FAQs

Questions asked by new Collectors, Traders and Brands

General FAQs
[fa icon="plus-square"]What do I get with Kred NFTs and what are my IP rights?
In the Kred NFTs offering, each member receives:
    1. A license to use the NFT.Kred web app

    2. A license to use a metadata sleeve added by the NFT.Kred application, stored in PeopleBrowsr SocialOS and secured with the InterPlanetary File System (IFPS). The metadata sleeve contains content owned by the NFT issuer.

    3. A subscription to a unique Kred domain (2nd or 3rd level domain)

When you mint a Kred NFT, you must have a legal right to use any content or data (such as pictures, text, logos, trademarks) that you add to your token. You will retain any intellectual property rights in any metadata or content you may include on a Kred NFT (such as pictures, comments, text, logos).

When you gift or sell a Kred NFT, you will be granting the recipient or purchaser a free licence to use any content or data (such as pictures, text, logos, trademarks) that you have added to the Kred NFT.

As the receiver of a NFT, you will have a licence to use content or data (such as pictures, text, logos, trademarks) that has been added to a Kred NFT.
[fa icon="plus-square"]What is a Kred NFT?

Kred NFT is a new class of digital asset for sharing and connecting, powered by Blockchain and SocialOS. Together with the Kred NFT application, it is designed for giving, tracking and playing. It is based on:


Minted Ƙred NFTs that use the ERC721 Protocol and are stored on either the Polygon or Ethereum distributed ledgers


A
Kred NFT is not a cryptocurrency - it is a non-fungible collectible asset. Each NFT derives value from the Moment it represents, its Circulation Trail and the social capital that comes with holding, trading or gifting the token.

[fa icon="plus-square"]On which network are Kred NFT transactions recorded?
Polygon (Matic) or Ethereum and their testnets. You choose on which blockchain network your transactions are recorded. If you choose the Ethereum network, you will bear the cost of Gas (see point 4 below).
[fa icon="plus-square"]How does Kred minimize transaction costs and maximize speed?

Kred uses Polygon as its main Blockchain.

Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security.

If you want to trade on the Ethereum blockchain, that trade costs gas. “Gas” is the processing cost of powering a transaction on Ethereum. You can write your transactions to the Ethereum blockchain if you pay the gas. If you wish to store your Ƙred NFT transactions on the Ethereum network, we pass on the gas fee.

[fa icon="plus-square"]What is Polygon (Matic) Blockchain?

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

Polygon combines Ethereum's and sovereign blockchains into a full-fledged multi-chain system.

For Members new to Blockchain
[fa icon="plus-square"]What is Blockchain?
A digital ledger in which transactions of a financial or a non-financial nature are stored and recorded with the oversight of the network supporting the ledger.
[fa icon="plus-square"]Are Kred NFTs part of an ICO (Initial Coin Offering)?

No - Kred NFTs are a Non-Fungible Digital Asset and are not a Cryptocurrency. There is no Kred NFT ICO.

[fa icon="plus-square"]What is a crypto asset?
A crypto asset exists only in non physical, digital form. Its value is derived from supply and demand. The asset’s attributes are secured by a cryptographic key.
[fa icon="plus-square"]Are there different types of crypto assets?
Yes, there are different types of crypto assets:
    1. Fungible

      1. Currencies
      2. Securities
      3. Commodities
      4. Utility Tokens

    2. Non Fungible

      1. Collectibles
      2. Utility Tokens
[fa icon="plus-square"]What does Fungible mean?
Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. ie they must be identical.
Something is fungible if it can be exchanged for anything else of its kind. A one dollar bill is fungible because my one dollar bill has the exact same value as your one dollar bill.
[fa icon="plus-square"]What does Non-Fungible mean?
Fungibility is a useful trait for currency where every unit must be the same. For collectibles, non-fungibility means non-identical or uniqueness. The Mona Lisa would not be very valuable if it were interchangeable with any other painting. 
[fa icon="plus-square"]Why do CryptoCurrencies have value?

To understand why CryptoCurrencies have value you must understand what gives them Value.

The following are some of the drivers of cryptocurrency prices:

    1. Limited Supply and supply/demand.
    2. The utility of the currency - how easy it is to use and store.
    3. Perceptions of its value by the public.
    4. Media.
    5. Investors.
    6. Scams.
    7. Confidence in traditional systems.
For Brands
[fa icon="plus-square"]What problems does this solve for me?

Many Brands are finding that reaching their customers and leads is becoming more difficult - People aren’t opening emails and have become trained not to click on ads.

Branded Kred NFTs are a disruptive technology to help Brands cut through.

Create your Brand's own digital collectibles and give your leads and existing customers something worth real value that carries the message of your brand.

[fa icon="plus-square"]Is this like creating our own Bitcoin?

There are some important differences between your Brand's customized NFTs and Bitcoin:

  1. Bitcoin is a cryptocurrecy where every unit of value is interchangeable for another equal unit of value. Your customized NFTs are collectibles tokens. Every NFT is actually unique and may be sold or auctioned in the Collectibles Marketplace for a unique value.

  2. Kred NFTs are customizable and can be personalized to represent your business. Control the:
    1. Coin Name
    2. Color
    3. Pattern or texture (optional)
    4. Image or video on the front
    5. Image or video on the back
    6. Coin Value (from $0.01 equivalent)

  3. While Bitcoin is traditionally anonymous, every Kred NFT is social, and includes:
    1. A conversation stream, showing comments between the person who currently holds the NFT and those who have held it in the past.
    2. A Circulation Count, showing how many unique individuals have held this NFT in the past, helping indicate scarcity.
    3. Likes, showing which NFTs people find the most attractive or desirable.
    4. Requests, showing who wants the NFT and giving the current NFT holder the opportunity to gift to them.
[fa icon="plus-square"]Can I see the contact details of everyone who touches these Coins?

One of the benefits of creating and sharing your Brand's own Kred NFTs is that it helps build your Contact list.

Every NFT that you create is a network, and as that NFT changes hands between your customers or leads, they are added to the network.

PeopleBrowsr's Engagement Center provides CRM style visibility into each of these networks, displaying each Contact's card, including for example, their:

  1. Name
  2. Avatar
  3. Kred Influence and Outreach Score
  4. Bio
  5. Location
  6. Email
  7. Social accounts
[fa icon="plus-square"]How does this fit with my existing channels, eg. FB, TW, LI, Blog or Website?
  1. Share Request or Giveaway URLs on your website or social channels
    Every NFT carries a unique Request URL that you can post to your blog, website or social channels. Customers and leads can click this link to request the NFT, which notifies the current coinholder who can then approve and give someone the NFT.

    Should you wish your NFT to be claimed without approval, simply share the NFT or its batch's Giveaway URL.

  2. Give NFTs on Social
    Send a NFT's Giveaway URL to someone in your Community on social for them to claim the NFT in a single click!

  3. Share NFTs on Social
    Every NFT is optimized for social sharing and will populate cards on Twitter, Facebook etc with an image of the NFT being shared along with it's name and description.
[fa icon="plus-square"]What is the value of having a non-fungible token with our brand on it?

Much like the internet helped stores evolve from brick-and-mortar physical locations to e-commerce, the introduction of Blockchain is helping facilitate the evolution of branded collateral from stressballs and fridge magnets to digital tokens and collectibles.

[fa icon="plus-square"]Can these NFTs be traded on an exchange?
  1. Kred NFTs can be sold, auctioned or given on the NFT Kred platform, or sent directly to a compatible blockchain wallet.

  2. Kred NFTs can be sold or auctioned on approved ERC721 exchanges, including OpenSea and Rare Bits.

  3. Kred NFTs can not be traded on a cryptocurrency exchange.
Getting Started
[fa icon="plus-square"]What do I need to get started with Kred NFTs?
A computer running any modern browser like Chrome or Firefox and a reliable connection to the internet.
[fa icon="plus-square"]How do I register?

You start by registering on App.NFT.Kred


Once you have entered a unique email address, username, and a verified cell phone number you will be taken to the Kred NFT Hub Builder, where you can create tokens or buy NFTs available for sale. 

[fa icon="plus-square"]What do I get when I register on the Kred NFT app?

You can create 10 FREE NFTs to start with. 

Please check www.NFT.Kred/pricing to see what plan suits you best.

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Wallets
[fa icon="plus-square"]Do I need a Crypto Wallet?
When you sign up, a Polygon-based wallet is automatically created for you to handle your transactions within NFT.Kred platform. 
[fa icon="plus-square"]Can I use an external wallet to store my tokens?

Yes! You can store your tokens in any compatible wallet. Keep in mind that you will only be able to see your tokens in your external wallet, if they are supported.

 

Eg: You can use Metamask in the NFT.Kred Platform but you are unable to see tokens in the actual Metamask interface.

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[fa icon="plus-square"]How can I install MetaMask?
  1. Make sure to have Google Chrome as your browser

  2. Visit metamask.io and click on “Get Chrome Extension”

  3. Download the extension

  4. Open the extension and accept the privacy notice and terms of use

  5. Enter a password of at least 8 characters (make sure to save it)

  6. Save your 12 given seed words utilizing their .csv download feature
[fa icon="plus-square"]Where can I find my MetaMask Wallet Address?
  1. Open your MetaMask extension
  2. Click on the three dot icon (...)
  3. Click on “Copy Address to Clipboard”
  4. You are now able to paste your wallet address anywhere
[fa icon="plus-square"]Why is my MetaMask locked?
MetaMask locks itself periodically to ensure that the proper owner is the user. To unlock it, simply enter your password generated during the MetaMask extension installation.
[fa icon="plus-square"]How can I transfer Kred NFTs between on-platform and off-platform wallet once NFTs are unlocked and KYC verification is complete?
Kred NFTs can be transferred to any wallet that supports ERC20 and ERC721 protocols.

With Minted Ƙred NFTs: Click the gear icon on the Coin Profile, enter your wallet address and click Export.




Types of Kred NFTs and Trading
[fa icon="plus-square"]Collectibles

Create Collectible NFTs that you wish to keep, trade or sell

[fa icon="plus-square"]Redeemable

Create Redeemable NFTs when you are offering a redeem offer with it.


Eg: A ticket, a download, a discount, etc

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[fa icon="plus-square"]What is the difference between auctioning and selling your Kred NFTs?
When listing a Kred NFT For Sale, you will be prompted to set a fixed sale price at which you want to sell the NFT.
 
Choosing to sell your NFT via Auction requires you to set:
  1. A high price
  2. A low price
  3. A time for the Auction
We use a Dutch Auction, where the price of your NFT decreases every minute, starting from the high price and reaching the low price at the end of the allocated time frame.

NFTs  can be purchased at any time during the Auction for whatever the listed price is at that moment.
 
If an Auction ends without sale of the NFT, it will be returned to your Collection.
How to Auction on OpenSea
[fa icon="plus-square"]Auctioning
Before getting started, you need to have your Digital Assets on a Digital Wallet

  1. Login or Create an account
  2. Visit your Wallet and select the Digital Asset you wish to Auction
  3. Click the Sell button and select the type of sale:
    1. Set Price
    2. Highest Bid
    3. Bundle
  4. Set the price according to your type of sale and click to Post your Listing
  5. Authorize transaction on your Digital Wallet popup and complete listing
[fa icon="plus-square"]What fees am I being charged?
    1. Listing on OpenSea is Free

    2. At purchase time, a 2.5% fee will be deducted
Regulations and Compliance
[fa icon="plus-square"]What is KYC and is it applicable to me?

The Crypto Collectibles and Digital Tokens universe are constantly changing with new technologies and government regulations around the globe.

One of the purposes of such regulations is to increase vigilance and safeguards against illegal money laundering (AML - Anti Money Laundering) using digital currencies.

Companies like NFT.Kred who help trade between virtual and fiat currencies are required to do client due diligence (otherwise called Know Your Customer, or KYC) in certain regions.

[fa icon="plus-square"]What do I need to submit for KYC?

To complete our KYC process, you are required to submit the following:

  1. A photo of a government issued ID (Driver’s License, Passport, ID card) including your residential address
  2. A front profile picture of your face
  3. An additional proof of the name and residential address shown on your government issued ID (utility bill, bank or credit card statement).
[fa icon="plus-square"]How does Kred process my KYC information?

Kred has applied for Austrac registration and are in the process of applying for Fincen registration. We are fully committed to be 100% compliant with KYC requirements.

This will provide assurance in the transparency of our internal processes and sustainability of our operations.

[fa icon="plus-square"]What if I don’t complete the KYC process?

Not completing the KYC compliance process will limit your ability to use Kred Coins in the following ways:

  1. You will not be able to purchase more than $100 worth of Actions
  2. Any additional limitations according to the regulations in your region
[fa icon="plus-square"]I have completed the KYC process but I still can’t use Kred NFTs as expected
KYC processing can take upto 72hrs. If 72 hrs have passed and you are still not able to use your account as intended, check our Compliance and Limitations table to make sure it is not due to your region of residence. If you think there has been an error send us an email at vip@support.kred with Subject line commencing with  “KYC Support:”

About Kred

[fa icon="plus-square"]What is Kred?
Kred, created by social analytics leader PeopleBrowsr, measures influence in online communities connected by interests. Kred is the first social scoring system to provide a comprehensive score for Influence and Outreach by valuing engagement and interaction over follower count. It is the only influence measurement to offer completely transparent score calculation.

Kred celebrates the power of personal influence and generosity at the heart of human relationships — tight groups of friends and subject matter experts. For marketers, Kred presents the opportunity to discover trusted, engaged Influencers who can help them spread their message quickly. Learn more at Go.Kred or tweet us @Kred.
[fa icon="plus-square"]What does a Kred score mean?

Kred’s dual scores for inbound and outbound communication capture the complete spectrum of action, from Influence and Outreach. A person with Kred of “719 over 5” has Kred Influence of 719 and is on Kred Outreach Level 5.

Influence is scored on a normalized 1,000 point scale globally and within communities. It measures how effectively someone inspires action. Retweets, replies, likes, comments and new follows all grow Kred on Twitter. If a reaction comes from a person with more than 10,000 followers, it has a greater positive effect on Influence. When you add Facebook to your account, likes, comments,mentions and shares on your wall and the walls of others who have connected their account will also generate points.


Outreach illustrates generosity by measuring how frequently a person interacts with others and spreads their content. Since we believe that the capacity for generosity is infinite, Kred Outreach Points can also increase infinitely. Outreach points increase when a person retweets, replies, likes or adds new follows on Twitter, or when you comment, like or share someone else’s posts on Facebook.
[fa icon="plus-square"]What's the difference between my Contacts, Connections and Followers?
  1. A Contact is anyone you know, and may include:
    1. Your Followers and people you follow on Twitter;
    2. People in shared Contact groups, eg Empire.Kred players or Verified Kred Influencers;
    3. People to whom you've sent a message, Digital Asset or invitation, or;
    4. People you have added manually, either one by one or by uploading or syncing a list from Mailchimp or another platform.

      Contacts who are not also Connections display their public contact information only - Typically their social accounts, Kred Score, location and bio.

  2. A Connection is a Contact who you have a 1st-degree relationship with, and has actively agreed to share their private contact information with you
Other
[fa icon="plus-square"]Can I receive a refund on the USD I have spent on Actions?
The original purchaser can receive a refund (less a 3% processing fee) within 7 days of Actions purchased with USD.
BTC, ETH or DOGE purchases are NOT refundable.
[fa icon="plus-square"]I am new to Cryptoassets, what should I beware of?
There are many issues and risks you should be aware of when dealing with cryptoassets. We have outlined some of these risks at page 46 of this Whitepaper, however we recommend you undertake your own research and perform your own due diligence before purchasing cryptoassets. Importantly, never share your wallet password or key with anyone else.
[fa icon="plus-square"]Does using Kred NFTs improve my Kred Influence Score?

Yes. Giving a Kred NFT is an act of Outreach and is rewarded by boosting your Kred Outreach Score by 10 Pts.

Receiving Kred NFTs as a Gift boosts your Kred Influence Score by 10 pts.