Collection Token Keys

Token Control and management mechanisms.

When you create a new NFT Collection, you'll have the option to set up to 7 Token Keys.

What are Token Keys?

Token Keys are like secret codes that let you do specific things with your NFT Collection.

Setting Up Token Keys

You don't have to use Token Keys if you don't want to. It's up to you! You can choose to add none, one, a few, or all of them. That will ultimately depend on your project needs.

Choosing Which Keys to Add

You might think about adding all the keys to be super safe, but that might not be the safest approach for your NFT Community. Some keys, like the Wipe Key, can erase NFTs from any holder's account!

So, only add the keys you really need.

And be aware that users can easily verify the Token Keys associated with each NFT.

Always ensure your Token Keys are securely stored in a safe place!

Token Keys & their functions

• Supply Key. This Key will allow you to mint more NFTs onto a Token ID until reaching the Max Supply. It will also allow you to burn NFTs held in the Treasury Account. Learn more.

• Admin Key. The Admin Key allows you to update the properties of an existing Token. Like the Token name, symbol or treasury account. As well as updating existing keys, but you cannot add new keys if they were not set during the creation of the token. Learn more.

• Pause Key. A token pause transaction prevents the token (and all of its NFTs) from being involved in any kind of operation: updating the token, transferring the token, minting or burning a token, associating or Wiping a Token, etc. Until the token is unpaused. Learn more.

• Freeze Key. This Key allows you to freeze a specific account from transferring any NFTs from a specific Collection. Until the account is unfrozen. Learn more.

• Wipe Key. Wipes the specified NFTs from the specified Hedera account. Learn more.

• KYC Key. Grants KYC access to a specific account for the given token. If an account gets KYC'd and receives an NFT and the KYC gets revoked, then the NFT becomes a soul-bound token (user won't be able to transfer it). Learn more.

• Fee Schedule Key. This Key allows to update the royalties of a token. Learn more.

Keeping your Keys Safe

Make sure to keep your Token Keys in a secure place, just like your Account Private Keys. If you lose your Token Keys, you might not be able to create more NFTs or perform other actions. Worse yet, if your Token Keys get into the wrong hands, someone could control your entire NFT Collection!

Remember, NYKNYT: Not Your Keys, Not Your Tokens! Always keep your Token Keys and Token's Treasury Account Private Key in a safe place. Managing your Keys securely will help you avoid problems in the future.