Author: Sun Songyang, Baiyu
This is the first article published by Think DAO under CryptoC.
Think DAO is a decentralized thought self-organization. We like to discuss some whimsical and unusual details together, but are very important for future changes. A nine-story platform starts from the pile of soil, and a journey of a thousand miles begins with a single step. If you are also interested in changes in the encryption field, welcome to join us~ The following is the first summary of Think DAO's internal discussions.
Discussion objects: the trading mechanism of the six major NFT trading platforms of Foundation, AsyncArt, SuperRare, NiftyGateway, MakersPlace, and Rarible.
Keywords: auctions, artist policy, access.
I hope this article can be helpful to domestic encryption art gallery entrepreneurs and practitioners. Enjoy～
Basic trading rules of the six major exchanges
1. Buy Now
Like online shopping on Taobao, the artist directly sets the price, and the collector pays the price to purchase. In this mode, buyers and sellers deal directly, and there is no situation where buyers cannot buy at the price set by the seller.
2. Auction mechanism (Auction)
There are many auction mechanisms. Robert Wilson and Milgrom won the 2020 Nobel Prize in Economics for their contributions to auction theory and innovative design of auction formats.
The following are some common auction forms, but there will be some minor deformations in the specific application of encrypted galleries.
3. Active inquiry (Offer)
Collectors take the initiative to inquire about the price of the painting, and the seller will make a deal if he is willing to accept it. The inquiry mechanism may disturb the dead party and wear down the patience of buyers. Therefore, different galleries have very different attitudes towards the inquiry mechanism.
Trading Mechanisms Used by Galleries
Foundation
auction
auction
All works offered for sale on the Foundation are marked with a reserve price, and bids from collectors are accepted at no less than the reserve price. Once the first bid at or above the reserve price appears, a 24-hour auction countdown begins, after which the auction automatically closes. All subsequent bids need to exceed the current bid price by 10% or 0.1 ETH, whichever is less. The countdown timer will reset back to 15 minutes for each new bid made during the last 15 minutes before the countdown ends. The auction cannot close until there are no new bids for 15 minutes.
After the auction, the winning collectors need to receive NFT. Afterwards, the work will be added to their collection and the auction proceeds will be transferred directly to the seller's wallet after deducting a 15% service fee. If the collector does not receive the NFT and the transaction cannot continue, the seller can quickly complete the transaction and get the auction price by paying the gas fee.
It is not possible to make an active inquiry, which means that if the buyer has a work he wants to buy but the artist does not want to sell it, he can only wait for the artist to place an order.
There is no secondary market, collectors cannot place orders, they can only collect.
Artist Policy:
Invitation only. Artists who have sold works on the platform can invite artists. If the invited artist sells works, the inviter will also get a new invitation code.
AsyncArt secondary creation
Transaction form:
Direct purchase
The artist directly sets the price, and the collector can buy it after paying the price.
accept inquiry
Quotations can be requested for any work in the gallery.
The buyer enters the inquiry price, and the seller manually chooses to accept or not. There is no time limit for accepting inquiries, and buyers can submit, change, and withdraw offers at any time.
Accept inquiries for a limited period
By the inquiry deadline, the seller needs to manually choose whether to accept the highest offer, and the highest offer will not be automatically closed. Items are not available for RFQs after the cut-off time has passed.
The platform invites excellent works to auction every month
Every month, the Async team hosts an auction for some of the best pieces.
Platform features: secondary creation
Works are divided into masters and layers. There is only one master, several layers, and each layer has several states. The master and layers of different states are combined according to the form set by the artist.
The master collector owns the entire painting, but the layer collector can modify it according to the parameters set by the artist, and the master will be modified accordingly. The painting is a dynamically changing painting and records the history of these changes.
For example, the ink landscape below has 3 layers, 16 states, and a total of 150 combined presentation states:
3Layers + 16 States = 150 possible combinations
You can click the link below to try the interactive swatches, where you can modify the layers on the master by yourself and feel the actual effect:
https://www.tonycorocher.com/nft-digitalart/asyncart/lakegarda/
Niftygateway
Transaction form:
The platform supports the casting of multiple versions of NFT for one work, which is different from other platforms.
Direct purchase
The artist directly sets the price, and the collector can buy it after paying the price.
accept inquiry
auction
auction
Platform features: Silent Auction sealed auction, collectors seal bids, if bid for 10 editions of a work, the 10 people with the highest bids in the end will get works numbered 1-10 in turn, and the number is given a value meaning, the number 1 edition is the most expensive of.
Artist Policy:
The artist policy is an application review system.
SuperRare
Transaction form:
Direct purchase
The artist directly sets the price, and the collector can buy it after paying the price.
accept inquiry
Any work on the platform can be inquired about. An inquiry offer can be withdrawn at any time (in contrast, an auction offer cannot be withdrawn).
Scheduled Auctions
The seller sets three auction parameters:
The date and time the auction started
Date and time the auction ends
Starting price (optional)
When an auction is scheduled, a countdown will appear on the item page showing when the auction will start. If a new bidding bid occurs within 15 minutes of the auction closing time, the auction will be extended by 15 minutes from the time of that bidding. Except for the starting method, it is roughly similar to the Foundation auction mechanism.
Reserve Auctions
Reserve price auctions do not set an auction start time. Instead, the work of art will be marked with a reserve price, and the work will be prompted to start bidding from the reserve price. The first bid must be at least the reserve price. The auction is triggered as soon as the first bid at or above the reserve price occurs, and a 24-hour countdown begins, at which point the highest bidder wins the bid. Basically the same as the Foundation auction mechanism.
Artist Policy:
Artists must be invited to cast works.
Makersplace
Transaction form:
Direct purchase
accept inquiry
Artist Policy:
MakersPlace is currently still an invitation system, and artists can fill out the creator application to enter the platform. In addition, collectors also need an invitation code.
Rarible
Transaction form:
Direct purchase
accept inquiry
Qualifications for sellers:
The most open zero-threshold platform without access review. It is said that there is an AV teacher's work on sale...
Creator identity verified by RaribleDAO.
