A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. This chain records these transactions and information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Blockchains are used for recording transactions made with cryptocurrencies, NFT marketplaces, but could and have other uses such as royalties tracking, voting mechanism, medical data sharing, etc.
An NFT, or Non-Fungible-Token, is a unit of data stored a blockchain, which can be sold and traded. An NFT can be associated with a particular digital asset such as a file, game object, gif, image, etc. Each NFT has a specific, immutable, and unique ID. Also, an NFT cannot be substituted for another NFT as each NFT is distinctive and unique in some way. An NFT is not a medium of exchange and is not convertible virtual currency.
Each “Virtual 24H of Le Mans NFT” is secured by the Algorand blockchain
NFTs could be created (minted) by a developer, artist, a partner, a user and etc, but with once is traded or sold, ownership is transferred.
These are types of cryptographic tokens, based on blockchain, that are basically identical or uniform and can be interchanged with other fungible tokens of the same type without any issues, just like any physical token such as the Dollar, Euro or Renminbi are.
Such Crypto tokens are built in such a way that each fraction of a token is equivalent to the next. For instance, Bitcoin, the most popular cryptocurrency, is fungible, which means one Bitcoin is equal to one Bitcoin, and it's equal to all other Bitcoins. Such tokens are assumed to be interchangeable and divisible too.
The process under which an NFT is generated or creates is called, minting. When minting an NFT or digital asset it becomes a part of the underlaying blockchain (in this case Algorand's), making it a public, unchangeable, and tamper-proof. The process is similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created. They could be minted by individuals or business for a specific purpose, like a game assets or collectible art, images and more. They are the minters.
It is an instrument that allow users to store and retrieve their digital assets such as cryptocurrencies and NFTs. The same Digital Wallet enables users to transfer assets to and from it in the case of purchase using its address or Key.
By signing up for an account and selecting any available NFT either in an auction or a pack, then follow our secured the checkout process. When signing up, the platform creates a Digital Wallet where the asset will be stored. You can view the wallet by going to your account page and clicking “View on AlgoExplorer”.
Yes, you will need one. As above, when signing up or opening an account in the platform, a Algorand Digital Wallet will be created for you.
Not now, but yes in the near future. We are working very hard to add a secondary marketplace so you can list and eventually sell your NFT, but we are also working on a direct marketplace that will be installed right in the same platform. This means both transactions, buying and selling will happen in the same place. In addition you will be able to transfer purchased assets to a personal wallet from the system created one. We are aiming for Q2 2022.
Yes, there will be one. We are aiming to have few available within several weeks of launch. Remember, primary NFTs will come only from the nft.lemansvirtual.com platform.
Algorand is a decentralized blockchain technology network, with its native currency being known as ALGO. It is also MSGM's partner in this "Virtual 24H Le Mans NFT" endeavor. Algorand's blockchain supports the platform.
It is blockchain based payment processor. Extremely secured, private and safe. It has partnered with MSGM and Algorand for the "Virtual 24H Le Mans NFT" project.
In your profile where you will find all of its details and information. Remember, it is always tied to your Digital Wallet, unless you transferred or sell it.
We are planning to have hundreds! but we are started with a strong range of options, which will be evolving. We have several sets within collections, which we are making available via "Packs" or "Auctions".
"Packs" include NFTs and the number of assets inside each pack will be included in the title or description of the pack you are purchasing. Announcements will be made for "drops" which is date and time where a new set of packs we be released and thus available for purchase. The central idea is to stimulate the building of a collection. This "drops" could also be made for "actionable" high value and very rare NFTs.
There are currently 6 collections available, you can see all collections here
Sets are a link between similar NFTs that can be in the same or different collections. Currently there is only one set available but there may be more available in the future.
At launch, we will have 48 different types of NFTs with no more than 2915 units. Some NFTs will have 100 units, others 10 or 20 and other numbers. As expressed before, more will be released later.
There are currently four (4) ‘rarity’ levels and they are: Legendary, Ultra Rare, & Common. This order represents the uniqueness. There will be fewer Ultra Rare NFTs than Rare ones.
- Legendary – no more than 10 editions
- Ultra Rare – no more than 25 editions
- Rare – no more than 100 editions
- Common – no more than 200 editions
Of course, a lot more! We are planning and working to produce many more NFTs in different collections and sets, as well as in different types such as video, gifs, stills, 3D animations as more.
In few weeks and in rolling yet consistent fashion, we will be announcing drops and new actions with fresh and unique NFTs.
In many ways and through different channels. First of all at the main platform at nft.virtuallemans.com and its related social media channels at Twitter, Discord, Facebook. There will also information distributed via Traxion.gg and the official Motorsport Games outlets.