NFTs

An NFT, or a non-fungible token, is a digital asset that is used to represent ownership of a unique item or to give access to something that is either physical or digital. Most commonly they are used for digital collectibles, like artworks, but they can be used for anything such as events, cars, certificates and trading cards. Ownership and transfers of NFTs are recorded by the blockchains on which the NFTs exist. A blockchain is a publicly verified, decentralised transaction ledger - as such, no one can modify the recorded history of a token.

Cryptocurrencies are a digital currency that use the blockchain to record and secure online transactions.
Cryptocurrencies can be a store of value over time and can be used to purchase goods and services. Each blockchain operates with a specific cryptocurrency.

You can purchase cryptocurrencies through an online exchange, like Coinbase. Once you've purchased it, you can transfer the funds into your Metamask or another compatible wallet to purchase an NFT.

Please keep in mind that there are limits on the amounts of cryptocurrency you can buy and sell based on your account and the platform you’re using – very often, you may need to verify your identity and complete anti-money laundering checks.

If you want to buy a particular NFT, it is better to acquire slightly more cryptocurrency than you need for the NFT you want to purchase in order to cover gas fees. It's prudent to account for the price you wish to pay for particular NFT (whether this is a fixed price or a bid that you would like to place on an NFT) as well as any gas fees required to make a bid or complete the transaction.

A digital wallet is a storage service that allows you to store and transact with cryptocurrencies and NFTs. Each wallet has a unique and identifiable seed phrase that grants you access to the your wallet.

Many software wallets, like Metamask, exist to make the process of setting up a digital wallet simple. They give you with a wallet address, key vault, secure login, and backup options to manage your digital assets securely. Metamask runs as a browser extension and/or mobile app, and you can be up and running in a couple of minutes.

With a digital wallet, you manage the seed phrase and are in charge of your own assets. Your assets are only as safe as your seed phrase.

To set up a digital wallet that works with NFT releases on www.avantarte.com, you can use MetaMask.

To set up a MetaMask wallet:

1. Go to https://metamask.io/download/ to install the extension in your desktop browser, or download the app for Android or iOS.

2. Click on Create a Wallet. This will create a new wallet and a seed phrase.

3. Set up a password. This is the password you will need to access your MetaMask app. It will not be the key to your wallet.

4. Save and backup your seed phrase. This mnemonic phrase will be the master key to your wallet and your assets. If you lose this, you will lose access to your assets.

Note:

If you lose your seed phrase, neither MetaMask or Avant Arte can help you recover your wallet. Never give your seed phrase or any of private keys to anyone or any site, unless you want them to have full control over your assets.

If transacting with high-values, we strongly recommend that you look into protecting your digital assets and NFTs with a hardware wallet.

Hardware wallets are physical devices which store your seed phrase or private keys securely. The main principle behind hardware wallets is to provide isolation between your seed phrase or private keys and your computer or smartphone. If you store your seed phrase on your computer or device it could be subject to hacks. If you want recommendations on hardware wallet options, please feel free to get in touch with the team.

A seed phrase is a list of 12 or 24 words that allows you to access your digital wallet. It's a human readable mnemonic way to store and generate the private key of your wallet.

If someone else knows your seed phrase, then they may have full control of your wallet and funds. If you lose your seed phrase, you will not be able to ever recover or access your wallet and funds.

Note:

Don’t share your seed phrase with anybody else. If somebody asks for your seed phrase or any private key, they may be trying to steal your funds or assets.

We recommend that you keep multiple hard copies of your seed phrase on paper stored in different locations, for example you could write it down on multiple pieces of paper and store each in 2 or 3 different locations.

Gas fees are transaction fees which occur on the blockchain when transactions are made, like when you mint a NFT. They are a one-off fee and are charged when you mint a NFT.

The gas fees act as a reward for the people that process transactions on the blockchain, known as miners. This ultimately enables all transactions to be processed and stored on the blockchain. The price of gas is volatile and fluctuates based on the supply of miners processing transactions and the demand of users wanting to make a transaction.

When completing a transaction, you can enter the gas price that you're willing to pay. The more gas you pay, the more likely that the transaction will be processed faster as miners pick it first. However, we strongly recommend following the suggested fees shown by a wallet, like MetaMask, to make the transaction. So that you don't need to worry about this, we'll try as much as possible to set our releases up to avoid 'gas wars' - where collectors hike up the gas fees they pay to complete their transactions first for a sought-after piece.

Be aware that if the cost of gas price is more than the fee you're willing to pay, your transaction could fail and the gas fee will be lost without the transaction being confirmed. This means that you will have paid gas, without receiving an NFT, as lost gas fees are non-refundable.

When signing up for an NFT that you're interested in, you will be asked connect your wallet to your Avant Arte account. If you're new to the space, it may be easier to go through this process on a desktop rather than a phone.

To connect your wallet, it's easiest to install an extension for your wallet on your browser. For example, installing the MetaMask extensions for Google Chrome. When asked to connect your wallet during the sign-up flow, the MetaMask extension will pop-up asking you to sign-in to your MetaMask wallet and approve the connection. You can sign in with the credentials you have set up for your digital wallet.

To install the extension, you can go to the MetaMask website. Once downloaded and installed, it may be easier to pin your extension to your browser's toolbar. If using Google Chrome on desktop, you can access and pin extensions by clicking the puzzle-piece icon in the top right corner of the window.

Note:

Please be careful where you connect your wallet. Always be careful where you choose to connect your wallet. Phishing attacks can happen, so please only follow legitimate links that are shared officially. Only trust links from Avant Arte that come from our email communications. If in doubt, get in touch with our team and we can help out.

We'll be promoting individual releases just as we do with for every edition release whether it's a print edition, sculpture edition or an NFT release.

The exact methods of buying might change depending on each release, but we'll make sure to let everyone know when and how they can participate in each release on our site and social media.

In our draw releases, we'll contact successful winners directly using the details saved in their Avant Arte account. You'll need to have enough of the appropriate cryptocurrency in your wallet when you register for a draw to be able to purchase the piece. The cryptocurrency required will be stated on the product's page.

Our works will be available for secondary market trades on 3rd party marketplaces such as OpenSea and Rarible. You can find more information on how to list and managed your works on these marketplaces.

Secondary market trades will be subject to artist royalties and marketplace fees.

The decentralised nature of web3 and NFTs is a double-edged sword. As there is no centralised authority, transactions are definite and irreversible as there is no central counter-party that can reverse an action for you. As such, phishing attacks and scams are rife in the space, so you need to keep you wits about you.

We recommend:

• Writing down the seed phrase for your wallet physically and storing it somewhere offline. If it's stored on your computer, someone might be able to gain access to it

• Keeping assets stored in wallets such as MetaMask to a minimum at any moment in time. Whilst it's a great and flexible wallet for transacting with marketplaces, there are more secure wallets, such as hardware wallets, where you can store your assets long-term.

• If transacting with high-values, we strongly recommend that you look into protecting your digital assets and NFTs with a hardware wallet.

• Only following official links and be careful where you connect your wallet. Be wary of phishing messages too.

• If putting your works up for sale on any secondary markets, make sure you spend the time (and the gas) needed to cancel any unwanted listings. If you transfer a listed asset to an old wallet where someone has made a valid offer on previous listing you'd set up, the transaction will be automatically and irreversibly executed.
  

If you have more questions around security, feel free to get in touch.

Avant Arte’s mission is to make discovering and owning art radically more accessible for a new generation of art lovers. Since 2015, we’ve worked with leading contemporary artists to bring their work to new audiences, and push the boundaries of edition-making. In that time, we’ve built a community of over 2.5 million art lovers, the majority of whom are under the age of 35 and we think represent the 'next-generation' of art lovers.

We’re now expanding to support both the creation and launch of NFTs on our primary marketplace. We’re excited by many different aspects of NFTs from the new artists who have been empowered to develop their practise through this technology to the community dynamics and the potential to create rich and sustained experiences for artists and collectors. We want to bridge the gap between physical and digital art by working with all types of artists in any mediums, opening up access to all forms of great art.