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Buying digital assets

In Rialto, an artwork can be listed for sale in two ways: (1) Auction and (2) Fixed Price.

Learn how to purchase digital assets from the platform.

Auction Sales​

In an auction sales, you will see a minimum bid and a Place a bid button. Whenever there is a highest bid, the previous bidder will get refunded immediately. Once the time is up, the auction is considered to be completed. The highest bidder will get to bring home the prized artwork.

How do I place a bid to an auctioned artwork?​

  1. At the navigation bar, click on Explore -> digital assets and you will be directed to the marketplace page.

  2. Click on the artwork that you would like to purchase and you will be directed to the listing details page.

  3. If the auction is still in progress, there will be an option to Place a bid to allow buyers to bid.

  4. Unlock your ZilPay wallet if you haven't done so.

  5. Click on the Place a bid button and a pop out screen will appear to input the price in ZIL you would like to bid. Input the value you would like to bid and click on Submit. Do note that there will be a minimum value on the bid. You can place any value higher than the minimum value shown.

  6. On your ZilPay wallet, click on Confirm.

  7. Wait for the transaction to be completed, there should be a message with the transaction ID once done.

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When you place a bid, your ZILs are locked up until there is another highest bidder. When that happens, your ZILs are refunded automatically. Refer to [here](buying-digital asset#how-do-i-get-my-zils-back-after-bidding-in-an-auction) to claim the refunds.

What is minimum bid?​

Any subsequent bids must be 10% higher than the previous amount offered by the preceding buyer. For instance, if the current highest bid is 100 ZILs, then you must be at least 110 ZILs for it to be accepted.

Can I place multiple bids?​

You may place multiple bids as long as the auction is still in progress.

How do I cancel my bids?​

Only the highest bid is tracked. If your bid is not the highest, it will be automatically refunded.

How do I get my ZILs back after bidding in an auction?​

Your bids are refunded when you are not the highest bidder. However, these amounts are still in the marketplace contracts.

You will need to manually claim them by:

  1. Click on the Profile icon and select View Profile.

  2. You should see several tabs, click on Listings. The Listings tab is the place to manage your auction, fixed price sales and to collect refunds and digital assets.

  3. Look at the Auction Withdrawal section, you should see some ZILs and a Claim button. This is the place to collect the locked bids that you have previously participated.

  4. Unlock your ZilPay wallet if you haven't done so.

  5. Click on the Claim button to get your refunds.

I have won the bid; How do I get the artwork I won?​

First the auction must have ended and the seller must initiate the end process on the seller end. Next, if you are the highest bidder, you can collect your artwork by:

  1. Click on the Profile icon and select View Profile.

  2. You should see several tabs, click on Listings. The Listings tab is the place to manage your auction, fixed price sales and to collect refunds and digital assets.

  3. Look at the Auction Withdrawal section, you should see a table with the winning artwork. This is the place to collect the locked bids that you have previously participated.

  4. Unlock your ZilPay wallet if you haven't done so.

  5. Click on the Claim button to get your artwork.

Fixed Price Sales​

In a Fixed Price Sales, you will see the artwork price offered by the seller and two buttons: (1) Purchase and (2) Make offer. If the seller price is of satisfactory, you can click on Purchase to buy the artwork instantly. If you think it is worth lower or higher, you may make an offer to the seller. The seller can then choose whether to accept your offers.

How do I purchase a fixed-price artwork?​

  1. At the navigation bar, click on Explore -> digital assets and you will be directed to the marketplace page.

  2. Click on the artwork that you would like to purchase and you will be directed to the listing details page.

  3. If the sales is still in progress, there will be an option to Purchase to allow buyers to buy the artwork immediately. Otherwise, the current owner has not put up the artwork for sale. You may make an offer and the current owner can see your offers and choose whether to accept it or not.

  4. Unlock your ZilPay wallet if you haven't done so.

  5. Click on the Purchase button and a pop out screen will appear.

  6. On your ZilPay wallet, click on Confirm.

  7. Wait for the transaction to be completed, there should be a message with the transaction ID once done.

How do I make an offer to a fixed-price artwork?​

  1. At the navigation bar, click on Explore -> digital assets and you will be directed to the marketplace page.

  2. Click on the artwork that you would like to make an offer to and you will be directed to the listing details page.

  3. Unlock your ZilPay wallet if you haven't done so.

  4. Click on the Make Offer button and a pop out screen will appear to input the price in ZIL you would like to offer and the expiration on the offer. Input the offer details and click on Submit.

  5. On your ZilPay wallet, click on Confirm.

  6. Wait for the transaction to be completed, there should be a message with the transaction ID once done.

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When you make an offer, your ZILs are deposited into the marketplace. Refer to [here](buying-digital asset#how-do-i-cancel-an-offer) to get back the ZILs.

Can I make multiple offers?​

You may make mutiple offers to the artwork owner. However, it is up to the owner's decision to decide whether to accept or ignore your offer.

How do I cancel an offer and get back ZILs?​

When you make an offer, the marketplace will deduct the offer amount from your wallet. Even when an offer is expired, the offer amount is still with the marketplace.

If you wish to get back your ZILs or cancel your offer, do the following:

  1. Click on the Profile icon and select View Profile.

  2. You should see several tabs, click on Offers. The Offers tab is the place to manage your offers and bids.

  3. Look at the Fixed Price section, you should see a table with the list of your offers. This is the place to cancel any existing offers.

  4. Unlock your ZilPay wallet if you haven't done so.

  5. Click on the Cancel offer button and the ZILs would be refunded back to your wallet instantly.