What is an NFT?
An NFT, or non-fungible token, is a digital title deed, often of a digital file (e.g. image or video). NFTs exists in relation to the blockchain, a robust, and transparent database maintained in a decentralized fashion. All transactions involving the NFT are tracked on this database.
Can any digital content be minted as an NFT, even if not by the true creator or rights-holder?
Yes. But such an NFT created by anyone besides the true content creator would be worthless, much like a forgery or unsanctioned print. Riite solicits, verifies, and mints original content to ensure that the NFT is authentic. The transparent and robust nature of the blockchain guarantees verifiable provenance in future transactions.
Is the app available on Android?
Not yet. For now, the app is only available on iOS.
I want to run a contest. What should I do?
Please contact us at firstname.lastname@example.org and we will provide instructions on getting your contest (whether it’s your historical content or a contest for others to submit to) up and running. Shortly we will introduce an in-app functionality for originating and managing a contest: this will be available only to particular users.
When does the NFT get sold?
For a winning entry to be minted, it must first be verified as original content, with the contributor as the rights-holder. Next, the creator and Riite must both agree to list the NFT for sale and on the terms of this sale process.
Can I reshare content from other platforms to Riite?
Yes. So long as it’s yours. This is especially important for our “single creator contests” which help an influencer/creator mint a piece of historical social media content by running a contest amongst followers to decide which one is the best.
You should also feel free to share your Riite submissions to other platforms and tag the relevant Riite account! We’ll also share winning entries that get NFTd!
What happens when the NFT sells?
The proceeds from the sale will be converted to Bitcoin Cash and transmitted to all relevant “shareholders” (e.g. contributors, losing contributors, voters) in the NFT: proceeds will be distributed proportionally to ownership token holdings at the time of the NFT’s sale.
What exactly does fractional ownership of an NFT mean on Riite?
By “fractional ownership” of the NFT, we mean a fractional claim on the net proceeds obtained by auctioning the NFT (on an Ethereum-based NFT marketplace).
For now, we will implement this by:
- automatically giving users/contributors/designers a Bitcoin Cash Simple Ledger Protocol (BCH SLP)-compatible wallet
- sending them a number of named SLP tokens corresponding to their fractional share once the NFT of the winning entry is verified and minted
- when that NFT is sold, at a price verifiable on Etherscan, the proceeds will be converted at market rates to BCH and tokenholders will be sent BCH in proportion to the number of tokens that they hold.
This solution involves centralization and trust in Riite as a facilitator of payments. We aim to move our solution entirely to a single blockchain (possibly Ethereum if gas fees decline) with fractionalization and proceed disbursement entirely via smart contract: this is on roadmap for Q2 2022.
Can I sell my shares in the NFT before the NFT sells and proceeds are realized?
The short answer is no: there is no formal way to do that. The long answer is that you may find other participants willing to engage in barter for the ownership tokens you hold, and that participants may also establish a decentralized exchange for the same purpose. Riite is not involved in these activities.