GIGNITE NFT FAQS

1. What is an NFT?

A non-fungible token (NFT) is a unique digital asset that represents ownership of a specific item or piece of content on a blockchain. Unlike cryptocurrencies such as Bitcoin, NFTs cannot be exchanged on a one-to-one basis due to their individuality and distinct characteristics, making them useful for representing ownership of digital art, collectibles, and other unique items.

2. What email should I give?

The NFTs are being given out via Mintoo, a NFT Platform powered by PDAX. You will need to have an account with PDAX to access the NFTs. You should provide the email address you will use when making your PDAX account or the email address of your existing PDAX account.

3. What can I do with my NFT?

You can sell & trade your NFTs on the Mintoo platform, and if you’re lucky, use it to redeem prizes!

4. Doesn’t this use a lot of electricity?

No. Or for a better answer, not anymore. In September 2022, Ethereum - the blockchain that most NFTs are built on - made a transition from “Proof of Work” to “Proof of Stake” - a software upgrade that decreased the amount of power consumption of the network by 99.9%. The NFTs being provided here are built on the Polygon Network - a blockchain that was created to scale the Ethereum network by addressing its inefficiencies.