Transactions

Created by WazirX NFT, Modified on Sat, 25 Jun 2022 at 01:38 PM by Imran Khan

What kind of transaction information is recorded on-chain?


Ownership transfer records are recorded on the chain. Each collectible has a unique serial number. When a change of ownership occurs, the unique user id of the new owner and the item's serial number will be recorded on the blockchain.


 


What is gas? Why does the price fluctuate? 


Gas is the fee essential to successfully complete any transaction on the Binance Smart Chain. The fee goes to the miners who verify transactions. Minting an NFT, updating a reserve price, listing a piece for auction, creating any transaction on Binance Smart Chain requires a gas fee. Gas can be expensive when there is network congestion on the Binance Smart Chain. The user has the option to wait till the gas price comes to carry out transactions.


 


Why is my NFT held in escrow?


An NFT is escrowed to guarantee transfer by the seller. This function is handled by a smart contract, eliminating the risk that a bidder does not move forward with a purchase after winning an auction.


 


What happens if my transaction is "dropped"?


If the transaction is dropped, it could be caused by a low gas fee which you aren't charged for. However, if there is an error, the gas fee goes to the blockchain.


 


What does “burn a token” mean? 


To burn a token is to destroy it. The BEP-721 standard allows both creation and deletion of tokens.


 


How does one authenticate the originality of the NFT? 


The collectors and creators are handpicked as of now to maintain authenticity and credibility.


 


How are we communicating to the eventual buyer that this is a genuine product and it will not be duplicated by the creator?


Creators have to agree to our Terms and Conditions before dropping their NFTs. This covers the authenticity and Nonfungible declaration. The creators selected by us will have our seal of approval as well which assures the bidder of the genuineness of the product.


 


Is there any undertaking that the seller provides and is the buyer protected if the seller defaults?


Defaults happen when the product is not ready or the buyer doesn't pay up. The NFT transaction in real-time. Only completed NFTs are 'dropped'. On the buyer's side, they cannot complete the purchase unless they have the currency in their wallet. NFTs, go into escrow to securely hold the BNB/WRX of the buyer until the end of the auction and to return the BNB/WRX of users if the seller defaults. This function is handled by a 'Smart Contract'.

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