- What is NFT? How NFT helps authors claim their ownership?
- On which blockchains can I create NFT?
- Does the system integrate with OpenSea?
- How do users manage their wallets?
- Can I create NFT on the system but not sell it?
- Can I create my own collection?
- Can I delete an NFT created by me?
- How does the licensing fee work on the system?
- Can I report violations against an NFT or a collection?
- How to register an account on Sota platform?
- What is a verified creator? How do I become a verified author?
II. Trading activities on the system
- What will I sell?
- How do I sell my creations?
- Can I stop selling my work?
- What if the NFT I want to buy doesn’t have the price I want?
- Are there any operation fees on the platform?
- What currencies can I trade on the platform?
- How to buy SOTA token and adding SOTA token on Metamask?
- How to do cash-in and cash-out to use the SOTA platform?
- How do I get pumpkins?
- How do I withdraw money from SOTA?
- Can I cancel to withdraw my wallet after staking SOTA into the system?
- Can the NFTs received on the “Farm NFT” page be traded on the market?
- How do I swap my money to another chain?
I. Overview
1. What is NFT? How NFT helps authors claim their ownership?
NFT (Non-Fungible Token) is a special type of crypto token which represents something unique, like a photo or artwork. On our platform, anyone can publish an NFT with their digital content.
What distinguishes NFT from other digital formats is its transparent and immutable transfer of NFT ownership recorded on the public blockchain network. Furthermore, the NFT creator’s blockchain wallet address is an inherent element of the NFT. When an artist creates an NFT using his/her wallet address, that address will be attached to the NFT like a “digital signature”.
2. On which blockchains can I create NFT?
Our platform’s first version will support creating NFT on Binance Smart Chain. In the near future, you will be able to create NFT on other blockchains like Ethereum, TomoChain, Solana.
3. Does the system integrate with OpenSea?
The SOTA platform supports creating NFT on many different blockchains. NFTs created on the Ethereum blockchain in our platform can be traded on the OpenSea market. However, OpenSea does not support the transaction of NFTs created on blockchains other than Ethereum at the moment.
4. How do users manage their wallets?
Your finance activities can be done in the “My Wallet” section on your Profile page. You can deposit different currencies in the deposit section or withdraw money to a different wallet address in the withdraw section.
5. Can I create NFT on the system but not sell it?
Absolutely! In the NFT creation process, if you deactivate the “Put on sale” option, the NFT will not circulate in the market. You can sell the NFT afterward from your wallet by selecting “Put on sale”.
6. Can I create my own collection?
Yes. When creating an NFT you can decide whether to save it on a collection that SOTA has made available (SOTA_USER) or your collection. Keep in mind that if you choose to create a collection of your own, there will be an additional fee to pay for the blockchain network.
7. Can I delete an NFT created by me?
Yes. Click on the NFT, go to its detail, choose the “…” icon near the NFT name and click “Burn NFT”.
8. How does the licensing fee work on the system?
When the NFT is traded for the second time onwards, 10% of the seller’s profits will be returned to the wallet of the author who created the NFT. This is the licensing fee to the author.
For example, person A buys an NFT from the author for 20 USDT. Then, he sells that NFT for 30 USDT. His profit will be 10 USDT, so the author will receive a royalty fee of 1 USDT (10% of the 10 USDT profit).
Please note that because the licensing fee is calculated on profit, the author will not receive the licensing fee if the profit on the secondary transaction onward is equal to or less than 0.
9. Can I report violations against an NFT or a collection?
When you find that NFT has signs of infringement (copyright infringement, inappropriate image, etc.), open the option on the “…” icon near the NFT name and choose “Report”, or contact us via e-mail support@sota.finance. For these reports, our system will record and review them. If the NFT or the collection is in violation, we will proceed to remove it.
10. How to register an account on Sota platform?
Sota platform support user signs up an account by 2 methods:
- If you already have a Digital wallet and you want to manage tokens and NFTs with the wallet, you can use that wallet to create a new account on the SOTA platform.
- If you don’t have or don’t want to manage tokens and NFTs with an existing wallet, you can create a new wallet on the SOTA platform.
You can refer to this guide to register an account on Sota platform: https://sota01.medium.com/how-to-sign-up-to-the-sota-platform-using-your-existing-external-wallet-b238db07e3c3
11. What is a verified creator? How do I become a verified author?
Verified creators are those who have been recognized and verified by SOTA. Because of their trusted identity, NFTs created by verified authors are easier to trade in the marketplace.
If you want to become a verified creator, send your information to our email at support@sota.finance. We will respond to you as soon as possible and help you with the process.
II. Trading activities on the system
1. What will I sell?
Each image you upload to the platform will be digitized into NFTs, which contain the author’s information to verify copyright. NFTs are traded on the market using USDT and other currencies.
2. How do I sell my creations?
- Choose “Create” on the menu bar and upload the image file
- Complete the information needed, choose the category, and select your desired number of copies
- Under the “Put on sale” section, choose the quantity and price you want to sell your work in the market
You can also uncheck the “Put on Sale” to create an NFT but don’t sell it immediately. After creating the NFT, when you are ready to trade it on the market, go to your Profile page, select the NFT, and click on the button “Put on Sale”.
3. Can I stop selling my work?
Yes. Choose the NFT you don’t want to sell anymore and choose to remove it from the sale. The remaining NFTs that haven’t been traded yet will no longer be traded on the market.
4. What if the NFT I want to buy doesn’t have the price I want?
You can choose “Make offer” and type your desired price. If the offer is accepted, the transaction will be made and the NFT will be purchased.
5. Are there any operation fees on the platform?
Currently, users don’t have to pay any fees for the SOTA platform to create, cancel, or stop selling NFT. However, users will need to pay the gas fees for 3rd party blockchain networks used for the transaction. For example, if you work with NFTs created on Ethereum, you will pay the gas fees in ETH to the Ethereum network. Or if you work with NFTs created on Binance Smart Chain network, you will pay the gas fees in BnB to the platform.
SOTA only charges fees when you trade NFTs on the SOTA platform. When the author sells the NFT for the first time on SOTA, 85% will be returned to the author’s wallet, while 15% is paid to the platform. For normal NFT buyers and sellers, SOTA will charge a 2.5% fee for each transaction.
6. What currencies can I trade on the platform?
Currently, our system supports creating NFT on Binance Smart Chain. NFT transactions can be made with BNB, USDT (BsC chain), and SOTA (BsC chain)
7. How to buy SOTA token and adding SOTA token on Metamask?
We have a detailed guide here: https://sota01.medium.com/sota-beginners-guide-how-do-i-exchange-sota-token-b4841c88fb98
8. How to do cash-in and cash-out to use the SOTA platform?
Are you new to the crypto world? You are learning about cryptocurrencies and NFTs, but finding difficulties to do Cash In/Cash Out to use the SOTA platform? Let’s SOTA help you with our 6-step-detailed instructions here: https://sota01.medium.com/sota-beginners-guide-how-to-do-cash-in-cash-out-to-use-the-sota-platform-2d2b3ddbd9fa
9. How do I get pumpkins?
When you stake SOTA BEP20 to the platform, you will receive pumpkin bonus. At the moment, the point conversion rate in our system is 1 pumpkin/100 SOTA deposit/1day. You can refer to this guide to get pumpkin: https://sota01.medium.com/sota-beginners-guide-how-do-i-stake-sota-bep20-tokens-to-farm-nfts-a09e908cba7d
10. How do I withdraw money from SOTA?
We have a detailed guide here: https://sota01.medium.com/sota-beginners-guide-how-do-i-withdraw-money-from-sota-1dc37734880b
11. Can I cancel to withdraw my wallet after staking SOTA into the system?
Yes. Select the “manage your staking” and choose to add/withdraw SOTA token from staking.
12. Can the NFTs received on the “Farm NFT” page be traded on the market?
The NFTs farmed from the “Farm NFT” page with pumpkins can be traded on the NFT market like other NFTs. However, when you sell the NFT that farmed with pumpkins, you will have to pay a 50% royalty fee to the creator of the NFT.
13. How do I swap my Sota from Ethereum to other chains?
Currently, Sota platform supports only SOTA BEP20. You can use a bridge solution that can help you convert your Sota tokens from Ethereum to other chains, namely “SOTA Bridge”. You can exchange tokens from Ethereum Chain to Binance Smart Chain or HECO Chain easily and safely. We have a detailed guide here: https://sota01.medium.com/sota-beginners-guide-how-do-i-swap-my-sota-between-ethereum-blockchain-and-binance-smart-chain-9d81d29e0fc9
III. SOTA Token
1. What is SOTA token?
SOTA token is the SOTA platform’s governance token. SOTA token holders have the following benefits:
- Stake SOTA BEP20 in the system and you will receive pumpkin bonus points. Currently, the point conversion rate in our system is 1 pumpkin /100 SOTA deposit/1 day). With enough pumpkin amount, you can redeem them for NFTs on the “Farm NFT” page.
- Vote for new changes and features of the SOTA platform and receive rewards. From year 3 onwards, 5% of the total fees collected from users will also be included in the bonus fund for system governance purposes.
2. What is the governance system?
In the future, the SOTA platform needs to add more features to fit user needs. SOTA token holders can vote to decide the changes. In addition, participants in governance activities will be rewarded by the system.
The governance feature will be added at Phase 2 of the project.
