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Marketplace Mechanics

Direct Sales

  • Buying for the requested price does not require approval
  • Offers are taken into escrow and can be accepted by the seller
  • 10% offer increment minimum
  • Offers are immediately refunded when a better offer is made
  • Offers cannot be removed, the amount is locked
  • Sellers - make sure to check frequently for offers. Once the sale period ends it is not possible to accept the best offer
  • Sales can be cancelled at any point
  • The price of a sale can be changed, but it can be no less than 10% higher than the current best offer

Auctions

  • Automatically ends and prevents new bids
  • The sale must be triggered (by anyone) to complete after the auction is finished. A script is run by PaintSwap every hour
  • Bids are taken into escrow
  • 10% bidding increment minimum
  • Bids are immediately refunded when a better offer is made
  • Bids cannot be removed, the amount is locked
  • Auctions can be cancelled in two cases:
    • Within 2 hours of their start, in all cases
    • At any point, if there are no bids
  • The reserve price of an auction can be changed if there are no bids
  • A bid placed within 5 minutes of an auction ending increases the auction time by 5 more minutes
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