What is an NFT?
First, the technical definition: An NFT (“non-fungible token”) is a unit of data stored on a digital ledger, called a blockchain*. An NFT is a digital asset that can be owned, sold, and traded. In simpler terms: NFT means the digital asset is completely unique and non-replaceable. It can then be “tokenized,” so you can transfer ownership (i.e. sell). After purchase, you can resell your NFT on marketplaces like Opensea (read more about that here).
What is Mint-on-Demand™?
Mint-On-Demand™is a service that makes it easy for anyone to buy or sell NFTs through the Spring platform. NFTs are only minted once sold to reduce environmental impact and no cryptocurrencies are required to purchase.
What happens after I have purchased an NFT
NFTs are minted on-demand to reduce environmental impact, so you’ll receive your newly minted NFT within 14 business days of purchase. Here’s how it works:
- Your NFT will be minted on the Polygon blockchain by Bondly.
- Then it’ll be added to a new Venly crypto wallet for you to access.
- Next, Bondly will email you with details on how to access your wallet and NFT.
Keep in mind you can always transfer your NFT to another wallet afterward.
How long will it take to receive my NFT and wallet?
Spring mints NFTs on-demand (only after purchase) to reduce environmental impact, so you’ll receive your newly minted NFT within 14 calendar days.
What’s a crypto wallet?
A crypto wallet is used to store cryptocurrency and retrieve digital assets. Your wallet proves your ownership of your digital money and assets while allowing you to make transactions (sell your NFT to someone else). Any NFT you purchase will be delivered to you within the same crypto wallet—as long as you use the same email address when checking out.
Can I transfer my NFT into my personal wallet?
Any NFT you purchase will be delivered to you within the same crypto wallet—as long as you use the same email address when checking out. If you have an existing wallet, you will be able to transfer your recently purchased NFT at any time. Just go to your NFT collection within your wallet (the unicorn symbol), and select the NFT you’d like to transfer.
Can I cancel my NFT purchase or get a refund?
Just like digital products sold on Spring, NFTs are final sale items and cannot be canceled or refunded. Learn more about our return policy here.
We’ll send you an order confirmation email after you’ve purchased an NFT—but this does not confirm you are the owner yet. Due to the high demand and limited nature of NFTs, we’ll have to verify who was first to purchase the NFT if multiple people tried to buy it at once. You will receive an additional email that confirms if you are in fact the owner of the NFT. If you are not, you’ll receive an additional email confirming your order was not processed successfully; your order will be canceled and you will be refunded within one to five business days.
What are the benefits of buying an NFT?
- Minted on the eco-friendly Polygon blockchain.
- Show your support. NFTs are collectible items for true fans.
- Flex the NFT on social media and prove you’re the genuine owner.
- Own it, sell it, trade it and hopefully see it become more desirable over time.
I have an issue with my Bondly account. What can I do?
Please email Bondly Support at [email protected]
Can I pay for NFTs on Spring with cryptocurrency?
Not at this time. NFTs can be purchased using regular currencies.
Once I receive the order confirmation email, am I the owner of an NFT?’
No, due to the limited nature and high demand of NFTs, we have to verify who the first purchaser is. Please note: The order confirmation email does not mean you are the owner of the NFT—an additional email will be sent to confirm ownership.
Can I resell my NFT?
You can sell the NFT on other marketplaces, like Bondly’s marketplace, or Venly. The creator typically posts the NFT with an asking price. If a buyer agrees to this price, the sale is completed and a portion of the sale (the royalty) is distributed to the creator. Read more about re-selling your NFT here.
Are NFTs damaging to the environment?
Short answer: Sometimes. This is why Spring chose to partner with Bondly, who teamed up with Polygon: a blockchain that uses just 0.002% of the energy that other blockchains use. Bondly also only mints NFTs after purchase.
Since most NFTs use the same blockchain technology as some energy-siphoning cryptocurrencies, they also end up using a lot of electricity as a result. Bondly works with the Polygon blockchain allowing eco-friendly NFT minting and is setting up a fund to offset their carbon footprint. One NFT with Polygon uses x3 less energy than streaming a video online for 1 hour. Learn more about Polygons’ responsible minting here.