At Fatsoma we’re always thinking of new ways to help you promote your events and allow your customers to have the best experiences possible. That’s why we’ve partnered with M1NTY to provide our exciting, new, Fatsoma NFTs that will make your events stand out from the crowd.
We’re sure you’ll have lots of questions about this new feature, check out the responses we’ve written to some common questions below:
What is an NFT?
NFTs are unique digital tokens on a blockchain that can be anything from music, to
artwork, to collectibles. These tokens are ‘non-fungible’ meaning they can’t be swapped for something similar as their value is in their uniqueness. To find out more about NFTs and the current market surrounding them, check out our article here.
What is Blockchain technology?
A blockchain is a system of recording information that is built in a way that is impossible to change, hack, or cheat the system. It’s a digital ledger that is duplicated and distributed across a large number of computer systems all across the network. Find out more about blockchain technology here.
What are Polygon and Ethereum?
Ethereum is a blockchain network that plays host to most of the NFTs on the market today. Polygon is a sidechain network built to work alongside the Ethereum blockchain as a solution to some of Ethereum’s limitations. All Fatsoma NFTs will be hosted on the Polygon network. Find out more about Polygon and Ethereum here.
Are NFTs bad for the environment?
You can be rest assured that Fatsoma NFTs are eco-conscious. A Fatsoma NFT emits just 1/10th of the carbon of a tweet and you would have to mint 197,000 Fatsoma NFTs to equal the carbon footprint of a single 12” vinyl. With Fatsoma, you can be safe in the knowledge that the NFTs you create aren’t having a negative impact on the environment. Find out more about the environmental impacts of NFTs here.
What is Proof of Stake?
‘Proof of Stake’ is a newer consensus mechanism used by Polygon to verify transactions and combat the high energy consumption of the main blockchain. Under this method, one user is chosen to verify each new batch of transactions and add them to the blockchain. This allows for a far quicker, less energy intensive process than the old ‘proof of work’ system.
What makes an NFT valuable?
The value of an NFT lies in its uniqueness. Whilst you could take a photo or download a similar image of the artwork on the NFT, the token itself remains unique. Value also comes from the ability to prove irrefutable ownership of the NFT due to the unalterable nature of the blockchain. You will always have an undeniable record of your purchase and therefore your ownership over the NFT.
How long will the technology be relevant?
Whilst the current NFT market is mostly focussed on digital art and collectibles, the uses for blockchain technology are potentially endless. From certifying university degrees to providing exclusive content in video games, more and more ideas of the potential uses of the technology are cropping up all the time. Even if the current hype around NFTs as digital art dissipates, it’s safe to say that the technology is here to stay.
How do Fatsoma NFTs work?
Your NFTs will be linked to the tickets on your event and will be presented as an additional purchase to your customers on our website, once they’ve selected a ticket. Once purchased, the NFT will be minted and added to the blockchain by our partner company M1NTY. M1NTY will also create each customer their own wallet and a gallery to store and view their NFTs. Find out more about how Fatsoma NFTs work here.
Why should I sell NFTs on Fatsoma?
Fatsoma NFTs are a great way to give customers an environmentally friendly, digital memento of your events, and a super easy way to generate more revenue with very little extra effort. They’ll also help to create even more of a buzz around your events and make them stand out from the crowd providing a new, innovative, and on trend USP. Find out more about the benefits of selling NFTs on Fatsoma here.
How do I create a Fatsoma NFT?
You can create your NFTs in much the same way you would list a ticket on Fatsoma. In the ‘Edit Event’ page, simply click ‘Add NFTs’, choose a ticket to link your NFT to, then fill in the details, add your artwork, and you’re good to go! You can also follow our step-by-step guide to creating your own Fatsoma NFTs here.
Can I edit my NFTs after I’ve created them?
Due to the nature of the technology, once created NFTs are very difficult to alter. It’s important that you double check all the details of your NFTs and your artwork to be correct, as you will only be able to edit the price of your NFTs and their visibility to customers once they’ve been created. You will be asked to tick a box confirming that you understand this when you add each new NFT.
How much can I customise my NFTs?
All NFTs on Fatsoma will have the same basic template, however you can customise this to your brand or event. You will be able to give your NFT a title, upload your own artwork, and add a description that will be displayed alongside the NFT in the customer’s M1NTY gallery. For now, the artwork will just be a stationary image, however, we will be looking to update this to allow you to add GIFs or videos to your NFTs in future releases.
How many Fatsoma Collectible NFTs can I sell?
You can sell as many NFTs as you have tickets available for your event. As each NFT you create will be linked to a ticket type, the number of tickets of that type will automatically determine the number of NFTs available.
Do I need cryptocurrency to create my NFTs?
No, you don’t need any cryptocurrency to create an NFT on Fatsoma.
How do my customers view their NFTs?
Once they’ve purchased an NFT, customers will be given a M1NTY wallet where they can claim their NFT. They will also have a gallery in M1NTY where they can view their NFTs and show them off to friends and family.
How do customers purchase an NFT?
Customers will be presented with the opportunity to purchase an NFT on our website after they’ve selected their tickets. They can add this to their basket and then checkout as normal.
Are NFTs available through the Fatsoma app?
Due to policies set by Apple and Google, NFTs are only available via the website.
How much can I charge?
The pricing of your NFTs is entirely up to you, however we do require a minimum charge of £1. You can also charge different amounts for different NFTs depending on the ticket type they’re linked to, or their availability.
How much will it cost me?
As with your tickets, Fatsoma’s costs are covered by the booking fee paid by the customer. The only difference is, with NFTs, the fee will also cover M1NTY’s costs as well so is slightly higher. The fee is calculated as 30% (minimum £1) of the NFT Price, and this is all paid by the customer.
Can customers sell them on?
Yes, once they’ve claimed their wallet, customers will be able to list and sell their NFT on OpenSea, which is the largest marketplace for selling NFTs.
Do customers receive them immediately or after the event?
Once purchased, customers will immediately be able to access and view their NFTs via their M1NTY wallet.
Can you design the artwork for me?
Where available, we will set the image from your event flyer at the artwork on your NFTs. However, if you have specific artwork you want to use for your NFTs then you can upload this upon creation of the NFT.
Can my NFTs act as tickets?
Fatsoma NFTs are collectible items rather than actual tickets. Your customers will have to have purchased a ticket to your event before they can purchase an NFT. We advise sticking with traditional tickets when checking customers into your events.
When do I need to issue a refund on an NFT?
All NFT sales on Fatsoma are final. The only time you will ever need to refund an NFT is if you’re refunding a customer’s tickets as they are both linked under the same order.
How do I refund an NFT?
You can’t refund an NFT by itself, you will need to refund the entire order it was made as part of. You can do this in the same way you would refund any other order, by going to the ‘Orders’ section of your dashboard, locating the order, clicking ‘View’, and then clicking ‘Refund’.
Will the value increase overtime?
Fatsoma NFTs are more of a personal memento of an event for your customers, however, if you create a limited edition NFT or have an up and coming artist performing at your event then these NFTs could potentially increase in value at some point in the future.
How will I earn money through NFTs?
Fatsoma NFTs will be an optional purchase your customers can make alongside their ticket. In theory you could be generating additional revenue with every single ticket you sell with virtually no extra effort.
How do I best market them to my customers?
The easiest way to promote your NFTs is as digital ticket stubs that act as a memento for your events. However, if you want to generate more buzz around your NFTs you could create limited edition NFTs, or offer exclusive discounts to customers who purchase an NFT. The possibilities are endless!
Can I add an NFT to a free ticket?
Yes, you can link an NFT to any ticket type, but you will have to charge a minimum £1 for each NFT even if it’s linked to a free ticket.