NFT FAQ

2. WALLETS

WHAT ARE WALLETS?

Crypto wallets store your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.

Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet or Metamask which makes using crypto as easy as shopping with a credit card online.

WHY ARE CRYPTO WALLETS IMPORTANT?

Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinbase or Metamask.

HOW DO YOU USE A CRYPTO WALLET?

Crypto wallets range from simple-to-use apps to more complex security solutions. The main types of wallets you can choose from include:

• Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. This of course makes using your crypto harder, because as digital money it can only be used on the internet.   
• Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.
• Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.   

Each type has its tradeoffs. Paper and hardware wallets are harder for malicious users to access because they are stored offline, but they are limited in function and risk being lost or destroyed. Online wallets offered by a major exchange like Coinbase are the simplest way to get started in crypto and offer a balance of security and easy access. (Because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification.)

Using an app like Coinbase Wallet or Metamask gives you easy access to your crypto holdings. You can:

• Manage all your digital assets in one secure place 
• Control your own private keys 
• Send and receive cryptocurrency to and from anywhere in the world 
• Interact with usernames rather than long, hexadecimal “public key” addresses 
• Browse dapps (decentralized finance apps) 
• Shop at Sabracadabra’s online store that accepts cryptocurrency.

3. NFTS FAQS

WHAT IS AN NFT?

Crypto tokens like Bitcoin (BTC) and Ether (ETH) and fiat currencies like the dollar and euro are fungible tokens. You can have one ETH and exchange it for any other ETH, or you can exchange a 100 dollar bill with any other 100 dollar bill.

On the contrary, non-fungible tokens or NFTs are crypto tokens that represent information of unique or rare digital and real-world assets. This information stored in each NFT makes them non-interchangeable on a 1:1 basis. An NFT cannot even be divided into smaller parts like other crypto assets or fiat currencies.

NFTs (Non Fungible Tokens) are unique or rare digital assets. They can represent anything from a digital work of art to an avatar skin, they can be a proxy for a physical object or grant you a piece of ownership to your favorite song.

Consider them to be unique digital objects that you can own, welcome to the era of digital ownership.

WHY ARE NFTS BECOMING POPULAR?

NFT. Three letters that represent a world of possibility and excitement. With Jay Z, Gimes, Tony Hawk and Steph Curry joining in the crypto-meets-art market, there’s an undeniable air of cultural intrigue in the space. You might’ve heard of crypto punks, bored apes or beeple artworks selling for millions of dollars! Confused? Let us tell you why.

Well, there are a couple of factors at play. The number one, most obvious one, is how NFTs unlock such creative potential – like nothing we’ve seen before for creatives and creators online.

Unlike most crypto use cases, NFTs aren’t just finance driven. The use-cases are not only broad, ranging from anything from sports and gaming, to digital fashion, music and art. They’re a creative technological instrument that unlocks the potential for creatives and entrepreneurs to retain full agency and monetize their creations via a direct connection to their audience. No more third-parties..

But the bigger, most exciting thing behind NFT adoption – and why this is so fundamentally important for the cryptocurrency industry as a whole – is linked to culture. The more we spend time online, the more our digital identities become as important as our physical ones. And this is where NFTs come into play; they’re the Web3 vehicle for self expression and social currency.

4. BLOCKCHAIN FAQS

WHAT IS BLOCKCHAIN?

Blockchain is the system that verifies, authenticates, and records all cryptocurrency transactions. It’s the ecosystem that everything that we’ve mentioned above lives on.

A public blockchain is similar to a database, but is differentiated by a few key attributes.

Decentralized: no third party controls the record and there is no master copy. Synchronized copies of the blockchain are distributed and stored on computers around the world.

Public: anyone who wants to can access the blockchain. Public keys of wallets and their transactions are made viewable so that any user can confirm that transactions are legitimate.

Immutable: once a transaction has been entered into the record, changing it or erasing it is infeasible (and nearly impossible).

WHAT IS POLYGON?

Polygon, formerly known as the Matic Network, is a scaling solution that aims to make transactions simpler, faster and easier.

Why is this so important?

At the center of Polygon’s vision is the world’s most used blockchain, Ethereum. Playing host to a range of decentralized applications where you can join virtual worlds, play games, buy art, and participate in a range of financial services, Ethereum is at the very heart of blockchain innovation. However, this much activity on its blockchain has rendered Ethereum sluggish, with transactions becoming slower and more costly due to simple traffic congestion.

This is the problem Polygon aims to solve. By providing a system where Ethereum-based transactions can be completed on smaller networks running parallel to the main blockchain, Polygon reduces network congestion and gas fees while making individual transactions faster and more efficient. In a nutshell, it promises an efficient framework for building interconnected networks.

Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker.

After the rebranding, Polygon retained its MATIC cryptocurrency, the digital coin underpinning the network. MATIC is used as the unit of payment and settlement between participants who interact within the network.

5. BENEFITS OF OWNERSHIP

WHAT BENEFITS DO I HAVE IF I OWN A SABRACADABRA NFT?

You don’t just own a unique masterpiece, you own an exclusive membership that gives you access to a special collection only for Sabracadabra NFT owners.

A seat on upcoming Sabracadabra events like fashion shows, exclusive parties and more on the metaverse and in real life.

Your NFT also acts as your mint pass for new project launches and early access for new season collections (e.g. upcoming Spring/Summer 2022).

IS MY SABRACADABRA NFT AN INVESTMENT?

It sure is. And a good one. We have big plans for the present time, we will keep growing and as this happens the price will only go up. Most importantly your Sabracadabra NFT will act as a mint pass for upcoming surprises we have for you.

6. ROADMAP

TO THE METAVERSE AND BEYOND

3. COLLABORATIONS

Collaborations are also on the way with various project groups and artists. More announcements soon.

We are excited about the future. Are you excited?