TVirtual Asset Store Basic Information
Sales and Auctions
Listing NFTs for Sale
To sell an NFT, owners list their tokens on the marketplace. They set a price or enable auction functionality where buyers can place bids.
Smart Contract Role: When listing an NFT, the owner approves the marketplace contract to transfer the NFT on their behalf. The smart contract locks the token during the sale or auction period to prevent unauthorized transfers.
Buying NFTs
Buyers can purchase NFTs outright or bid in auctions. Transactions are facilitated through blockchain payments, typically using the marketplace's native cryptocurrency (e.g., ETH on Ethereum).
Smart Contract Role: The contract handles the payment and transfer of ownership. Once a buyer completes the purchase, the smart contract:
Verifies the payment.
Transfers the NFT from the seller to the buyer.
Distributes the funds to the seller, minus any marketplace fees.
Royalties for Artists
TVirtual Asset NFT marketplace allow artists and partner creators to earn royalties from secondary sales. Every time the NFT changes hands, a 5% percentage of the sale price is automatically sent to the original creator.
Smart Contract Role: The smart contract ensures that royalties are distributed by automatically splitting the transaction value between the seller and the creator.
Auction Mechanisms
Auctions are a common feature in NFT marketplaces. Buyers place bids, and the highest bidder wins the NFT when the auction ends.
Smart Contract Role: The contract tracks bids, ensures they meet the minimum requirements, and refunds unsuccessful bidders. Once the auction ends, it executes the transaction between the highest bidder and the seller.
