What is the Hyprr NFT Platform?
The Hyprr NFT platform is where you can mint, buy and sell digital creations in the form of Non Fungible Tokens (NFTs). The Hyprr NFT Platform is built on powerful Blockchain technology which provides creators with a transparent creative space to capture and present their digital expressions. We want to empower emerging creators to share their creative visions in an environmentally conscious way which is accessible to everyone.
What is an NFT?
NFT stands for Non-Fungible Token. An NFT represents a unique digital asset which is verified on powerful Blockchain technology, making it irreplaceable. An NFT can be a photo, video, audio file or indeed almost anything that can be stored digitally and thought to hold value. The Blockchain validates and records information about the NFT, such as the artist and time created, introducing the concept of a unique digital work. The Hyprr Platform creates a system that gives value to collectors, allowing Creators to sell their digital artwork and build a social media following.
What is a Blockchain?
Blockchains are a type of technology which provides a decentralised ledger for tracking data. The data stored on a Blockchain is permanent and immutable which provides maximum security and data protection for our users. NFTs are one type of data that can be tracked, stored, and moved between users with the power of blockchains Hyprr is built using the Cosmos blockchain protocol. The Cosmos blockchain platform enables high transaction rates (just 7 seconds) and secure smart contract capabilities, all at very low costs ($0.01) and with minimal environmental impact. Cosmos Blockchain is validated by proof of stake meaning that it has a 99% lower carbon footprint than those which use proof of work (such as Bitcoin). Cosmos is unique as a Blockchain as it enables communication and networking with other blockchains in the ecosystem.
Are Hyprr NFTs environmentally friendly?
Yes! Hyprr is built on the Cosmos Blockchain which is validated by proof of stake meaning that it has a 99% lower carbon footprint than those which use proof of work (such as Bitcoin).
What is a smart contract?
A Smart Contract is a digital contract set in code, which is created on the blockchain. Smart contracts hold assets, such as NFTs. The assets or contracts are distributed once the transaction criterias in the blockchain have been met (successful payment for NFT purchase).
Do I have to have a Hyprr account in order to access the Hyprr NFT Platform?
Anyone can browse the Hyprr NFT Platform, but you will need a Hyprr account and wallet to participate in buying or selling NFTs. For more information on creating a Hyprr profile please click here. If you already have a Hyprr account with a wallet set up, you are ready to go!
Is there an age restriction to buy and sell NFTs on the Hyprr NFT Platform?
Yes, you must be aged 18 or over in order to buy or sell NFTs on the Hyprr NFT Platform.
How do I become an NFT Creator?
If you wish to participate as a NFT creator on Hyprr, you will need to register for a Hyprr account. All NFT creators will need to be approved by Hyprr in order to Mint and list NFTs. Hyprr maintains complete discretion in selecting the artists in its NFT Platform, and makes no guarantees or promises that any artists will be approved as Creators even if Hyprr solicited the request. If approved you will be notified by email. Please note we do not guarantee a response to all requests, and we will only respond to successful candidates.
How does my work become an NFT?
To make your artwork an NFT you must mint it. Minting is the process of adding your art to the blockchain and giving it a unique ID. The blockchain provides a permanent, immutable ledger of transactions and therefore, even once it has been sold it will always link to the original artist and guarantee the authenticity of the NFT.
How do I mint an NFT?
You will need to be approved as an NFT creator before you are able to mint an NFT. Please click here for more information on how to become an NFT creator here. To turn your digital artwork into an NFT on the Hyprr Platform, you need to mint it. (Please note that in order to mint an NFT you must have been approved by Hyprr as an NFT creator first. You will also need to have set up your wallet.)
- Go to the 'create' icon along the top right corner of the screen.
- Select NFT from the dropdown list.
- Create your NFT by uploading your digital artwork and give it a title and a description (optional).
- Select how many editions you have available to sell (up to a maximum of 1000) and you may also wish to add a royalty fee of up to 35% for future resales of your artwork (click here to learn more about royalties).
You can opt to donate all or a percentage of your sale profits to charity by checking the box for 'charitable asset'. You can split your sale profits between up to five different recipients, including charities. You can decide what percentage of funds each recipient receives.
You can see a preview of your NFT by pressing 'show preview' just above your uploaded image.
- Once completed, click 'Mint NFT' at the bottom of the screen. You will need to enter your wallet pin to proceed with the minting process. Please note the minting process can take up to 30 minutes and once minting has begun no further changes can be made to your NFT.
- Once your NFT has been minted, you can manage your editions and enter your sale prices.
What NFT imagery am I allowed to sell on the Hyprr NFT Platform?
The Hyprr NFT Platform is governed by the same rules as laid out in our Hyprr Content Policy which you can read here. If you have sensitive content settings turned on then this will filter through to what you can see on Hyprr NFT Platform. You can report any artwork infringing on our content policy.
What is a royalty?
A creator may choose to add a royalty of up to 35% when they mint an NFT. This means they will receive this percentage cut of any future resales of the NFT that they created.
You can also opt to split the royalties so that a charity receives a proportion of any future re sales of your NFT. For more information on charity donations please click here.
Can I sell multiple editions of one piece of digital artwork?
Yes, when minting your NFT you can create up to 1000 editions of one piece of artwork.
What fees will I incur when selling an NFT?
As a creator you will receive 97.5% from the sale of your NFT. Hyprr takes a fee of 2.5%. A creator may also opt to receive royalty fees up to a maximum of 35% of future resale(s). For more information on platform fees please visit Platform Fees & Monetization.
Where can I browse NFTs on the Hyprr Platform?
You can explore the gallery of digital artwork for sale on Hyprr by clicking the NFT icon (add icon) on either the Discover page or your Home page.
What is a drop?
A "drop" is a limited-time event, where you can purchase newly released NFTs directly from creators you like. Drops will be advertised on Hyprr so keep an eye out for them!
How do I purchase an NFT?
- Select the NFT you would like to purchase. You can find information regarding the number of editions minted and available to purchase, along with the artwork details and ownership information on this page.
- Select an edition to buy. You may notice that some editions are priced differently.
- Click 'Buy for XX Hypes' to confirm your selection.
- A 'Purchase Edition' box will appear confirming the edition you have selected to purchase. This will include any description of the work you are buying and details of a royalty fee if one has been set by the Creator. Select 'Pay XX Hypes' to continue with your purchase (or you can select 'cancel' to cancel your purchase).
- To confirm your purchase, enter your wallet PIN and select 'Confirm Purchase'.
- Once your payment has completed, your purchased NFT will be found in your profile page under NFTs "Collected".
What currency can I use to purchase an NFT?
All NFTs on the Hyprr platform are sold and purchased using our platform token, Hypes. One Hype is the equivalent to one US dollar. Once you have set up your Hyprr wallet, you can purchase Hypes using your bank account details via the Stripe payment processor. For more information on adding Hypes to your wallet click here.
Alternatively, you can use Bitpay to buy Hypes using approved cryptocurrencies. You can learn more about setting up a Bitpay wallet here.
Where can I view NFTs I have purchased?
You can view your collection of purchased NFTs on your Hyprr profile under the NFT tab.
Can I manage who can view my NFTs
You can manage who is able to view your NFTs.
- Go to your Profile icon in the top right corner and select 'Settings and Privacy'
- Select 'Privacy' from the list on the left of the screen.
- Here you can choose whether NFTs you have created or collected are available for others to view or made private.
Can I cancel or get a refund for an NFT if I change my mind?
No, unfortunately you cannot get a refund once you have purchased an NFT as transactions in the blockchain are not reversible.
Can I resell an NFT I have purchased?
Yes, Collectors have the right to sell, trade, transfer, or use their Digital Artwork, but Collectors may not make "commercial use" of the Digital Artwork. The original creator may have opted to receive royalties of up to 35% for any subsequent sales of their artwork. Please refer to our NFT policy here for more information on being a collector and what you are permitted to do with your NFT.
Where can I resell an NFT?
You can resell the NFT on Hyprr whenever you want. You can’t transfer the NFT to another chain or resell on a different platform at this time.
Can I opt for my NFT sale profits to go to charity?
Yes, when minting an NFT you can choose to donate all or a proportion or all of your sale profits to an approved charity of your choice. You can choose to split your profits between up to five different recipients or charities. Hyprr covers any charity cash out fees to ensure that the charity receives all the money donated to them. All of our verified charities have a charity badge to show they are verified and trusted charities.