EcoFinance
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EcoFinance

7 Ways EcoFi Will Change The NFT Game

Frequently Asked Questions About EcoFi

In response to a series of questions we continue to receive from community participants, we have put together this list of FAQs. We appreciate the community engagement and will continue to address questions like these as they come to us, so please let us know what you think by contacting us at team@ecofi.io, or by getting involved with our telegram community, or giving us a shouting out on Twitter at @Finance_Eco.

What are SPRT Tokens?

SPRT is a function of the built in value generating mechanism of the EcoFi platform. ECO holders can earn SPRT by staking their ECO tokens to the SPRT contract via the EcoFi website.

Why is the amount of SPRT I see in my wallet different from the amount shown on the EcoFi website?

Returns on staked ECO are calculated live, and reflected on the site for the connected wallet. To save costs the EcoFi developers have engineered a way for SPRT tokens to be dispersed to recipients without incurring gas fees. The amount of SPRT that is immediately available is a reflection of this mechanism. We understand that for some, paying gas fees to access SPRT immediately may be a viable strategy; if you would like to receive the full amount of your SPRT you may withdraw it at any time, and pay the associated fees.

How does EcoFi manage Authenticity?

EcoFi is creating a marketplace to fractionalize the ownership of fine art in a wide range of mediums from various notoriable artists. For deceased artists, EcoFi’s best option is to work with world class third party authenticators.

For living contemporary artists and brands who choose to build in the EcoFi Marketplace, EcoFi’s provenance model will help to nullify the existing forgery marketplace.

What is Fractionionalized Ownership?

EcoFi’s hybrid architecture is built on blockchain-based authenticity married to a legacy system of incorporated documentation. This legally binding infrastructure will provide a framework for converting physical property into one, or a series of, tokens where each token represents a fractional proportion of the physical property to which it is tethered.

EcoFi will provide the basis for facilitating property transfer by creating certified legal contracts that recognize the transfer of ownership via the automated smart contract protocol integrated with the EcoFi platform.

On the blockchain side, smart contracts manage value distribution and ownership via token ownership. To transfer the blockchain-based smart contract’s business logic into a legal framework, EcoFi has incorporated a process to curate legal contracts that will make the NFT shares legally binding. The EcoFi team is working with third party brokerages to ensure best practices and regulatory guidelines are adhered to throughout this process.

What art We Will Feature?

The EcoFi platform has acquired the certified masterworks of Pablo Picasso, Andy Warhol, Salvador Dal, Henri Matisse, Keith Haring, Frida Kahlo, Ming Dynasty Bronze, Renet Portocarrero, Rene Magritte, Jackson Pollock, Jasper Johns, Banksy, and many more.

What is the EcoFi Vault?

EcoFi is in the process of building a temperature and humidity controlled fine art gallery and storage facilities to both protect and showcase the fine art available as NFTs on the platform. Art will be protected and stored in the EcoFi gallery and showcased on a rotating basis. Admission to the gallery will be made available to the general public for a general admission fee. In addition we are exploring the possibility of hosting a virtual gallery, accessible by anyone at any time.

How does EcoFi handle KYC?

Once a single person or entity has acquired 100% of the tokens that represent a piece of art, they may opt to receive the physical art. If the owner opts to do so, it will be necessary for them to undergo a KYC check so that the art may be released from the EcoFi Vault. KYC is not necessary to collect, purchase, or sell NFTs on the EcoFi platform; it is only necessary to undergo KYC when you wish to redeem a piece of art you own 100% of the tokens representing.

What is the difference between EcoFi and other art platforms?

While EcoFi exists on the cutting edge of art and technology, the legacy players in the art space live in a murky world of uncertainty, fraud, and inefficiency. EcoFi cuts out the middlemen with smart contract code enforced by a parallel process of legal documentation. While traditional platforms provide access to the elite and exclude common investors, or do provide access but under costly terms, EcoFi provides equitable access to anyone, from seasoned collectors or those taking their first steps into the world of digital asset ownership.

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EcoFi is an open-source, permissionless, and censorship-resistant protocol built to power safe and responsible innovation in the Decentralized Finance (DeFi) space.

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