Frequently Asked Questions

• What is NFT?

  A Non-Fungible Token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.

• How does an NFT work?

  NFTs work on blockchain technology. They are individual tokens with valuable information stored in them. Usually, a digital host platform is an ideal way to go about when it comes to owning an NFT- a one-stop shop for the digital representations of the physical assets. NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

• What type of currency should be used for buying an NFT?

  Preferably Ethereum because of its highly-secure network and data architecture

• How will I get the proof of ownership of the asset?

  Proving you own an NFT is very similar to proving you have ETH (Cryptocurrency) in your account. For example, let's say you purchase an NFT, and the ownership of the unique token is transferred to your wallet via your public address. The token proves that your copy of the digital file is the original. In addition, NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners.

• Where we can buy it from?

  Foundation is an Ethereum-based NFT marketplace that launched in 2021. It's a platform that aims to build a new creative economy where creators can use the Ethereum blockchain to value their work in entirely new ways and build stronger connections with their supporters. foundation.app

• How to create a wallet?

  Create a username and password on the Metamask browser

  Record your uniquely assigned Secret Recovery Phrase. If you lose this series of words or forget what order they’re in, you will lose access to your wallet, and it will be unrecoverable. We recommend writing the phrase on a piece of paper and storing it in a memorable, safe, and secure spot.

  The next step will ask you to confirm the phrase by placing all of the words in the assigned order.

  MetaMask should now be set up and will appear in your browser extensions.

  If you have any trouble, visit MetaMask Support.

  Alternatively, you can use a wallet that has support for WalletConnect - a few great options are Rainbow Wallet, Trust Wallet, and imToken. The setup process for each wallet is similar, so you'll want to choose the wallet that best suits your needs.

• If I buy an NFT, what will I get?

  Royal Enfield is selling the NFT to you at a pre-defined price. The sale will be on a 'first come, first serve' basis. You will be the sole owner of the NFT purchased and can you use the same in unaltered form. However, this sale shall not be considered as an assignment of any rights, including copyright, in the underlying work of art. Royal Enfield will continue to own and have all the intellectual property rights, including copyright, in the underlying work of art.

  Also you hold the right to re-sell the NFT as per your will and to whomever you deem fit. Moreover, no commission or loyalty for such sale shall be payable to Royal Enfield or the artist.