The platform tracks secondary sales (including royalties) off-chain and builds an internal ledger. We maintain a robust record of every transaction that will be available to your team for tracking, bookkeeping, and reporting. flexibility in accountability Introducing Dynamic NFT Royalties The collegiate s
Please provide a detailed explanation of your NFT platform’s environmental impact and gas emissions. Is your platform proof of work or proof of stake?
Rare Goods utilizes the Polygon blockchain. Polygon uses proof of stake, which has a much lower environmental impact than proof of work blockchains. Polygon’s validators approximately consume 0.00079TWh of electricity yearly with an approximate continuous draw of 0.00009GW, orders of magnitude below the e
The NFT has an IPFS hash of the NFT metadata, which contains an IPFS hash for the digital asset. Our product roadmap includes adding the ability for end-users to access this directly from an NFT’s details page on the platform via a call-to-action button.
Please provide any unique or important details associated with the information stored in the smart contract.
We are using a standard ERC-721 smart contract with an OpenZeppelin extension to reference the metadata with an IPFS hash (so that the content is immutable).
We batch and mint all NFTs through our custom-built platform. Each NFT is minted onto the smart contract and wallet specifically configured for each brand/organization we work with. This is both a branding and security feature allowing NFTs to be associated with the brand and wallet they are representing di
Yes, the Rare Goods platform is both a primary and secondary marketplace. We focused on designing a seamless NFT experience by allowing users to buy, sell, and trade NFTs directly in our marketplace from your Universities directly, or other users on the same site. Users can then sell their acquired NFTs to
If you are using a custom blockchain, what is the contingency/recovery plan for your smart contracts/tokens in the event of catastrophic failure?
We don’t use a custom blockchain. The Rare Goods platform is built on Polygon, a secondary scaling solution for the Ethereum blockchain.
All media assets are submitted to the IFPS network and then its hash is assigned to the token property “tokenURI”, which includes all metadata from the NFT. We utilize industry-standard JSON metadata minted onto each token to ensure maximum current and future compatibility. We currently utilize