FAQ
What is WETH and what does it do? Shiniki marketplace is currently running on Ethereum, which means if you want to buy/sell NFT on our marketplace, you will have to deposit ETH to your wallet first. ETH is the native token of Ethereum Blockchain but it doesn’t follow the ERC-20 standard, meaning ETH cannot be used in ERC-20 dApps. WETH, hence, was born as a solution for this matter. WETH is "wrapped ETH" - a tradable version of ETH that conforms with the ERC-20 standard. You can easily convert ETH into WETH and vice versa, paying only gas fees.
How to wrap ETH? The process is quite simple: Send ETH to a smart contract that will return WETH with the ratio 1:1 to you. This is provided directly on Shiniki Marketpalce with the help of Uniswap v3 API.
What are gas fees on Shiniki? Gas fees are transaction fees paid for validators on Ethereum. Shiniki does not receive these fees and is not able to refund them. We also don't control gas prices nor profit from them. There are two categories of user actions that result in ETH gas fees: > One-time fees: Token or Contract Approvals > Recurring fees: You will pay gas fees on Ethereum when:
Accepting an offer Transferring (or gifting) an NFT to someone Buying an NFT Canceling an NFT listing Canceling a bid Converting WETH back to ETH, and vice versa. Notice: Signing (Accepting) Shiniki Marketplace's Terms of Service does not cost any Gas Fees.
What is floor price? Floor price is the lowest price of an NFT collection, which is updated in real-time. Each marketplace has a different floor price. If there’s a tool aggregating information on many marketplaces, the floor price indicated by that tool will be the lowest one.
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