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What are the important things to know about NFTs?
Why own an NFT as opposed to a physical asset like a postcard or print?
Each non-fungible token (NFT) has a digital certificate that acts as proof of authenticity.
NFTs exist on blockchains, which is how their uniqueness and ownership is verified. Each NFT is numbered and is underpinned by smart contracts using interoperable ‘standards’. HKPM uses the ERC-721 token standard.
Other than being a new way to own assets, NFTs have the advantage of existing in perpetuity on the blockchain. NFT is also collectible and tradeable.
A blockchain is a distributed, peer-to-peer ledger that records transactions and can be viewed by the public. Because it has no central hub it is more stable and secure. It is effectively unchangeable and tamper-proof. There are numerous blockchains; the Hong Kong Palace Museum uses Polygon.
What is a blockchain?
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Your personal information is collected for you to receive personalised DTTD wallet in order to receive and store your own NFT product.
Why your personal information is collected?
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DTTD Services primarily consist of (i) the DTTD Interface, which is a web-hosted user interface and (ii) the DTTD App, each of which allows you to import a digital wallet, such as MetaMask, that can store and transfer certain supported tokens in order to track and monitor a portfolio of Non-Fungible Tokens (called NFTs hereunder) as well as access and interact with certain supported decentralized protocols and decentralized applications (collectively “dApps”) and (iii) Transactional Services (as defined in Section 1A below). Some of the dApps accessible using our Services may also involve accessing certain NFT markets, boards, or interfaces allowing for transactions. In order to use DTTD’s Services, you must already have a Wallet that is supported in our Services.
What services do DTTD provide?
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When such a digital Wallet for NFT(s) is created, a cryptographic private and public key pair is generated. The private and public key pair together evidence ownership/possession of a specific amount of supported NFT(s) in that Wallet which enables you to send and receive NFT(s) through multi-chain networks. The public key is visible to all participants in the blockchain network. The private key must be used to transact the NFT(s) represented by the corresponding public key. In some instances, depending on what other services you have used to create a Wallet, you may receive a pin code, create a password, or establish another method of accessing your private key as a security or convenience measure. In those cases, your authentication method may function similarly to your private key in that it allows you and other in possession of such information to potentially transfer NFT(s) from your Wallet. You must already have a Wallet to use our Services. We never have access to NFT(s) in your Wallet, we will not store your private key or similar methods of accessing your Wallet, and we will never request this information.
How does a DTTD digital wallet work?
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How to make a transfer of NFT from DTTD digital wallet?
When you request to make a transfer of NFTs, in order to initiate such transfer on our Services, you will be required to initiate a transfer from your Wallet’s interface or a web plug-in that interacts with our Services (a “Transfer Initiation”). You may only initiate a transfer using our Services after our servers have confirmed receipt of a valid Transfer Initiation. DTTD is entitled to rely on the Transfer Initiation and has no duty to inquire into or investigate the validity or accuracy of any Transfer Initiation. You will be responsible for keeping your hardware devices, including your phone, secure and for any activity associated with such devices and your Wallet when using our Services. DTTD will not be responsible if someone else accesses your devices and authorizes a transaction upon receipt of a valid Transfer Initiation.
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Does DTTD have any access to your digital wallet?
DTTD does not have access to your Wallet or private key and cannot initiate a transfer of NFT(s) or otherwise access your NFT assets. We are not your brokers, intermediaries, agents, advisors, or custodians, and we do not have a fiduciary relationship or obligation to you regarding any other decisions or activities that you effect when using your Wallet or our Services. We are not responsible for any activities that you engage in when using your Wallet, and you should understand the risks associated with NFT(s), ERC-721 and ERC-1155 standards’ token generally, and our Services described more fully below. Unless explicitly provided in writing, we do not host or maintain dApps accessible on our Services and do not participate in any transactions on such dApps, recommend, endorse, or otherwise take a position on your use of these services.
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