NFT Platform

How Does The NFT Platform Work?

3 weeks ago

The Elitium NFT marketplace is a platform for buying, bidding on, and managing unique, exclusive artworks – both physical and digital.

The following guide offers a step-by-step walkthrough of how to use the platform, from the opening of an account to reselling on the secondary market. If you’re looking for specific guidance, use the table of contents to skip to the appropriate section.

If you’re here for an overview, read on.

1. How To An Create Account

Creating an account on the Elitium NFT platform is simple.

  1. Click ‘Create Account’ to open the registration page
  2. Add your personal details
  3. Click ‘Create Account’ to confirm

We’ll ask you to activate your account via an email link, so be sure to use an email address for an account to which you have access.

Once you have activated your account, you’re free to start using the marketplace immediately.

 

2. What Does The NFT Status Mean?

In the browse section on the Elitium NFT platform, you’ll find NFTs in one of four different statuses. Here’s what each status means.

Currently Unavailable:

In the event that an auction is yet to start, the NFT will show as unavailable. A countdown will show when the auction is due to start.

And once that countdown reaches zero, you’ll be able to place a bid.

Available At Auction:

When an auction begins, you’ll be able to bid on the NFT. A countdown timer shows how long is left in the auction, and you’re free to place as many bids as you like right up until the timer reaches zero.

If you’re the highest bidder when the countdown reaches zero, you win the NFT. If another bidder outbids you before the countdown reaches zero, the platform will send you a notification asking if you want to increase your bid. If you want to win the piece, you can place a new bid.

If not, you can leave other bidders to battle it out.

Buy Now:

Some NFTs will not go to auction: you will only be able to buy them for a set price. In that case, there’ll be no bidding process or countdown.

All you have to do is click ‘Buy Now.’

Sold:

Once the auction ends, the NFT will show as sold. That means you can no longer place a bid on the work, and the highest bidder is now the legal owner.

 

3. How To Bid On An NFT?

Bidding on an NFT is simple. Browse the marketplace for NFTs that are available at auction, then click on whichever ones catch your eye — now:

  1. Click ‘Place Bid’
  2. Set a bid at (or above) the minimum bid amount
  3. Tick both boxes to agree to the T&Cs
  4. Click ‘Bid Now’

You’ll see a page confirming your successful bid — and you’ll receive an email notification with information about the bid. If someone outbids you, you’ll also receive an automated notification that you are no longer the highest bidder on the NFT.

At which point, you can either place another bid or let the auction proceed without you.

 

4. How To Pay For An NFT?

You have three options for paying for an NFT.

Bank Wire

If you choose to pay by bank wire, we’ll provide you with the bank details to which you need to wire funds. When we receive the funds, we’ll confirm your ownership of the NFT.

Note: be sure to include the transaction reference. Otherwise, we may not be able to confirm receipt of the funds.

Stripe

You can pay for NFTs via credit card, using Stripe’s online payment portal. Stripe payments are immediate, meaning you take ownership of the NFT as soon as you complete the transaction.

Cryptocurrency

We work with CoinPayments to enable payments in BTC, ETH, USDT, and several other cryptocurrencies. If you choose to pay in cryptocurrency, you’ll be redirected to CoinPayments, where you can select which currency you’d like to use.

CoinPayments transactions are not immediate, since transactions on the blockchain require block confirmations to come to consensus of new transactions. Depending on the cryptocurrency you use, this time can span from a few minutes to a few hours. When we receive the funds, we’ll confirm your ownership of the NFT.

 

5. What Is On Your Portfolio Page?

The Elitium NFT platform has a marketplace for browsing and a portfolio page split into two sections. One section includes details of the NFTs you own; the second section provides details on the NFTs on which you’ve bid.

Here’s a more detailed look at the two sections.

My Bids

The first section details the NFTs you either have open bids on — or that you bid on in the past.

This section provides a snapshot of whether you are currently the top bidder, if someone has outbid you, or whether the auction has ended. You can use My Bids to:

  • See all auctions you are taking part in
  • Make new bids
  • Check the NFT status

NFT Portfolio

The second section is your current NFT portfolio. This section details the NFTs you currently own, with information including:

  • Creator: who created the NFT
  • Price: what you paid for the NFT
  • Locked period: days until you can resell the NFT on the secondary market
  • Delivery details: you can request delivery of your physical NFT by adding delivery details

 

6. How To Request Delivery Of Your NFT?

When you own an NFT of a physical artwork, you can request delivery of the physical asset associated with the digital certificate. To do this:

  1. Go to your Portfolio page
  2. Click ‘Delivery’ on the relevant NFT
  3. In the pop-up, add the shipping details
  4. Click ‘Submit Delivery Request’

Once you hit submit, we’ll contact you personally to schedule a fixed appointment for the delivery of your artwork.

 

7. What Is The Secondary Market?

The secondary market connects NFT owners and buyers, enabling anyone to resell an NFT at any point (note: the artist will receive a royalty on any secondary market resale as per the conditions set on the NFT).

Owners are free to resell any NFT at the end of the predefined lockup period, either using Elitium’s soon-to-launch secondary market — or by withdrawing the NFT to a compatible wallet (also once the lockup ends). Owners will have to pay a nominal fee for the withdrawal, ensuring the original creator still receives a royalty.