To help NFT Knox Collectors understand our asset-backed platform, we are building out a Frequently Ask Questions. Our FAQ is a living document and will be updated frequently, so please check back or submit any new questions to our Discord “support” server or directly to our support email — support@nftknox.com
Q: What is an asset-backed asset?
A: While a non-fungible token (NFT) lives within the digital world, an Asset-Backed NFT draws this concept into the real world. The digital address of an Asset-Backed NFT will always directly correlate to a physical asset that your wallet retains ownership of. The authenticity of an Asset-Backed NFT is connected to a physical item in perpetuity, leveraging the power of blockchain technology to increase your asset’s legitimacy — and value.
Additionally, an Asset-Backed NFT has all the characteristics of a traditional NFT, but is redeemable at any time for the physical asset contained in the Asset-Backed NFT. For serious collectors and speculators, this Asset-Backed NFT not only represents proof of ownership but can also be instantly transferred/sold throughout its lifetime without introducing the risks associated with physical asset auctions.
Q: What is NFT Knox, and are you a legit business?
A: We are a real US-based LLC and trusted depository for asset-backed non-fungible tokens — NFT Knox Asset-Backed NFTs. At our core is a passion for keeping collectibles in their pristine condition while eliminating the hazards associated with collecting. Placing your collectible into the NFT Knox RESERVE avoids the following:
- Damage — avoid a delivery driver throwing a fastball at your front door.
- Loss — we don’t think tossing packages in ravines is cool either.
- Theft — save running for the treadmill, not chasing porch pirates.
- Costs — shipping, insurance, storage, and protection are on us.
- Trading — near-instant payment and trade transactions, as well minting residuals on future sales.
- Integrity — know your collectible is authentic by way of its digital signature.
Our leadership team is publicly named “Doxed”, and we have a board with legal representation.
Q: What is our security of NFT Knox RESERVE?
A: NFT Knox understands the storage of an asset must ensure preservation. Equally as necessary, the trust in our storage process must be unwavering and transparent. NFT Knox RESERVE stores assets in temperature-, humidity-, and UV-protected conditions with both active and passive fire protection measures in place. We have also enhanced the security associated with these measures as an additional layer of protection.
Our facilities have 24-hour monitoring and redundant security systems in place to ensure the physical security of our assets. While we don’t disclose the precise location of our secured assets, NFT Knox does participate in routine, transparent 3rd-party audits of our entire inventory to maintain the confidence of our clients.
The assets in our possession are fully insured should the impossible happen. We have guaranteed the asset’s value for as long as we are responsible for its preservation.
Q: Where are NFT Knox RESERVE vaults located, and are you insured?
A: We do not disclose our locations(s) for security reasons, but each of our NFT Knox RESERVE items are insured by a US insurance company.
Q: Do I need to pay for the storage of my NFT?
A: No, we cover the cost of security and insurance.
Q: What happens if my asset is damaged?
A: We will also attempt to contact the owner to inform them of the loss and reimbursement action. Given all our assets are insured at the market value at the time of their minting and/or sale, in the event of loss or damage, we will reimburse the insured value of the asset to the wallet holder of the NFT. The payment will be made in stable coins (UDST) to the address of the wallet holder.
Q: How do you guarantee the authenticity of the physical assets you store in NFT Knox RESERVE?
A: Collectibles sent to NFT Knox require CGC or CBCS grading. Upon receipt, we inspect and verify the collectible(s) and certification number(s) through the respected grading company. Next, a professional video of the collectible is created and minted. If fraud is detected, the sender will be notified, and the comic will either be returned at their expense or turned over to appropriate authorities.
Q: Can I sell my comic book through NFT Knox?
A: Yes, The eligibility of the asset is based upon its graded condition from a verifiable institution. We currently accept CGC and CBCS graded comics. See how it works here.
Q: How should I send my packages to NFT Knox?
A: We recommend shipping your collectible with multiple layers of bubble wrap with a cardboard backing. Placing the collectible in a bubble mailer regardless of whether you are shipping the mailer as is or putting it in a larger box can also further prevent damage in the shipping process. In addition, we suggest using Gemini Comic Book Flash Mailers when sending comics, which can be purchased online.
Q: Does NFT Knox ship only to the US?
A: While developed to only send to the US, we are expanding our our shipping to our international Collectors as well. Of note, due to US law we can not send to some countries — Iran, Cuba, North Korea and Syria.
Q: How does shipping work?
A: Shipping and carrier insurance costs when delivering the asset to NFT Knox are the sole responsibility of the asset owner. At the time of redemption, shipping costs are addressed in the following manner:
- US-based address MATIC equivalent of $25 USD plus insurance through a carrier.
- Non-US-based address Contact support@nftknox.com
Q: How do I redeem from the NFT Knox RESERVE?
A: At any time, the sole owner of an Asset-Backed NFT can redeem the physical asset. NFT Knox’s process for validating the owner’s physical mailing address, as documented in this whitepaper, gives all parties transparency as to where the asset will ultimately reside should an asset redemption be triggered.
A redemption operation is simple. The owner initiates the process by transferring their NFT to the NFT Knox redemption wallet, and NFT Knox cryptodiagramically verifies the integrity of the owner-submitted mailing address. For added security, an email requesting the completion of that same signature process ensures an up-to-date mailing address for the pending redemption.
Upon completion of any successful redemption process, the NFT associated with the redeemed asset is burned (destroyed) through our automated process. The creation of a newly minted NFT would occur should the owner who redeemed the asset wish to re-introduce it into the NFT Knox platform, ship it to one of our facilities, and restart the cycle.
Q: Will NFT Knox bridge to other blockchains such as Ethereum mainnet?
A: Due to the limitations of the Ethereum mainnet, we developed our platform based on the Polygon network to ensure fast transactions and low transaction fees. Another reason for using Polygon is its integration into OpenSea, so NFT Knox NFTs on Polygon mirror NFT trading on Ethereum mainnet.
Q: What is the breakdown of costs?
For every NFT sold through our minting process, NFT Knox takes a specific percentage of commission based on the value of the asset:
- $1 to $100 USD 10%
- $100.01 to $500 USD 7.5%
- $500.01 to $2000 USD 5%
- $2000.01 and greater 2.5%
This is in addition to a 2.5% commission charged by OpenSea on every sale.
On subsequent sales, while the asset remains in NFT Knox’s possession without redemption, a 1% commission is charged on each transaction and awarded to the original minting owner and NFT Knox. This is once again in addition to a 2.5% commission charged by OpenSea
Q. How do I install Metamask on my computer or phone?
A. Go to https://metamask.io and select from Android or iOS for mobile application and select Chrome for desktop. You can also go directly to the Chrome store, Google Play store, or Apple App Store (soon)
Q: Will there be a NFT Knox marketplace?
A: It is under consideration to offer lower fees and better NFT Knox NFT discovery.
Q: Where can I trade my NFT Knox NFTs?
A: Courtyard NFTs will be available to trade on Polygon compatible marketplaces such as OpenSea.
Q: Why NFT Knox vs other promising the same thing?
A: Our security is not just a product of our name. Our assets are fully insured, and we have a three-layer process of securing the physical asset tied to the minted NFT:After the NFT minting process, the asset is then protectively shipped to one of our guarded locations. Round-the-clock security ensures the retention of these assets upon receipt. Once in our possession, 24-hour commercial security and active surveillance allow undeniable safekeeping of the asset with implementing the NFT Knox PROOFs process. After completing the NFT Knox PROOFs procedure, the physical asset is securely placed into one of our undisclosed storage facilities. These locations are privately held within our database utilizing industry-standard encryption measures. Combined with our physical security practices, NFT Knox ensures all information associated with the assets is held discreetly. Our facilities are climate, humidity, and UV controlled — with both passive and active fire protection measures in place. Combined with fully insured collectibles and our dynamic monitoring system, you have peace of mind that NFT Knox is more than the name alone … we have PROOFs and the support to back it up.
Q: Do I need a VR headset to enjoy my NFT Knox NTF?
A: Simply put, no. While the metaverse concept has gained traction, NFT Knox is forging a space where you can enjoy the digital representation of your collectible without being fully immersed in the metaverse. The digital world is, after all, dependent on the physical world. Our concept allows you to enjoy the physical representation through NFT Knox CERTIFIED PROOFS or NFT Knox PROOFS with the added benefit of an Asset-Backed NFT that you can view or display.
Q: Wait, what do I put it on my shelf?
A: With NFT Knox Certified PROOFs and NFT Knox PROOFs, your Asset-Backed NFT purchase can come with a physical representation of the asset that you can be proud to hang up. For the more distinguished asset — or more discerning collector — our higher-end options allow the most sophisticated of displays. See our Certified PROOFs and PROOFs page links for how you can still step back and enjoy — or dazzle your guests.