Frequently Asked Questions
So What are NFTs?
A Non-Fungible Token (NFT) is a representation of physical objects, such as art, music, videos, or game utilities that has been "Minted" and turned into a digital asset. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They are also equal in value. For example, One Dollar is Equal to One Dollar, One Shiba Coin=One Shiba Coin. NFTs are different; each has a unique digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible)
NFTs are bought and sold online with cryptocurrency and they live within the crypto blockchain; basically an online bank with a ledger of transactions. This list of transactions displays each NFTs proof of ownership, who created it, who owns it, and who has sold it. The majority of NFTs today are on the Ethereum blockchain. Most NFTs will require you to have Ethereum and a crypto wallet like Coinbase wallet or MetaMask to purchase or "MINT".
Why should I buy a Gen Goddess NFT?
A Gen Goddesses NFT's sole purpose is to close the wealth gap for marginalized communities, specifically the disparaging 90% wealth gap between American black women and American white men and women. According, to Goldman Sachs, "Black women currently make 15% less than white women and 35% less than white men. Only 0.5% of Black women own their own businesses White men are 24 times more likely to own their own business than Black women. Only 20% of Black businesses receive funding and at higher rates, than whites. According to the Federal Reserve, 80.2% of white business owners receive at least a percentage of the funding they request from a bank, compared to 66.4% of BIPOC (Black, indigenous, or person of color) business owners.
The only way to narrow the gap is to provide Black Women with guaranteed economic growth, and that is Entrepreneurship! Black Women are the infrastructure of black families; to lift her is to lift the entire black population. 60% of the profit from the purchase of a Gen (Generational) Goddess NFT supports the Loose Woman's Sanctuary, a foundation built for creating and maintaining generational wealth for Black Women through entrepreneurship. With each sale of a Gen Goddess NFT, its value increases. We truly generate wealth!
Rarity and Specs
Each Gen Goddess NFT is digitally illustrated then programmatically generated with over 500 different variations. There are 5 main types of First Generation Gen Goddesses with alternating features such as hairstyle and color, lip size and color, and highlighting facial contours.
A unique FAQ about Gen Goddesses NFTs is that there are over 1000 deliberate rarities within the collection. Om' Pupils, QR Codes, Limited Pixel Angels, and Fundraising Opportunites featuring The Loose Woman's Logo and Merchandise. Also, Exclusive One-Of-One Gen Goddesses offered to our Members Only, Discord Community Channel.
Minting is the process of creating or producing something. In regards to blockchain technology, minting refers to taking a physical object, such as art, music, or video for example, and turning it into a digital asset. Also, when something is minted it requires validating information, creating a new block, and recording that information into the blockchain. For example, someone can mint an NFT or a new cryptocurrency.
Gen Goddess is currently NOT available for public minting, however, if you would like to join our whitelist so that you can participate in our upcoming private minting sessions (which is only available for members of our discord). Gen Goddesses NFT's will soon be available for minting on the OpenSea Marketplace. Join our discord for updates.
The process of obtaining a MetaMask wallet and sending Ethereum to it is actually very simple. There are two ways to do this: you can either download the MetaMask app or install the MetaMask extension on your Google Chrome browser. Or you can do both so that you can manage your MetaMask wallet on multiple devices. If you need help getting the wallet set up, refer to this YouTube video. For instructions on sending Ethereum to your MetaMask, check out this video on YouTube. You can also purchase Ethereum directly within Metamask. Follow this video for instructions on how to do that.
“Gas fees” are transaction fees paid to miners on a blockchain protocol in order for their transactions to be included in the block. The system operates according to a standard supply and demand mechanism. If there is a higher demand for transactions, miners can choose to include transactions that pay more, compelling users to pay more in order for their transactions to be processed quickly and efficiently. In other words, when a lot of people are using the blockchain, gas fees are higher. When there aren’t many people using it, gas fees are much lower.