What is a NFT?
Non-Fungible-Tokens (or NFTs) are virtual tradable items paired with “smart contracts” that can be sold and exchanged primarily on the Ethereum blockchain. NFTs can be paired with real-world assets (such as art, fashion, music, access, etc.) or exist as purely digital entities. Similar to buying “valuable” or “rare” virtual assets in a video game or collecting rare basketball cards, NFTs are sold in a secondary market based on their virality and perceived value.
What are gas fees?
Any transactions made with Rari Token (Rarible’s Token) or Ethereum are done on the Ethereum Blockchain. All transactions made on the current version of Ethereum are subject to transaction fees called “gas fees.” These fees range in price from $5-30 for transferring funds to $50-100+ for buying NFTs or other virtual assets. Gas fees pay computers for solving equations required to process your transactions securely. This process is open source, and you can watch what is going on behind the scenes while your transaction processes on Etherscan, among other sites.
Does the price of crypto affect my purchase?
It does not! Ethereum, like traditional currency, is a fungible asset. This means that one Ethereum token always equals that of another Ethereum token. So while the crypto markets are more volatile than most, if you buy 1 ETH, even if the price of Ethereum goes up or down, you will still have 1 ETH. So feel free to buy Ethereum in advance if you’d like to speed up your purchase once this drop goes live, and make sure to buy a bit extra to cover gas fees. But remember that fluctuations in the values of Ethereum or Rari Tokens will not affect your purchase in any way!
Are NFTs bad for the environment?
Put simply, no. There is a lot of false information being circulated about NFTs wasting energy; however, they have yet to be properly compared to any other industry. Millions of dollars are traded via cryptocurrency every day. Unlike traditional financial structures, these transactions are done by computers instead of people. Computers require energy to process transactions on the Ethereum blockchain through a system called Proof of Work.
Every time a transaction is validated, “proof” of energy being spent is recorded, and the computer that processed the transaction is rewarded with a small fee (your gas fee). When compared to any traditional means of processing money, this is a highly efficient system. Without going into technicalities, think of how much energy your bank digests daily. With thousands of employees driving to work, hundreds of buildings filled with lights and computers that stay on all day, and executives travelling on planes worldwide.
How can I be first in line?
If you’d like to ensure that you’re one of the first to buy, sign up and become a VIP Member today.
If you decide to purchase Ethereum in advance, we recommend that you set up a Metamask wallet as an extension on Google Chrome for an optimal experience. Additionally, it is best to have at least $80-100 USD in extra Ethereum to cover “gas fees” or the transaction fees that exist on the Ethereum blockchain.
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