Are in-app/platform tokens or currency used?
Are in-app/platform tokens or currency used? No.
Can purchases be made with just a credit card?
Yes. The platform currently accepts all major VISA and Mastercards. Our payment merchants are actively adding American Express which is expected to be available in Q1 of this year.
How do fans obtain any required tokens or currency?
Fans do not need to obtain currency or tokens to purchase or sell on the platform. Currently, the platform uses fiat-based payments and payouts (USD) only. Connecting wallets and utilizing crypto are available, but credit/debit card payments and wire transfers are the primary mechanisms for purchase.
Are cryptocurrencies an accepted form of payment on the platform? If yes, which ones are currently accepted?
We currently accept credit cards (Visa & Mastercard) as the main method of purchase. We have the ability to feature multiple cryptocurrencies, which can be turned on as requested.
Assume that an NFT sells for $100 in the primary market of your platform. From that gross amount, how will revenues be shared? Please include any estimated transaction costs, service fees, etc.
In the example for the Primary Sale, 5% will cover Credit Card, Processing, and Transfer Fees. Your profit amount is 50% of the net revenue. In the Secondary Market Sale example, the royalty amount is set to the accepted industry standard of 10%. Once Credit Card, Processing, and Transfer Fees are covered,
Assume again that an NFT sells for $100 in the secondary market of your platform. From that gross amount, how will revenues be shared? Please include any estimated transaction costs, service fees, etc.
In the example for the Primary Sale, 5% will cover Credit Card, Processing, and Transfer Fees. Your profit amount is 50% of the net revenue. In the Secondary Market Sale example, the royalty amount is set to the accepted industry standard of 10%. Once Credit Card, Processing, and Transfer Fees are covered,
How will royalty payments be transferred to rights holders, athletes, etc.? How often will these payments be made?
A detailed ledger is kept outlining each NFT, its sale history, and any/all royalties associated on secondary Marketplace sales. The royalties are calculated, stored, and monthly payouts are issued to teams, organizations, and/or individuals. Recipients are given the option of payment via check or ACH.
What is the withdrawal process from a user’s digital wallet?
In order to make a withdrawal from a user’s account, the customer need only sign into their account, click the profile button, select “Cash out your available balance”, and follow the prompts. To withdraw funds users input their bank account information and should receive the money within
What insurance and bonding does your company have in place?
We work with Hylant Insurance and currently carry $5 million in Cyber and 2.5 in Liability. Based on this activation we would increase that amount accordingly based off of growth.
