EQ Library

What is an NFT?

An NFT is not a monkey. It’s not even an ape. Nor are they just expensive crypto art. NFTs are a unique way to make something digital original. To explain NFTs, think of them as a certificate of authenticity that accompanies a collectible. A certificate – or token – that cannot be interchanged (Non-Fungible) since it is “certifying” that the digital file it is attached to is one of a kind, limited, or unique. Now, just like a collectible, it has utility, it has ownership history, it has buyer perception, liquidity premiums, and future value. All of which give it its current value. Just think of a collectible you have or would want to have and why it is important and of value to you.

Let’s take a look at the Mona Lisa. She’s been replicated billions of times. But only the authentic one painted by Leonardo da Vinci has its own unique value and history attached to it certifying it to be the original. There is only one Mona Lisa no matter how exact or how many are duplicated. In our current digital age, an NFT can make anything original in a world of cut and paste. That includes art, music, and even tweets.

Historically, NFTs and blockchains were developed in the 1990s as a way to implement a system where timestamped documents and public ledgers could not be tampered with. A notarization process protected from illegal forgery. They did not have the name “NFT” nor “blockchain” at the time nor did the technology gain popularity. After a long hiatus, the first blockchain was conceptualized by a person – or a group – known as Satoshi Nakamoto in 2008 and grew into what we now know as Bitcoin, cryptocurrency, and Web3.

For music, you probably listen to it on a streaming platform like Spotify. That song is digital. We consume the song daily but we don’t touch it. Yet every time the song gets played someone is getting paid. Unfortunately, the artists that actually make the song get paid the least. This is why EQ Exchange and music NFTs are here. We provide artists with a platform to earn what they deserve. Fans gladly pay to listen and consume their gifts. Their song is a collectible. How will these collectibles tell your story?

Our music NFTs are digital  collectibles with a smart contract built into it. We call them MEGs.A Mutual Exchange of Gifts between the artists and their fans… no one else.

What is the Blockchain?

A blockchain is just that, a growing chain of blocks containing data and information. When the information changes, a new block is created and a chain is formed. Blocks usually contain the information from the previous block, transaction data, and a date/timestamp of the changes. Blockchains are resistant to modification, hacks, and fraud (but not immune to them) since the data in any given block cannot be changed without changing and verifying every other block that came before it.

Popular blockchains include the BitCoin and Ethereum blockchain that their cryptocurrency is built and used on. These blockchains are the original ones which make them expensive to build on, take longer to build on, and are even devastating to the environment. Just like you pay for gas to have a car move on down the road; you have to pay a “gas fee” for a token or block to move further down the chain. These “gas fees” are generated by using excessive amounts of computer power just to validate and move that block. Gas fees can be hundreds of dollars on Bitcoin and Ethereum blockchains. 

Blockchains are managed person to person (peer-to-peer networks). All have to come to a consensus or an agreement in a method called “Proof of Work” (PoW). And just like cars, some blockchains are better for the environment than others. “Proof of Stake” (PoS) is a version that is more energy efficient by having only a select few validate transactions in proportion to their quantity/rank of holdings in their associated cryptocurrency or blockchain.

You have zero gas fees with EQ Exchange. EQ chooses to use the CELO blockchain, the first carbon negative blockchain that contributes to reforestation initiatives and feeding children through food security programs.

How is a blockchain different?

Blockchains differentiate Web3 from Web2. Web1 data used to plug in floppy disks and USB memory sticks to the computer to save information. We would physically carry all of our important documents and information in our bags, purses, and pockets. Software companies like Apple and Google provided a convenient storage solution. When you hit save on your computer, it is stored on the cloud: Web2. Your important documents and information are no longer in a floppy disc, memory stick, purse, or pocket. Instead, your information and habits are on someone else’s cloud. Now, we have Blockchains. Like clouds, blockchains hold all your data. Unlike traditional clouds, you decide where your information is stored, who gets your attention, and what activities make you money. With EQ Exchange, our music NFTs, and your NFT collection you can make a decision to better the arts and better our globe. 

In Web2, companies like Meta (Facebook), Google, and Apple put all your data on the cloud. Many of these companies decided to sell that data to advertisers and make us the product. Each platform talks to the other sharing your activity. This made it easier for them to make more money every time we open our computer or phone. These companies control most of our lives online. Right now, most of the apps on your phone talk to the other in the cloud just to sell your data to advertisers and show you more things you may or may not want. That entire space is controlled by five major companies, affectionately known as FAANG (Facebook, Apple, Amazon, Netflix, Google). What you are reading now is on a Web2 space.

Blockchain technology changes that entire landscape. Welcome to decentralization. Welcome to Web3.

How is Decentralization Different?

The internet, and even Silicon Valley, started off as decentralized ideas fundamentally based off ongoing developments and the implementation of ideas without any owners, per se. This started to change as more and more people and their data would conveniently use only a small set of corporations for basic needs and transactions. In 2016, the UN General Assembly rightfully passed a non-binding resolution that “declared internet access a human right.” As the Internet became more accessible, these small set of corporations became convenient, efficient at using our data, and the global norm: Centralized. 

As time goes on, things change. And today, centralization does not work for everyone. These same corporations (Facebook/Meta, Apple, Amazon, Netflix, Google) have made it easy for themselves to continually make billions in profit but difficult for 99% of their users to have the opportunity to grow and do the same. This is especially true for women and people of color where only 1.1% of all venture capital funding go to women or people of color. 

Most people’s circumstances do not allow for the acknowledgement of this given their necessity for survival. So the rich get richer and the poor get poorer. Sorry, but that’s enough fun on our dime. Decentralization levels the playing field. EQ Exchange believes no one should control all of our data. With the minting of our music NFTs, artists and creators, who inspire joy, intelligence, and creativity to our lives, can rise above the 1.1% and profit in a way that benefits everybody. A Mutual Exchange of Gifts (MEGs).

Web3 decentralization offers the promise of financial inclusion, control over your creativity, and control over your data. Hello Web3.

What is a blockchain Wallet?

Web2’s main currency is cash and credit/debit card transactions. Many of which you have in your real wallet. Companies like Apple and Google created digital wallets. However, their wallets are still not Web3 wallets. Web3’s main currency is currently cryptocurrency and, just like a real wallet, you are going to need a safe place to carry around your digital money.

Web3 wallets go by different names: Crypto, DeFi, or blockchain wallet. Web3 wallets allow users to manage their cryptocurrencies (e.g., Bitcoin, Ethereum, CELO, etc) by allowing individuals to store, trade, and transfer cryptocurrencies and their NFT artwork collections (AKA Crypto art). All of this generally falls under the term DeFi which is short for “Decentralized Finance.” These wallets can be internal (on a PC, server, or cloud) or they can be completely external (USB stick, or physical crypto key). Both have security advantages and disadvantages.

Each crypto wallet comes with a private key—usually a series of random words called a “seed phrase”—that allows you to open the wallet and keep your assets safe from hackers. The private key is similar to your email password with one big difference: there’s no password reset option. NEVER share your private key or seed phrase with anybody. EQ Exchange will NEVER ask you for your private key or seed phrase.

The key phrase is different from your wallet address which is a long, alpha-numeric code. Your wallet address is much like your acct number on a check and can be shared in order to let someone know where they can send the cryptocurrency, NFT (or MEG) to.

See the FAQs below for more on setting up your crypto wallet(s) and which one to use (Valora).

What is the Secondary Market?

Can I sell my NFTs at a later date?

Think of your NFTs like baseball cards that are made by different companies. Some cards you buy are better quality than others. Over time, if you buy the right cards, they may increase in value just like a Babe Ruth baseball card. Back in the day you could buy it for pennies, but now it is worth tens of thousands of dollars!

Instead of a Babe Ruth baseball card, lets say you want to buy a piece of a Beatles song or a Billie Eilish album before they made it big. You bought an NFT that turned out to be a BIG hit and now it’s worth a lot of money. You decide you want to cash in and you find a happy buyer to buy your NFT. That is the NFT Secondary Market: a place where you can buy and sell NFTs that have already been purchased.

So Why Buy an NFT?

So I am GenX. That is me on the team section (Janice, CEO). Hi! Welcome to EQ. When I first heard about NFTs I was skeptical just like most people you know are, “You want me to buy a JPEG… for a profile picture… to use when I am on Twitter?! I don’t get it.” Then I took some time to think of what I already have that I can’t really see or tangibly touch but still has a lot of value to me. I thought back to when I had a chance to buy a Bitcoin for super cheap and I laughed at it. DAMN. That was one heck of a shoulda-coulda-woulda! But I digress. 

An NFT does a few things for you:

  1. Validates your own taste (art, music, etc.) and allows your own expression of what you deem valuable! Bragging rights forever to your friends. Without question.
  2. Allows for speculation on future values. Similar to real-life artwork and stocks, but they are definitely not stocks (yes, we hear you SEC, not securities), but mere collectibles. Not all NFTs will have value. But some will increase in value. Ask yourself if this NFT will matter in 10 years? Will someone use this song in their movie? Will it be played all over the world? Thank you, Adele! Worldwide playage.
  3. Gives you a way to directly support your favorite creators for the joy you receive from their art. This is important. When you buy that ticket to the concert, that shirt you love, or that song you listen to on Spotify, most of that money does not go to the artist! It goes to everyone else and our beloved creatives get paid last. 

It’s time to pay our creatives directly for their music. Artists bring us joy and everlasting memories, like that dance at your wedding or that baby you brought into the world. Music is the soundtrack to the memories that make up our life story. Why should big data companies and other large corporations steal all the money from the creatives that give us so much joy? Artists deserve more!

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Why we CHOSE CELO to plant our EQ seeds.

  • The CELO platform is proof-of-stake, EVM-compatible, open source, and governed by CELO asset owners
  • CELO is a mobile-first platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone
  • EQ.Exchange operates on the CELO Blockchain, whose mission is “to build a financial system that creates the conditions of prosperity—for everyone.” The name ‘CELO’ means “purpose” in the universal language of esperanto. Founded on the principles of “unique purpose” and “connectedness,” CELO is grounded in the work or Charles Eisenstein’s “Sacred Economics.”
  • Unlike most other well-known Blockchains, CELO does not devastate the earth’s environment by releasing excessive amounts of carbon into the atmosphere. Not only is the “mining” process designed to be much more energy efficient—using a Proof of Stake algorithm rather than Proof of Work to fuel its computational power—but also, thanks to The CELO Foundation, any carbon that is produced is far offset by multiple programs around the world to repair the damage wrought by centuries of reckless development. As a result, CELO can proudly state that it’s the world’s first carbon negative blockchain and host to food security programs to feed children in developing countries.

FAQ's

General

WHY CHOOSE THE VALORA WALLET?

EQ Exchange and CELO proudly recommend VALORA., a mobile-first, Web3 crypto wallet.

Valora enables global payments and easy access to financial opportunities in Web3. Valora is also native to the CELO blockchain. Therefore, it is built on the same CELO blockchain as EQ Exchange and where the music NFTs are minted and purchased! Here are additional features and benefits of VALORA:

  • Easy to use – Whether you’re new to crypto, have been actively trading for years, or are already deep into Web3, Valora is the self custody wallet that makes it easy to explore crypto, Web3, and NFT art.
  • Send/Receive crypto to anyone, anywhere in the world – Make payments, send funds internationally, or simply split the bill with a friend. All you need is their phone number, even if they haven’t downloaded the app yet.
  • Speedy transfers arrive in seconds – Transactions occur at the speed of sending a text, even in areas with slow internet connections.
  • Transaction fees are consistently less than $0.01 (a fraction of the cost of other crypto platforms). And fees are always clearly displayed. No surprises. No hidden costs.
  • Transact with stable currency – Use stablecoins to avoid the price fluctuations of other cryptocurrencies. Valora supports CELO Dollars (cUSD), CELO Euro (cEUR), and CELO Real (cREAL), three stable cryptocurrencies that track the value of the US Dollar, Euro, and Brazilian Real, respectively.
  • Shop your favorite brands with crypto – Use Valora to buy gift cards from major retailers, services, and subscriptions around the world. Gift card purchases are available through an in-app integration with Bidali.
  • View and track all your CELO assets in one place – Valora now offers multi-token support, allowing you to store, send and track the value of over 30 cryptocurrencies on CELO.

Visit Valora and download the app from the App Store or Google Play today!

Where do I sign up for EQ Exchange?

If you are an artist you can apply here. We equalize. We are capital for creators!

To download the EQ app, click the link to the appropriate store from our home page.

Find us on Twitter, Instagram, and YouTube for more resources. You can even be a part of the growing discussions by participating in our Discord.

See you there.

What is a smart contract?

Just like a smartphone or a smart car or TV, a smart contract is just a way of saying that it is digital. Just like a physical contract, it cannot be tampered with, it is available for everyone to see, and contains the agreement information. For EQ Exchange the agreement information is located inside an NFT and sets the mutual agreement (MEG) between the artist and the fans.

Smart contracts are programmed into the blockchain and can automatically exchange gifts based on the conditions of the contract: “Basically, the deal. Here’s my piece of art, you want to buy a portion/fractional ownership of my piece of art, it gets put into an NFT (MEG) and gets programmed onto the blockchain (which, again, hurts our environment if not careful).” – Janice Taylor 

Think of a mailman and a COD shipment (Cash On Deliver). Just without a mailman! No middleman! Smart contracts can even contain unique digital signatures.

What makes the CELO blockchain EQ Exchange use so special?

CELO is the only blockchain that preserves the environment! There are many carbon-neutral devices. CELO itself is the only net negative blockchain. Hear me out: 

  • CELO benefits the climate by having transactions and gas fees at a fraction of other, more damaging, blockchains.
  • CELO has a regenerative property where ½ of its coins are reserved for forest restoration. CELO buys land to then replant the trees. 
  • CELO was launched in Sub Saharan Africa and takes food and security initiatives by donating to programs that help feed the children.

Feel proud that you are working with EQ Exchange to stabilize – and not further damage – the one thing that affects EVERYONE. Our Earth.

Aren’t NFTs bad for the environment?

Just like you pay for gas to have a car move on down the road; you have to pay a “gas fee” for a token or block to further down the chain.

These “gas fees” are generated by using excessive amounts of computer power just to move that block: “To validate a transaction on the chain all of the computers in that chain need to light up to verify the transaction.”

Just like cars, some blockchains are better for the environment than others.

You mentioned cryptocurrency. What is a wallet and do I need one for crypto?

Absolutely. Web2’s main currency is cash and credit/debit cards transactions which you have in your wallet. Web3’s main currency is currently cryptocurrency and, just like a real wallet, you are going to need a safe place to carry around your digital money.

What is a blockchain?

We got you! A blockchain is just a chain of blocks. These blocks all contain information. When the information changes a new block is created and a chain is formed.

Popular blockchains include the BitCoin and Etherium blockchains that their cryptocurrency is built on. These blockchains, however, are expensive to build on, take longer to build, and are even devastating to the environment.

What is Web3 and how is it different from Web2?

Web1 was built by companies and not by individuals ‘way back in the day’ when the internet just started.

Web2 is what we now know the internet to be: Google, Facebook, IG, eBay, clouds, Spotify (and, yes… porn). Basically, every app on your computer, phone, or TV that connects everyone in a centralized world wide web.

Web3 is built by individuals (and here at EQ, for individuals!) and decentralizes the world wide web with decentralized apps and decentralized finances (DeSo and DeFi). This “decentralization” means every individual can use the internet and build on it however each individual sees fit. And that’s both good and bad.

What is EQ.Exchange?

Equality: every artist will be treated equally with diversity of music and ethnocentric music at our core.

Equity: EQ is about artists and creators owning their equity and building wealth-generating careers. Our artist dashboard is the building blocks of equity driven financial tools for creators to prosper.

Equilibrium: balance of incentives among creators, collectors, and the EQ platform. We believe in the balance of our community as co-collaborators.

Giving Back:  Every artist who’s a member of the EQ Exchange community must have their NFTs give back to humanity in some way.

Respect for Our Planet: Although many of the most popular blockchains and cryptocurrencies have a negative impact on the environment, EQ Exchange is different. Our platform is built on the CELO Blockchain.

Are NFTs regulated?

There is no direct state regulatory guidance on NFTs, though a few states have created laws that could hold NFTs under their purview. FinCen has not issued any guidance specific to NFTs, but it has published guidance generally about how the BSA and FinCEN regulations relate to virtual currency that could apply to NFTs.

What’s an NFT? And why do you call them MEGs?

Basically, it’s a one of a kind digital collectible.

Music is a digital piece of art that can be an NFT allowing a new way for fans to own a special item of their favorite artist. Think of it like a rare autographed vinyl, but online.

NFT stands for “Non-Fungible Token.” An unnecessarily complex term. “Fungible” means “able to be exchanged” or copied. So ”non-fungible” stuff means it’s unable to be exchanged nor copied and is protected from things like forgery.

Think of the Mona Lisa. You can copy little Miss All-smiles all day but only the authentic one has its own unique value attached to it. It cannot be replicated even with a million copies of her no matter how exact. And, more importantly, is she valuable to you?

EQ Exchange will create an NFT, which we call MEGs, a Mutual Exchange of Gifts. We attach this MEG to a piece of art so that way, there is only one… and now the artist too can be all smiles in this digital age of Web 3.

Account Settings

Collectors

How do I set up my wallet?

To buy and sell opportunities on EQ, you will first need to integrate a Wallet.

What kind of wallet do I need? And where do I get one?

EQ runs on Celo so we recommend MetaMask and Valora. You can find both in your mobile device’s app store.

What is a Wallet?

An NFT wallet or digital wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built on. It also needs to support the currency such as Celo to support music NFTs. The wallet can make the transaction easier and add an extra layer of security.

Artists

How do I share the opportunity with my fans?

By educating your fans we believe they come along on the journey.

What countries will my NFT be available in?

EQ Exchange is a global platform.

We treat all Artists and Collectors equally, without discrimination based on industry connections, gender, race, nationality, language, genre, or geographical region.

How do I cancel/delete an NFT Opportunity?

The EQ Artist dashboard gives you full control over your campaign.

Although we don’t recommend deleting an Opportunity once it’s been published, Artists do have the power to delete an opportunity as long as you do so before the Opportunity closes.

Do I need a Crypto Wallet? Or Can I just use my bank account?

If you’re interested in buying and selling NFTs with EQ, you need a crypto wallet. Just like the wallet in your pocket or your purse, your crypto wallet keeps all your digital assets—like crypto coins and NFTs—safe in one place. Your wallet takes care of all the technical stuff and provides a nice user interface for buying, selling, and transferring assets. It’s also a convenient way to track your assets across all your devices.

Unlike a physical wallet, your crypto wallet doesn’t actually contain NFTs or crypto coins. A crypto wallet is an app that allows you to store and retrieve those digital assets. So it needs to support whichever blockchain the NFTs are built on. It also needs to support the currency you buy NFTs with. At EQ we use the CELO blockchain and CELO coins (CGLD), because they do not damage the environment and they give back to good causes that benefit humanity. They’re also much cheaper to use because they don’t require you to pay the hidden charges known as “gas fees.”

Each crypto wallet comes with a private key—usually a series of random words called a “seed phrase”—that allows you to open the wallet and keep your assets safe from hackers. The private key is similar to your email password, with one big difference—there’s no password reset option. NEVER share your private key or seed phrase with anybody, and don’t store it on your computer or phone. Write it down, keep it in a safe place, and make sure you don’t lose it. That’s the best way to keep your digital assets safe. Nobody from EQ will EVER ask you for your private key or seed phrase. If anybody asks you for this info tell them to get lost.

How do I get paid?

  1. Set up an Artist Profile on EQ.Exchange  
  2. Download the EQ Exchange app (launching in App Store March 2022)
  3. Set up your Digital Wallet (MetaMask or Valora) and connect to your EQ profile
  4. The NFTs you mint on EQ are tied directly to your Digital Wallet, which means that you’re in control, and you’ll hold and manage all of your funds directly.
  5. As soon as the Opportunity is closed funds are deposited directly to your Digital Wallet.
  6. Collectors follow the same steps, but start by setting up a Collector Profile on EQ.Exchange  
  7. Once you sell an Opportunity to another Collector, funds are deposited directly to your Digital Wallet.

Do I have to pay a fee to access your platform?

There is no fee to access EQ Exchange.

EQ never touches an Artist’s IP, royalties, or publishing.

We only charge a 3% transaction fee on each NFT sale.

Just download the EQ app in the App Store (Launching March 2022).

What is the EQ.Exchange marketplace?

EQ’s NFT marketplace allows artists to mint unique non-fungible tokens (NFTs) and list them on the market for sale.

The marketplace is integrated with many features that allow Collectors to receive exclusive rewards from Artists—which we call the ”Mutual Exchange of Gifts”—and to trade their tokens with other Collectors.

Can my NFTs be traded?

Yes, EQ Exchange will have a secondary market and a tertiary market.

Each time a Collector resells your Opportunity to another Collector, funds will automatically be added to your wallet.

How do I sell my NFT?

1. Publish an Opportunity on the EQ app

2. Collectors Support the Opportunity by clicking Supp.rt button in the EQ app

3. When Collectors Support your Opportunity they buy your NFT and funds are deposited in your Digital Wallet.

4. Depending on how you set up the smart contract for your Opportunity, your
Collectors can also receive a share of streaming revenues from the song, album, or catalog
as well as exclusive access, experiences, merch etc. We call this the “Mutual Exchange of Gifts” (MEG.)

How long before my NFT is published?

Your NFT can be published the same day but we recommend allowing 24 hours.

Once you have created your first Opportunity, EQ needs to review and approve before it goes live on the app. This process only happens on your first Opportunity.
During the review process, use the Chat window to discuss any questions you may have with the EQ team.

How do I make an NFT?

1. Set up an Artist Profile on the EQ Exchange app.

2. Set up your Digital Wallet (MetaMask or Valora) and connect to your EQ profile

Note: The NFTs you mint on EQ will be tied directly to your wallet, which means that
you’re in control, and you’ll hold and manage all of your funds directly.


3. You are ready to mint an NFT! Follow step-by-step instructions in the app.

When you publish your first Opportunity, the EQ team will review and approve before it goes
live on the app just make sure everything is set up correctly.

4. EQ will have tutorials for all fans so they are ready prior to NFT drop

5. Begin the social, publicity & marketing push around the announcement of your Opportunity

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