▫️How does it work (NFT)

A non-fungible token (NFT) is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they're not a currency.
Each NFT is unique and distinct from other NFTs.

Just as there are many banks and credit cards, there are many different crypto wallet providers to choose from. They all serve the same purpose, but each one takes a different approach and makes different tradeoffs. Vagabond recommends the use of MetaMask (BSC) and XUMM (XRPL) wallets.

Vagabond offers two blockchain options, Binance Smart Chain (VGO) and the XRP Ledger (VGB).
In future updates, cross-blockchain support will be available across both tokens.

Think of gas fees as Ethereum blockchain transaction costs, but since we are using the BSC and XRPL blockchain networks, these fees are significantly less in comparison.
Vagabond has no say in setting gas fees – they are determined by the network (blockchain) in use.
For the lowest possible gas fee, opting for the VGB token is highly recommended due to the very low and consistent fee structure practiced on the XRPL.

Vagabond NFT Marketplace builder is a decentralized peer-to-peer marketplace, so we never charge fees, escrow or hold your items.
The only fees incurred are those required by the blockchain in use (gas fees) for a transaction to take place.

There are gas fees when an item is bought or sold, minted or listed for sale.
Who pays the fees will depend on the type of transaction.
1. Buyers pay the gas fees when purchasing items.
2. Sellers pay the gas fees when minting, listing and burning items.
3. Buyers and sellers pay the fees to allow VGO and VGB token contract access (1 time only).

The core currencies on Vagabond are VGO (BSC) and VGB (XRPL). Currently it is not possible to use other crypto currencies like XRP or BNB, as well as non-crypto currencies like USD and the Euro, but future updates to the platform may include these currencies, as well as other traditional payment systems (Visa, Mastercard, etc.).

There are two types of NFT protocol standards currently supported on the Vagabond NFT Marketplace.
BEP-721 on the Binance Smart Chain (VGO); XLS20d on the XRPL (VGB).

NFTs can be programmed so that each transaction includes a royalty fee, allowing creators to be rewarded fairly for their work online.
The fact that NFTs are created and stored on the blockchain, means they can be traded seamlessly from wallet to wallet, with creator earnings paid every time they are transferred.
Royalties can be set up between 0.01% and 50% of the total listing price.

Since all transactions, listings, buy/sells are registered on the blockchain, it is not possible to mint a NFT without paying the transaction fee incurred by the blockchain in use.

One of the unique benefits of NFTs is the ability to track every transaction on the blockchain. Every NFT has an owner, creator, history, and this information or "provenance" is verifiable on-chain.
On each item’s page, there is a section marked "Details" where you can verify the contract used, as well as the location of the file stored on a decentralized file storage system (IPFS).

All NFTs minted on the Vagabond Marketplace are stored on a InterPlanetary File System (IPFS), a peer-to-peer hypermedia protocol for storing and sharing content.
IPFS enables users to store and retrieve content based on a “fingerprint” of the content itself (a cryptographic hash called a CID). By putting an IPFS CID in an NFT, that NFT directly references the data itself rather than a brittle HTTP link.
When an NFT is created and linked to a digital file that lives on some other system, how the data is linked is very important. There are a few reasons why traditional HTTP links aren't a great fit.
Because a CID can only ever refer to one piece of content, we know that nobody can replace or alter the content without breaking the link.
Using the CID, anyone can fetch a copy of the data from the IPFS network as long as at least one copy exists on the network, even if the original provider has disappeared. This makes CIDs perfect for NFT storage.
Further, IPFS is universally compatible with any data storage system. It can retrieve data off of a centralized provider, a local computer or decentralized storage protocols – whatever is broadcasting the CID to the rest of the network.

You can use a variety of file formats for images (PNG, JPG, etc.), videos (MP4), audio (MP3) or even 3D models to make your NFT.
The maximum file size supported is 50MB, but we recommend keeping it under 50MB for faster load times.

You can fill out a request for support via email https://vagabondapp.io/contact.
Use our Discord and Telegram channels to further communicate your experiences, thoughts and suggestions with other users of the Marketplace:
- https://discord.com/invite/3ty3u3u5Gy
- https://t.me/vagabonddiscussion

Last updated 1 year ago