SpaceBudz! Yes, I got one. Tradable NFT on Cardano

March 26, 2021

SpaceBudz have been released! With updates on the Cardano blockchain slowly rolling out, we now have NFTs, or Non-Fungible Tokens starting to appear on the blockchain. Sure they may be just a fad at the moment but if you look back at Crypto Kitties that launched back in 2018, some of those little kitties are selling for 20 Eth or more.

Either way, the introduction of the 'Mary' hard fork bought with it native assets to the blockchain. This allowed users to create their own tokens and trade them directly on the blockchain itself.

In the case is SpaceBudz, these unique tokens were linked with metadata to the artwork. It contains attributes about the Spacebudz and a link to the artwork asset that is stored on IPFS.

You can view my unique Dog Astronaut on the SpaceBudz website or purchase yours using ADA.

If you want to see the finer details on the blockchain here are some interesting links.

Explore SpaceBudz on the Cardano blockchain

You Can Still Buy a SpaceBudz at Auction

If you missed out and you really want a SpaceBudz, you can buy one at Auction on the SpaceBudz Discord.

Watch the video if you're interested in learning more about SpaceBudz and how to purchase one.

Check Out Our Podcast

You can also listen to our podcast where we talk about SpaceBudz and other NFTs that are being released on the Cardano Blockchain.

FAQs about NFTs and SpaceBudz

How is the NFT bound to your name? Is it sitting in your Cardano wallet?

The SpaceBudz asset isn't bound to my name, but has been transfer to my wallet as a token. Similar to how you can create tokens on Ethereum and see them in your Ether wallet, these NFTs can be seen in your Cardano wallet. At the time of writing this, the main wallets, Daelelous and Yoroi don't support multi asset tokens but will be released soon.

How can this NFT ownership be verified?

You can verify the ownership of the NFT by viewing your wallet address on the blockchain. On Cardano explorer, you can see that the NFT exists under one of my wallet addresses.

Can you find the owner of an NFT asset?

You may not be able to find who the owner of an asset is but you can look up the NFT, in my case SpaceBudz350 under the contract policy for the token, and find what address the token is sitting under. Searching by policyName.assetName will bring up the asset on the blockchain. What you won't get is the actual person that owns the asset as wallet addresses aren't attached to an identity.

Can you resell a NFT?

Yes you can.

You can at any time transfer the ownership from person to person. Ideally, you would want to do that through the use of a contract. When a value of ADA is sent to the contract, the token will be released and sent back to that address where the ADA came from. Same way as to how the token was purchased from the SpaceBudz website. You can simply transfer the token from one wallet to another as if you were transferring ADA.

How do you transfer ownership of a Cardano NFT?

As you would transfer ADA from one wallet address to another, you can transfer an NFT from address to address. Just pay for the transfer fee and you're set!

Does the original content creator get a cut of ongoing sales?

No, not in this case. These are being minted on the blockchain as they are being purchased with ADA. Cased where NFTs are being sold and the original uploader or content creator is getting a percentage in royalties usually is controlled on an NFT marketplace such as Rarible.

Comments

6 comments on “SpaceBudz! Yes, I got one. Tradable NFT on Cardano”

  1. Thanks for the video. Very informative. Just a few questions. With how you guys buy and sell NFT's are there gas fees like ETH? Also what wallets are compatible? I am working on a project with over 100 original NFT's that we want to put out for sale. We are new artists and ETH gas fees are so expensive. I love ADA, but at the moment as you know ETH dominates the NFT market. At the moment, this is one of our original GIF NFT's. Thanks for your time and consideration. This is one of the GIF's we made from scratch.
    https://rarible.com/Cheers.

    1. There are fees when it comes to moving a token around. At the moment it is about 1.7 ADA. 1 ADA for the token and 0.7 transaction fee for the network. It does vary a little from time to time but nowhere near the gas prices of Eth.

      The NFT market places for ADA are being built right now. If you are to try and build a profile for yourself on the Cardano space on social media, as soon as they are released then you'll be in a very good position to start selling right away with smart contracts in place for the residual income.

      Chat to the team at nft-marker.io. Patrick is working there on getting funding to build out the rest of the platform. See podcast interview episode 4. cardanode.com.au/ep004 where he talks about it. There are others as well but I'm not following all of them.

  2. Hi, my name is Dylan from Vy-Finance.
    We are running an NFT competition for followers of our project. As Cardano smart contracts are yet to be finalised (as I’m sure your aware), we would like to partner up with a team that could help us mint these NFTs on the Cardano blockchain.
    We look forward to hearing back from you.
    Quick one on Vy-Finance; Our ultimate goal is to bring the power of decentralised finance (DEFI) to the world. Our platform plans to be one of the first major DEX’s on the Cardano blockchain. We are implementing exciting innovations such as an auto harvester and profit-sharing mechanism, to help distinguish us form the crowd.

    1. Hi Ryan,

      Cardano NFTs (CNFTs) and other tokens minted on Cardano are all treated the same as ADA. This means any non exchange wallet can store a CNFT.

      I suggesting using Daedalus or Yoroi and you can view them on Pool.pm easily.

      For example

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