketplace.

What are NFTs?

NFT stands for Non-Fungible Token. What does that mean? If something is fungible it is not unique and can be replaced by another unit of itself. For example, if you have 1 bitcoin, it can be replaced by another bitcoin and you will still have the same asset. A non-fungible token is unique and if it were replaced, you would have a completely different asset. Baseball trading cards are an example of a non-fungible asset.  

Why Should I care about NFTs?

NFTs allow creators of original content to own and distribute ownership of their work on their own terms. NFTs can be images, music, video, 3D assets AND NOW Home Décor and Furniture items with iShopMeta. Brands/creators can sell ownership (and even rights) to their work/products to end users. As a real-world example, anyone can buy a print of a painting by Monet, but only one person can own the original. In the same way, multiple people can have copies of a digital art piece but only one person can own the original piece made by the creator. NFTs solve the issue of provenance in the digital space. 

How Do NFTs work?

NFTs are minted on a blockchain network. Blockchain is a technology used by cryptocurrencies wherein every computer, or node, connected to the network verifies the entire timeline of a digital asset (a token such as a cryptocurrency or an NFT). This means that from the time the token was created every transaction of that token is recorded and verified by the network. Hence, there is no need for a central authority to verify these transactions. For brands this is essential to protect the authenticity of the items sold/traded online.