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

1) What do I get with a base subscription?

  • Membership to NiftyKit gives you access to all the tools to create and manage your smart contracts in an efficient way.
  • For DropKit access, you will have to join the waitlist - https://niftykit.com/dropkit-waitlist

2) Do I lose my minted collections and NFTs when I cancel my membership?

  • Absolutely not. Anything you have already minted is owned by you or the current token holder even after you cancel your membership. The membership allows you to access the tools to mint, but you can always access and create draft NFTs and smart contracts without a membership

3) Can I add to an existing collection I made on Opensea or Rarible?

  • 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: https://docs.opensea.io/docs/10-setting-fees-on-secondary-sales

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

  • NFTs are basically code 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.
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