Comment on page
The VRYNT marketplace is home to buying and selling Component Packs, Components and VRYNT NFTs. Each collection has its own Marketplace where users can view the components, Component Packs and VRYNT NFTs for that collections. For each of the above, users can perform actions for each.
Once a user has minted their NFT, they will have the ability to list their NFT on the marketplace. Listing has 2 forms: Buy-Now, and Auction.
Buy-Now listings have a set price that buyers can immediately purchase the item for. When listing as a Buy-Now item, the seller must select a price, as well as a duration for the listing before it expires. The duration will be a fixed time period that is determined by the seller from specified values. The default duration is 3 days.
Auction Listings are those that the user will determine a starting bid price and a reserve bid price (Optional). They will also be required to specify a time duration for the auction. Durations are selectable pre-set values by VRYNT.
An auction cannot be cancelled once a bid is made, unless there is a reserve bid price. If there is a reserve, the auction can be cancelled up until the reserve price is met.
Users can place offers on any VRYNT NFT that has been minted in any collection. When an offer is placed by a user, the platform credits used to place the offer are removed from the users balance until the offer is accepted, rejected or cancelled. If an offer is accepted, the platform credits are removed from the balance and the NFT is sent to the user's connected wallet. Offers are visible to the seller and other buyers. Sellers can accept or reject offers in the item marketplace page. A seller can also create a counter offer to the user.
When an offer is placed, the platform credit is removed from the users balance to prevent them from making multiple offers that become accepted.
When bidding for an item, the platform credits in the users account will be temporarily put on hold until the item is won or they are outbid. If an item bid does not meet the reserve, the credits are returned and the auction ends. To bid on an item, simply enter the amount of credits you would like to spend and hit “bid”.
To buy an item, the item must be listed as a Buy-Now item. If so, users can simply select “Buy Now” and purchase the NFT for the price determined by the seller.
When a user purchases an item, the platform credits are removed from their balance and the NFT is sent to their wallet.