Blockchain

What is a blockchain?

A blockchain is a digital ledger that records transactions in a secure, transparent, and decentralized way. It uses cryptography to create an immutable and tamper-proof record of each transaction that is added. The ledger is maintained and validated by a network of computers rather than a centralized authority, making it transparent, among other things.

What is an NFT?

A Non Fungible Token can be used to represent ownership of unique digital items. This makes it possible to tokenize game items and enable real world value economies. Game items can be freely bought, sold and traded on NFT marketplaces.

Why would I want to use a digital wallet?

You will need a wallet to be able to withdraw assets from your SyncSpace and trade them on our marketplace. Keep in mind that transactions on any blockchain come with fees.

What happens if I lose access to my wallet?

If you lose access to your digital wallet and are unable to recover it, you may permanently lose any cryptocurrencies or other assets, like NFTs, stored in the wallet. This is why it is crucial to take precautions to secure your wallet, such as using a strong and unique password, enabling two-factor authentication, and keeping a backup of your recovery phrase or seed in a safe and secure location.

Do I need SOL or ETH in my wallet?

Yes, you will have to pay 'gas' fees if you want to interact with any blockchain. The transactions on Solana are negligible.

How much SOL do I need to withdraw assets from my SyncSpace?

When you sign up, your SyncSpace is already live in the player profile. The moment you want to withdraw assets, there will be an initialization fee of 0.07 SOL. This is partially returned when closing your account.