The Basics of NFT
What is an NFT?
A nonfungible token or NFT as it is commonly abbreviated, is either a digital representation of a real-world asset or a digital object that exists on a decentralized ledger. A nonfungible token, as the name implies, is indivisible and unique. An NFT has a variety of applications including but not limited to provenance, record-keeping, elimination of intermediaries for artists, and a lot more! They can also serve as proofs of authenticity for collectibles like original audio, video and digital images.
How is it any different from a normal art or image that I have?
The art that you have might not have inherent proof that it was created by the author except for the verbal claim. There are chances that the records might be lost in transit from one collector to another. However, with blockchain technology that powers the NFT, it is possible to prove the authenticity and also keep a record of the previous collectors.
To keep it simple, having a photograph of the Mona Lisa in your living room isn’t the same as the one hanging in the Louvre, although both look ‘visually’ the same!
Why can’t I just download or screenshot the image?
You can surely download a screenshot but it will be just the ‘image’ without the attributes and the properties that make the object unique, all of which is stored on the blockchain. While you may possess the ‘image’, it might not carry the properties and attributes that make it valuable… which means it is yet another image that does not carry value in secondary markets.
How do I prove that I have the original image or audio or video?
There’s no separate effort required from your side to prove its originality. This task of establishing authenticity is adequately taken care of by the technology that powers NFTs. It is, in fact, this hassle-free process of proving that makes NFTs an ideal digital collectible investment.
Why should I even invest in NFTs?
NFTs represent collectibles in the digital space. Investing in collectibles with provable lineage and value is never a bad idea. It is to be noted that collectibles might be subjective in their value. Some NFT collectibles have grown by over 100x of their original value over a period of just days.
Considering crypto’s legal stance, will my NFT become valueless at some point in time?
While ‘cryptocurrency’ might have its share of legal uncertainty, the technology behind NFTs does not have such hassles. A lot of jurisdictions are catching up to accommodate this new dependable technology, considering them as legally valid proofs and pieces of evidence. Therefore, your NFT will always hold its value. It is also to be remembered that the NFT is inherently valuable and the technology only serves as a tool to prove its authenticity and keep a record of the transactions.
What determines the value of an NFT art or music?
The value of any NFT, as much as it is for any collectible, is subjective and it might not be possible to fit it into an equation. However, certain factors like the rarity of the NFT, the person launching it, the asset/collectible it represents, and the profile of people owning other similar NFTs have known to increase the value.
For example, an NFT featuring the biggest bollywood star is bound to fetch high value, both at launch/auction and in secondary marketplaces.
How do I purchase an NFT?
An NFT can simply be purchased by adding crypto asset to your corresponding crypto account wallet or load balance to your fiat (USD/INR) wallet through Credit or Debit cards so that you can use the amount to buy an NFT from our collection.
Are NFTs considered assets?
Nonfungible tokens can be considered as crypto assets that has hardwired lineage on the blockchain. They can be traded on secondary markets or passed on to anyone you wish to with full provenance like any original artwork in the real world that retains its value forever.
How To Get Started?
What is BeyondLife.club?
BeyondLife.club is a premium NFT launchpad that facilitates selling of rare art NFTs. Right now, BeyondLife.club offers exclusive NFTs featuring the Bollywood superstar Amitabh Bachchan. In the near future, BeyondLife may release other signature NFTs.
What is GuardianLink?
GuardianLink provides a no-code NFT launch platform provider with a built-in legitimacy protocol. GuardianLink powers BeyondLife.club, all its functionalities and attributes. It can be used by any artist or brand to launch their own NFT launchpad in a matter of even minutes, even without any coding knowledge.
What is the Amitabh Bachchan NFT?
Amitabh Bachchan NFT is a set of limited edition digital collectibles featuring the Bollywood superstar. It includes some of the most exclusive creations featuring the superstar… Like poetry in his voice, vintage posters, NFT art, and “BigB Punks”. If you purchase them, you will be among the very few to be the owner of these exclusive NFTs!
How do I become eligible to purchase the NFT?
All you need to do is create your account on our platform and load your wallet with the appropriate amount of money.
You can either participate in the auction or purchase the NFT directly.
It is to be noted that you will need to agree to our terms and conditions to be eligible to purchase the NFT.
How do I create a profile on BeyondLife?
Creating a profile on BeyondLife is simple and straightforward. All you need to do is enter your email address and a valid password that complies with our password policy. You will be sent a security link to confirm your account and once you click on the link, you are all set to access your account and it will have automatically created a profile on BeyondLife.
How do I update my profile information?
You will find an option to edit your profile on the top right quarter of the interface. You can click on the edit icon and make necessary changes. You can change your first name, your last name, and details about your social profiles.
You also have an option to make your profile private, you want your information not viewable by other people who use the BeyondLife platform.
Payments and Balance
From where users can get details of all the transactions?
Users can click on the “Wallet” icon located on the left-side menu (bottom menu for the mobile view) of the profile. The wallet holds details such as:
- Total funds available
- Total funds held in bids
- Number of bids
- Complete transaction history of bid including:
- Total amount transacted
- Status of the bid
- Date and time
- Unique Transaction ID
How can users check their total balance and available balance in the wallet?
Users can click on the “wallet” icon present on the left-hand side of the menu. The page will provide information on the total balance and available balance.
What is Bid Balance?
The balance with which the users can place a bid is the bid balance. It is contingent upon total balance and if the user is engaged in any active/ongoing auctions.
Ex: Users have 100 USD in their account. It has already participated in two bids of 30 USD each. Now, he cannot participate in a bid of 50 USD.
If a user has 10 ETH in their account, and they have already participated in two bids for 3 ETH each, they cannot participate in any bid that exceeds 4 ETH even if the bid amount hasn’t been used for purchase. The 4 ETH is the bid balance of the user.
How can users add funds through cards?
Users can follow these simple steps:
- Open your wallet by clicking on the wallet icon on the left-side menu (bottom menu for the mobile view) of your profile
- Click on’ deposit funds’
- Choose ‘Card’ as the payment option
- Enter card details
- Enter payment amount
- Click on Pay
You will see that, upon successful completion of the transaction, the amount will be added to your wallet and it will reflect in your wallet balance.
PS: Please be informed that the bank might have restrictions on the amount you can upload to your wallet. Please check with your bank for your card/account transaction limits.
What types of cards can be used to buy NFTs?
The payment gateway used by BeyondLife.club supports all major credit cards. Please check with the international validity of your card before you engage in your transaction.
What mode of Payment can be used?
Payments for your wallet can be completed via credit card or UPI or Cryptocurrencies.
What if transactions from cards get declined?
A transaction is considered valid only if the ‘Transaction Success’ page loads after a successful completion of the transaction. The receipt of the transaction SMS does not imply a successful transaction.
If you would like to add funds to your wallet after a declined transaction, we recommend using a different payment method/instrument to add funds.
How can users deposit funds/reload the account?
- Click on the Wallet icon on the left-side menu (bottom menu for the mobile view) of the profile
- Click on the “Deposit Funds” icon
- Select one of the available payment options - Crypto or UPI or Card.
- Fill the amount to be added
- Add the necessary information (Wallet address in case of crypto, card info in case of credit card or UPI IN in case of UPI)
- Complete the transaction by clicking on ‘Pay Now’
How to check the balance of the wallet?
Click on the Wallet icon on the left-side menu (bottom menu for the mobile view) of your profile.
The wallet page will show you the funds left, the funds locked in the bids, and the details of your transactions.
What is the KYC/AML process?
KYC, the short form for know your customer, it’s a process required by any company that provides or facilitates financial transactions to ensure that the customer who interacts/transacts is a valid citizen of their respective country and is not in any way ineligible to access the benefits of the platform.
Why is it necessary to complete these formalities?
While it might not be completely essential to complete your KYC formalities at the start of the auction or when you create an account, it is mandatory for you to ensure that you complete the formalities before you claim your NFT or withdraw your balance from the wallet.
What if I don’t complete my KYC/AML processes?
What is a wallet?
The wallet, in the context of our platform, is a software that holds access to the funds that you will be using to transact with our platform.
The cryptocurrency wallet that we use is a custodial wallet and the services are provided by a third-party service provider.
Why is a wallet necessary?
The wallet is central to your transactions with the platform. Since everything exists on the Blockchain and transactions have to be carried out within the Blockchain for the purpose of purchasing NFTs, a wallet is deemed a thing of uncompromising importance.
How can I load money in my wallet?
You can fund your wallet with three different options. You will need to click on the “deposit” button available on the top left of the profile, and you will be taken to a page where you can proceed to fund your wallet.
What are the currencies accepted by your wallet?
As of now, you can find your wallet either using the payment gateway stripe or by using UPI or by transferring from another cryptocurrency wallet.
It is to be noted that the Wallet supported by the platform will only accept the specific crypto coin USDT over specific protocols like/similar to ERC-20 and BEP-20 for Ethereum, Polygon, and Binance smart chain Blockchains. While we may support other currency types and payment methods in the future, they will not be accepted unless and until explicitly stated on our terms and conditions.
I have other coins like Bitcoin and Ether. Can I use them to load money?
Unfortunately, you cannot use them directly to buy NFTs from our platform or fund your wallet. Alternatively, you can consider changing them to USDT On cryptocurrency exchanges. You can then use that money to fund your wallet.
What happens to my unused wallet funds?
You will be able to withdraw the unused Wallet funds after seven days of you funding the Wallet. The amount that can be withdrawn and the conditions to be met before initiating the withdrawal process are defined in our terms and conditions. We urge you to go through the document in detail.
What is the difference between available balance and actual balance?
The available balance shown on your Wallet is the one you can actively use for purchasing or bidding. Sometimes, you might have placed a bid and the auction might not have been over. However, until the auction is over, you are not eligible to use that money for other transactions. The amount available and the amount locked in auctions constitute the actual balance.
How can users edit the BeyondLife.club Dashboard?
Once the user creates a profile on BeyondLifeclub, the user can edit by its profile by:
- Adding website links, Social media links, and other essential details
- Uploading/changing your Profile picture
- Uploading/editing your Background picture
Once you’ve made the changes, you can click on ‘Update’ to complete the process of editing your profile.
All your owned and favourited NFTs will be visible on the footer-section of your profile.
How to set the visibility setting?
Users can follow the following steps either to set their profile information visibility to either private or public mode.
- Click on their profile
- Switch to either private or public mode
- Click on update
Where can users check the bidding activity?
On the left hand side (bottom menu for the mobile view) of the user profile, the status of all the bid activities can be checked. Users can also check the status of their NFTs and purchases
The details include:
- Won bid to proceed for NFT claim
- Outbid and Lost
Can the users cancel their bid?
Users’ bid will be canceled only if their bid gets outbid. A user cannot cancel their bid if they are leading. However, if they are outbid by another bidder, they can cancel their bid.
What is a Support ticket?
Support ticket is a facility available for you to contact us for any queries you might have and issues you might face. It is available as a toolbar located on the left hand side (bottom menu for the mobile view) of the page. Our support team will help the users with all their queries related to bidding, auctions, transactions, etc.
How do users get notified of all the movement and updates within the profile?
Notifications will notify the users about any single move on their account. The user needs to click on the bell icon and get notified for all the movements including;
- Successful Registration
- Activation of your Account
- Request to reset the password
- Login successful
- Forgot password queries
- Login completion
- Failed login
- Schedule of Exclusive drops
- NFT drops lined up
- Successful purchase of NFT
- Outbidding of a user’s bid
- Details of reserve amount credit
- Success or Failure of payments