What is an NFT?
“Non-fungible tokens, often referred to as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical.” [source]
Why is the iDepict.com image evaluation system being made available as an NFT?
The NFT platform provides many advantages:
-Ease of purchase;
-Business opportunity for independent vendors.
An NFT is easily purchased online and, as such, is universally available to anyone with internet access regardless of where in the world they may reside. The ability to license the right to have hardcopies of the image the NFT represents (i.e., the color card) printed is facilitated by attaching this as a term and condition of the NFT purchase. An NFT lends itself to quality control; certain conditions and rights accompany the purchase maximizing quality and consistency of color and clarity of the hardcopy printout of the color card. Independent vendors can purchase iDepict.comTM NFTs and engage in a business opportunity by marketing iDepict.comTM color cards to sellers/displayers such as online apparel companies.
How does one purchase an NFT?
The iDepict.comTM NFT will be available through the NFT marketplace. Currently, [insert name of and link to NFT seller] offers the iDepict.comTM NFT for sale.
The purchaser of an iDepict.comTM NFT will be a licensee who has the right to print, through authorized printers, a specific number of color card hardcopies. The copyright to the color card is retained by iDepict.comTM and the purchaser does not have the right to print the color card through any venue except authorized hardcopy printers.
Color cards may also become available through independent vendors who have purchased an iDepict.comTM NFT in order to partake in a business opportunity by selling color cards, at a mark-up, to sellers/displayers. Please refer to "Independent Vendors" in the menu, above.
How much does a color card cost?
iDepict.comTM NFTs will be sold in lots; the licensee will have the right to have authorized printers hardcopy print for them a certain number of color cards of that NFT. Initially, each iDepict.comTM lot will be for the right to have 100,000 color cards hardcopy printed from their purchase of that NFT; quantities may vary subsequently.
The market will determine the price, either by auction or incremental release of lots for sale at set prices.
A non-auction strategy is being considered for the purpose of encouraging purchase, propagation, and the use of the iDepict.comTM system by sellers/displayers and buyers/viewers in the online marketplace. The lots will be initially offered at a low per color card price: US$0.005 (one half cent per card). Therefore, the cost of a 100,000 color card lot NFT would be US$500.00 (100,000 X US$0.005). Hardcopy printing costs are additional to the NFT purchase and are negotiable between the licensee and the authorized printer.
iDepict.comTM may offer more than one lot at the same price on the same marketplace.
As subsequent batches of NFT lots are offered for sale, iDepict.comTM will increase the price of each lot incrementally – dictated by marketplace demand -- with the goal of reaching the price point of U.S.$1.00 per card.
These strategies are subject to change.
Are the color cards from one NFT lot different from the color cards from another NFT lot?
All color cards will be identical from one lot to the next.
However, at the bottom of each color card will be an identifier that makes it unique to its lot. An example:
This identifier will appear at the bottom of all the color cards hardcopy-printed from each lot. In the illustration, above, it reads: “iDepict.comTM Lot 500,001-600,000.” No other lot will appear with this identifier and thus makes each NFT unique. This means that the licensee who purchased that NFT lot has the right to order from an authorized printer 100,000 hardcopies of the color card. The only difference between a color card hardcopy printed from one lot to a hardcopy printed from another lot will be the identifier.
Please note that the licensee is not required to order a print run of all allowable color cards at once; in the 100,000 example above, a licensee may decide to have the authorized printer print 10,000 cards on one order, 35,000 on the next; and so on. Just as long as his total number of hardcopy prints don’t exceed the allowable amount which in this example is 100,000.
The licensee is may also choose not to have any cards printed and may retain his NFT or sell it on the NFT marketplace.
What appears on the reverse side of the color card?
All cards will be numbered on the reverse side. To continue the example above: assume a color card is the 25th hardcopy printed from that lot. That specific card will be numbered “500,025 of 600,000.” Here is an example of the reverse side:
There is also space reserved for advertising if the end-user so desires. Under specific parameters (such as font size), a logo, slogan, tagline, or company name can be printed. As sellers/displayers are expected to distribute the cards to their customer base, this advertising feature is an additional benefit to them.
There may be other information, printed at the discretion of iDepict.comTM, on the reverse side.
Licensees may order partial or full runs of their allowable quantity. Nothing stops a displayer/seller from entering into an agreement with another displayer/seller to utilize a portion of his allowable quantity.
Once I have purchased the NFT, where can I have my color cards printed?
iDepict.comTM color cards can only be printed by an Authorized iDepict.comTM Printer. Currently, [insert here the name and link to the official printer or a link to a list of authorized printers] is an authorized printer.
Can I purchase an NFT for investment purposes?
The iDepict.comTM image evaluation system is designed for its utilitarian application: to benefit buyers/viewers and sellers/displayers so that they can more adequately evaluate or display internet images. An NFT purchaser is free to decide whether to treat his lot as an investment and is free to sell it without utilizing it for its intended purpose. However, iDepict.comTM neither endorses nor makes any representations regarding any advantages, disadvantages, gains, or losses of the NFT as an investment.
How many color cards will be authorized for hardcopy printing?
A maximum of 1,000,000,000 (one billion) iDepict.comTM color cards based upon claim #1 of U.S. patent #US8250492B2 will be authorized for hardcopy printing. And no more.
Isn’t one billion too many?
When will you launch the sale of NFTs?