FAQ

General Information

What is DIGITALAX?

DIGITALAX is a Digital Fashion NFT protocol that is implementing an optimized architecture for creating 3D digital fashion that can quickly and simply be deployed directly into any media layer (Gaming, VR, other live 3D content environments). Read more about our Digital Fashion Operating System here.

What is digital fashion?

Digital fashion is garments, clothing, accessories created with 3D computer softwares like CLO3D, Zbrush etc. It is a newer industry with applications across gaming, VR, virtual fittings, zero-waste fashion, open source etc.

What are the 3 Layers?

This is our approach and architecture to building a sustainable digtial fashion industry that is able to consistently generate value for all ecosystem participants. See our explanation video here and read our Whitepaper here.

Are the DIGITALAX Smart Contracts Audited?

Yes. Our contracts receive audits before being deployed to mainnet. You can see the full audit report from our Genesis Period Contracts here.

NFT Information

Why would I buy the NFT if the file can be downloaded by anyone?

Take for example famous artworks like the Mona Lisa— sure, anyone can take a photo of the artwork or even paint an almost indistinguishable replica. But, it can be verified that these aren't the original or true versions and so aren't worth any value. NFTs work the same way, they are able to provide a verifiable and provable source of truth of the ownership of the digital asset and so therefore, also its source of value.

What do I do once I own an NFT?

Congratulations! You have a DIGITALAX digital fashion NFT. These NFTs were uniquely and exclusively designed by our Global Designer Network and only a set amount each exists in the world. Now that you own it there are a few things you can do; keep it as a collectible, stake it on DIGITALAX to receive the $MONA utility token and coming soon.. application and utility under our protocol architecture Layer 2 implementation.

Why is the withdrawal fee so high to claim my NFT?

All transaction fees are subject to Ethereum network gas prices, which DIGITALAX has no control over. Unfortunately, if the network has high congestion, the gas fees can rise significantly.

What are ‘Child’ and ‘Parent’ NFTs?

Parent NFTs are the ERC-721 digital fashion garments auctioned on the platform. Child NFTs are unlimited supply ERC-1155 NFTs and represent the individual materials, patterns and textures that make up the Parent NFTs. All of this fits under our Fractional Garment Ownership concept. Read more here.

What is the difference between ERC-721 and ERC-1155 tokens?

ERC721 tokens represent unique assets, where every token is attached to a different identifier— these tokens can never be duplicated, where no one token is equal. ERC1155 is a new token standard that brings in the idea of semi-fungibility and allows for the creation of multiple types of tokens in the same contract. This means that multiple copies of the same unique asset asset can be minted.

Staking

What happens if I stake my NFT?

NFTs staked on the DIGITALAX platform receive $MONA token rewards at a rate that is relative to the amount paid for that NFT in ETH. You can read more here. $MONA LP tokens can also be staked for $MONA rewards.

Is my NFT eligible to stake?

Only the Genesis MONA NFTs and Parent NFTs are eligible for staking rewards on the DIGITALAX platform. However, you can also stake $MONA LP. See here.

Marketplace Information

How does the bidding work?

All bids are on-chain and placed in ETH, where the highest bid is placed in escrow in the DIGITALAX Auction Smart Contract. Individuals that are outbid during the live auction event immediately have their funds returned to their connected wallets and their gas fees are paid for by the outbidder. The highest bidder will receive ownership of the Digital Fashion garment and the ERC-721 token in their wallet at the end of the auction period. Read more here.

Is there a minimum bid requirement? What happens if someone outbids me at the last second?

There is a minimum bid increment of 0.01ETH. All bids are made on-chain and therefore the transaction must be verified complete and successful on the Ethereum blockchain before the live auction ends.

How do I make an offer for an item I want to buy?

In order to place a bid you will need to connect your metamask wallet and then click 'Place Bid' on the garment of your choosing. In order for the bid to be verified it must be higher than the current highest bid. You will also need to pay any Ethereum network GAS fees.

How many offers can I make at a time?

You can only make 1 offer at a time. If you place 2 offers, one right after the other, the first confirmed transaction will take precedent, however, if your second bid was higher than the first then this will be taken into escrow and your first bid immediately refunded.

What happens if I am the highest bidder and win the auction?

Congratulations! You have a single-edition rare DIGITALAX digital fashion NFT. You will receive the associated ERC-721 token. Child NFTs can be "accessed" through burning the master ERC-721 token.

You can stake your NFT for $MONA rewards.

How does instant buy work?

Non single edition items on the marketplace can be instantly bought under collections of different amounts. These designs are listed on the marketplace for set amounts. The same licensing terms also apply. The bought NFT is immediately transferred to the buyers wallet once the transaction is complete and verified by the network.

Token Information

What is the token supply?

The maximum supply of $MONA is 10, 000. Read more here.

Does DIGITALAX have a token?

Yes. There are three native tokens in the DIGITALAX ecosystem; Genesis MONA NFT, $MONA and PODE Utility NFT. You can read more here.

What is the MONA token?

$MONA is DIGITALAX’s Native ERC-20 Token. Portions of the DIGITALAX platforms revenue will be distributed periodically to all $MONA holders. Max Supply: 10,000 Usage

  • Ledger of Activity for Players within our Layer 3 platform ecosystem

  • Used within the marketplace loyalty and rewards ecosystem for purchasing digital fashion assets

  • Accepted for payments and transactions on OpenSea

Distribution

  • Staking rewards: 88%

  • Initial Uniswap liquidity: 2%

  • Protocol Reserve: 10%

  • Team: 0%

See more here.

What is PODE?

PODE is an access pass for triggering unique and personalised experiences across gaming, VR and other live 3D content applications that DIGITALAX brings forth under the protocol. It is a custody and a storage ledger for all digital contracts, agreements, assets, experiences and events.

How can I get the MONA token?

You can receive $MONA by staking NFTs and also staking LP tokens from the $MONA uniswap pool. See more about $MONA here.

What is the $MONA token utility?

Through ESPA, the core utility and use case for $MONA is marked. $MONA is both the income stream for the Designers, Developers and Players and the ESPA and DIGITALAX ecosystem’s governance token.

$MONA is the gas that ties together a triad of interdependence between Players, Developers and Designers in a world that is merging the digital and real. Read more here.

For Buyers

Can I sell the NFT I bought on the secondary market?

The Genesis MONA NFTs can't be sold on the secondary market during The Genesis period and remain locked in the individual's wallet. After this period they can be freely traded. All successfully bought Parent NFTs can be traded immediately on platforms like OpenSea.

For Designers

How do I join as a designer?

See here!

What exactly happens when I list something for auction?

All items are listed for auction on the DIGITALAX platform under the designer's brand/name. Each design listed is exclusive to the DIGITALAX platform and can't be sold by the designer elsewhere under the Designer Collaboration Agreement and Open Digital Fashion License, which requires a Full IP Assignment of the design to the buyer.

Listed items are then put up for auction at reserve prices. The live auction period lasts for 7 days and the highest bidder at the end of the live auction period receives the garment.

How does instant buy work?

Non single edition items on the marketplace can be instantly bought under collections of different amounts. These designs are listed on the marketplace for set amounts. The same licensing terms also apply.

Do you charge fees?

You can see the full marketplace fee breakdown here.

Is there secondary sales commission?

Secondary sales of Parent NFTs will grant the Designer a 10% commission on the total secondary sale market price. However, since DIGITALAX is first only a listing auction platform, these secondary sale commissions can’t be strictly enforced on platforms like OpenSea etc. and therefore must rely on the goodwill of sellers.

Other

How can I work with DIGITALAX, learn more or get in contact with the team?

We'd love to hear from you. Just email us here: [email protected] or reach out through our social channels:

The Genesis Period

What is the Genesis Period?

The Genesis Period marks the launch of the DIGITALAX platform for the Genesis MONA NFT. You can read full details here.

We are seeking the initial liquidity that will be integrated into the DIGITALAX ecosystem. The $MONA pool is used for allowing users with staked NFTs to swap their $MONA rewards for DAI, ETH.

The Genesis MONA NFT also forms part of the platform's governance.

There is no pre-sale. No investors or venture capitalists are backing DIGITALAX. The team bootstrapped the entire project.

Where happens to my ETH when I use it to purchase the Genesis NFT?

All ETH raised will be directly transferred into the main DIGITALAX contract. You will receive the Genesis MONA NFT. Read full details here.

The ETH address will be displayed 24 hours prior to The Genesis Period.

This ETH is used as the initial liquidity for the $MONA/ETH pool that will be integrated into the DIGITALAX reward mining pool. The $MONA pool is used for allowing users with staked NFTs to swap their rewarded $MONA for DAI, ETH.

Why should I contribute ETH?

The Genesis MONA is an ERC-721 NFT that forms part of the DIGITALAX governance.

All Genesis MONA NFT holders and $MONA token holders govern the DIGITALAX ecosystem and are eligible to receive a portion of revenue. This revenue redistribution amount will be different across Genesis MONA NFT and $MONA holders, being dependent on the amount of ETH contributed for the Genesis MONA NFT and also the amount of $MONA held.

  • Revenue from the auctions

  • ERC-20 $MONA utility token staking rewards

All Genesis MONA NFT and $MONA holders are able to enjoy the DIGITALAX Rewards.

Genesis MONA and $MONA token holders can vote on monetary policies, security policies and R&D.

  • Incentives of $MONA token for participating in voting.

  • The holders must exercise their rights at least once every 30 days.

  • Non-active Genesis MONA holders can have their governance rights and abilities diminished or fully reverted.

Read more about the DIGITALAX Governance.