Welcome to the NFT world. A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable.
What kinds of NFTs will I find on 7Moments? We want to bring historical moments from the "real world" and make them permanent in the metaverse.
We do this by letting an artist create a 3D sculpture of the moment combined with the emotions carried by the Star who participated in the moment. This can be breaking a world record, scoring a very important goal, coming up with an innovation, the first man on the Moon or any other historical moment of significance.
NFTs are listed on 7Moments in a reserve auction format.
Below are some of the main characteristics of 7Moments auctions:
- Built on Ethereum: Every interaction with auctions (placing bids, winning and claiming NFTs, etc.) on 7Moments are recorded on the Ethereum blockchain. ETH is the cryptocurrency used for all transactions on the Ethereum network, and it's the currency we exclusively use on 7Moments. All of the moments on our platform can be bid on and purchased with ETH. Stars get paid in it, too.
- Start at a reserve price: Stars set a starting price for the auction and buyers must place bids at or above this price. Reserve prices are made public on 7Moments.
- Time extensions for auctions: If a bid is placed within the last 12 hours of an auction, the countdown will reset back to 12 hours. The addition of 12 hours extensions give time for each buyer to have their final opportunity to place a bid, and for the moment to find its true market value. Time extensions can go on indefinitely until no other bids are placed within the last 12 hours of an auction.
Cryptocurrencies (or “crypto”) are digital currencies that are not controlled by any one governing body, like a government or a bank. Crypto is ushering in a new era of the internet that’s decentralized, community-driven, and community-owned. This emerging technology will plug you into a revolutionary global community—and it all starts with setting up your wallet.
In order to bid in 7Moments auctions, you need to buy cryptocurrency (ETH) and put it on your wallet (MetaMask):
- ETH is the cryptocurrency used for all transactions on the Ethereum network, and it’s the currency we use on 7Moments. All of the NFTs on our platform can be purchased with ETH.
- MetaMask is a digital wallet that is specific to Ethereum. There are other wallets available, but 7Moments uses MetaMask. It’s connected to your web browser as an extension where you can hold and spend ETH. You’ll need to connect your wallet to 7Moments in order to participate in the auction.