FAQ

Find some of the frequently asked questions and learn more about NiftyKit.

1) What do I get with my NiftyKit account?

• After signing up, all users will have access to all the NiftyKit tools to create and manage your smart contracts in an efficient way.

• You can now deploy your own smart contract with no upfront fees.

2) Do I lose my minted collections if I lose access to my NiftyKit account?

• Absolutely not. Anything you have already minted is owned by you or the wallet used to create the smart contract. NiftyKit allows you to access the tools to mint, you can always access and transact with your NFTs and smart contracts directly in your etherscan.

3) Can I add to an existing collection I made on OpenSea, Rarible, or on any other NFT platform?

• No. You can’t continue in an existing contract with NiftyKit. You will be starting with a new contract specifically owned by you.

4) Is my Royalty Fee built into the contract or is it specific to the platform, like Opensea?

• Currently, the Royalty Fees that you set for your Smart Contract are specific to each platform. They are NOT baked into the smart contract code.

• NiftyKit only supports primary sales and will honor your commission settings set on your collection on the NiftyKit platform.

• In order to set commissions for your Smart Contract on OpenSea, you can connect to OpenSea with the MetaMask wallet connected to your Smart Contract and then navigate to the Edit settings of that contract and adjust the commission.

• Learn more here: OpenSea Creator Earnings

5) How do we enforce royalties on NiftyKit for artists? What do on-chain royalties mean?

• NFTs are basically coded in the form of smart contracts, and when marketplaces execute "transfer" to "trade/sell", the code does a lookup on the smart contract to see where/how the royalties get paid.

• When it facilitates the payment, it enforces it in that same call. Currently, on-chain royalty is based on marketplace trust.

• Artists are giving them room to say "enforce it please", but there's no actual logic stopping these marketplaces from not enforcing them.

  • Every once in a while, a new marketplace comes out and says "we don't believe in it" - this goes against the on-chain royalties that many artists have been fighting for all this time.

• But there is a way to enforce royalties and have marketplaces adopt them whether they like it or not. This is where web3 stands out to provide value to the artists - being built on global democracy.

  • It's hard to enforce on-chain royalties when there aren't many creators supporting, pushing, or in a lot of cases even aware of the royalty standards on web3. More artists need to opt in for royalties enforcement.

6) Can I restart the Waitlist phase on my drop?

Yes, but you need to stop any type of sale if you wish to return to the Waitlist stage. You can only set the waitlist, pre-sale, and public at a time.

7) What's the difference between saving or updating my metadata on NiftyKit API vs IPFS?

NiftyKit API is a useful tool for NFT creators who wants more control over their metadata and the ability to easily edit it as needed (minted or unminted). It is also built for data protection and hides the traits/metadata of unminted or placeholder NTFs (before revealing).

On the other hand, IPFS is a better option when the priority is the long-term accessibility and decentralization of NFT metadata. Using IPFS ensures that metadata remains publicly accessible over time, and cannot be censored or deleted.

Got more questions? Send your questions in our support chat, or message us on Discord