Frequently Asked Questions
What is CentyNFT?
CentyNFT is a digital marketplace for non-fungible tokens (NFTs) using CENTY token, a Stellar blockchain based crypto token. CentyNFT works in conjunction with Centyfy crypto social network.
What is NFT (Non-fungible token)?
Non-fungible tokens (NFTs) are cryptographically-generated tokens that represent something unique, like a particular digital or physical asset. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.
Why Stellar Blockchain?
Thanks to the unique consensus protocol, Stellar blockchain is one of the fastest and has practically no fees, which makes Stellar blockchain perfect for NFTs.
Is CentyNFT decentralized?
Yes, we utilize Stellar blockchain atomicity (if one operation fails, all operation in the transaction fails) to handle offers, so you are the only one in control of your NFTs and founds.
Is CentyNFT free?
We require 2.5 XLM + 100 CENTY to create a new NFT and 1 XLM to activate it on the marketplace. We don't charge buying fees/selling fees.
What is verification?
Verified badges are granted to creators that show enough proof of authenticity and active dedication to the marketplace. NFTs created by verified creators automatically become verified, that doesn't mean that the items are 100% authentic.
How to get a "verified" badge?
Just list your NFTs on the marketplace and eventually, you will get your badge. If you want to receive a "verified" badge right away, fill out this form.
How does the royalty system work?
As the original creator of an NFT, you can set a certain percentage as royalty for secondary sales. Example: You create an NFT with a royalty of 10% then sell it. Your buyer then sells your NFT for 1000 CENTY and you receive 100 CENTY (10% the total sale price) as a claimable balance. You will have 30 days after the sale to claim your revenue. If you fail to claim your revenue then the seller (your buyer in the example) can claim it. Attention! To receive royalty revenue the selling price of an item must be at least 100 CENTY.