FAQ
What is an "NFT"?
Usually, an original work of digital art, whose ownership history and authenticity are secured by a non-fungible token on a blockchain.
What is a non-fungible token?
Think of it like a serial number, but derived using cryptography and stored on a blockchain, which proves the ownership history and authenticity of something, usually an original work of digital art.
What is a blockchain?
A public ledger, or record of transactions, whose validity is maintained not by a centralized institution like a bank but by a network of participants all over the world.
Why should network participants do a good job validating the blockchain ledger?
The short answer is they earn financial rewards for doing so, and are constrained by a set of rules called a “protocol”.
What is Parity?
Established by and for women’s sports advocates, Parity is expanding the financial opportunity set for women athletes. With a growing roster of 700+ athletes from 40+ sports with 110+ Olympic medals among them – as well as 20+ corporate partners – Parity uses data analytics to match women athletes with sponsorship and social media revenue opportunities. Learn more about Parity.
What is the Parity NFT Marketplace?
Women athletes, digital art, fans, and collectors meet at the Parity NFT Marketplace. Athletes monetize their names/images/likeness (NILs) in unique and creative ways. Fans and collectors buy original NFTs featuring such athletes, knowing that the authenticity and their ownership of such NFTs is secured by blockchain technology on the Aventus Network. To keep things easy and accessible, Marketplace transactions are denominated in USD.
What is the Aventus Network?
A layer-2 blockchain protocol that lets any organization build on the Ethereum network with radical improvements in speed, scalability, transaction costs (i.e. “gas fees”), energy efficiency, and interoperability. Co-founded in 2017 by Forbes “30-Under-30” entrepreneur Alan Vey, Aventus Network makes building on Ethereum easier for businesses and decentralized platforms, thereby enabling widespread adoption. Learn more about Aventus.
What NFT format is deployed on the Parity NFT Marketplace?
Ethereum’s ERC-721 compatible format, the most widely supported format for digital collectibles.
What is the Parity Legend Series?
The Parity Legends Series will showcase legends of womens’ sports, starting with Olympic track & field legend Jackie Joyner-Kersee and Olympic and professional hockey great Jayna Hefford.
Who are the Artists that render Parity NFTs?
Parity has a growing team of artists who partner with Parity athletes and producers to render exceptional artwork for NFTs. For example, the first artist to join our platform is Borbay, as he’s known in the art world. Time Out New York called him the Most Creative New Yorker of 2009, and he recently unveiled his first NFT art series called the Crib Kawara, Meta Reboot. He once was commissioned to create a portrait of Serena Williams, which sold at auction for $14,000. Learn more about Borbay.
What are Stripe and Stripe Connect?
Stripe is a leading payments platform that powers much of global e-commerce. Stripe Connect is a regulated Stripe affiliate that handles payments compliance for marketplaces. Both are integrated into the Parity NFT Marketplace.
How do NFT transactions consume electricity?
One method of making certain blockchains secure, of proof of work, requires a lot of computations, which demand a lot of electricity. Conversely, Aventus Network, a layer 2 solution built on Ethereum, requires about one one hundredth of the amount required on Ethereum itself to ensure the validity of NFT transactions.
How much of the NFT sale proceeds do Parity Athletes and Artists keep?
For the first sale, the athlete will receive 70% of the initial sale proceeds, the artist will receive 20% and Parity will receive 10%. Any subsequent sale, the athlete will receive 4% and the artist will receive 2%. Together, 90% of initial sale proceeds and 6% of each subsequent sale, in each case net of taxes and fees. Parity is committed to paying athletes and artists among the highest percentages in the growing NFT industry.
Other questions? Email us at hello@paritynow.co