Mint Gold Dust NFT Terminology

NFT Terms around our website defined

Written by Support
Updated over a week ago

Memoirs: Memoirs are written content that can be personal publications or context for artwork that travels alongside it throughout the marketplace and between collectors. Share inspirations, stories, and thoughts to be appreciated alongside each minted work.

Reserve Price: The reserve price is an off-chain value with the social understanding that the artist is looking to sell their work for that price. Bids lower than the reserve can still win an auction or be accepted by the artist.

Set Price (Fixed Price): The set price is a published value at which a collector can outright purchase an artist’s artwork. A listing is made from the artist and when the order is fulfilled the collector automatically receives the token.

Known Price: The known price is the starting price of an artwork up for auction or sale at which anyone can bid.

Marketplace Fees: There are 3 types of fees to be paid: Marketplace Fees, Royalties, and Gas Fees.

  1. The Mint Gold Dust marketplace takes a 15% commission on all primary sales and 5% on secondary sales. There is no fee charged by Mint Gold Dust to mint.

  2. The Mint Gold Dust marketplace takes a 3% commission on all collector purchases.

  3. Royalties are paid out to the originating artist on secondary market sales and can be set between 5 to 20%.

  4. Gas fees are independent of Mint Gold Dust and are required to interact with the Ethereum blockchain. Gas is paid by artists and collectors when minting, buying, and selling artwork, and is paid by whoever initiates the transaction. Gas inhibits spam on the network, is paid in Ether (ETH), and is distributed to those that keep the Ethereum network secure (i.e. miners and eventually stakers).

ERC-1155 Tokens: All artwork minted on Mint Gold Dust are ERC-1155 tokens. ERC-1155 is a unique token that supports non-fungible (NFTs) and fungible tokens. It’s faster and more efficient to use in batch token transfers. It is ideal for minting editioned artwork by using a single contract to mint many NFTs at once, reducing minting gas fees by about 90%. Single tokens that are minted are non-fungible in the same way as ERC-721 tokens, one of the standards for tokenizing NFTs. Editioned works are fungible between one another.

A real world example can be found in concert ticketing. Many concerts have assigned seating (e.g. Section K Seat 40), making each ticket individually unique. The ERC-721 token contract can only produce these types of NFTs. Other concerts may provide General Admission (GA) tickets in which any ticket could be exchanged for another with zero difference between where you will attend the concert. The ERC-1155 contract can create both types of these NFTs.

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