Selling digital assets
In Rialto, an artwork can be listed for sale in two ways: (1) Auction and (2) Fixed Price.
How do I list and mint an digital asset for sale?
From the landing page, click on Create.
You will be directed to a page displaying two options - Single or Multiple. Click on either one of the selections and you will be directed to the minting page.
Fill in the fields required on the minting page, there is a section where it asked whether this is an auction or not.
- Select the Auction option to list it for auction sales.
- Select the Fixed Price option to list it for fixed price.
Continue with the remaining fields and click on Create item.
A pop out screen will appear to show that the digital asset contract is deploying in progress. Another pop out window from ZilPay will appear to request the deployment and fees would be charged. You can click on Confirm to proceed with the minting or Reject to stop the digital asset from minting.
Once minted, the digital asset will be listed on the marketplace.
Currently in this development phase, an artwork can only be sold through the Create process. Once the new owner has purchased the artwork, the new owner is not able to sell it.
This feature will be worked on in the subsequent phase.
How is the sales profits calculated?
The final sales profits to the seller is dependant on the Service Fee and Royalty Fee:
Service Fee = Bid x (Service Fee Rate)% (defaults to 2.5%; defined in Contract)
Royalty Fee = Bid x (Royalty Fee Rate)% (defaults to 10%; defined by Collection Owner during minting)
Seller Profit = Bid - Service Fee - Royalty Fee
- Service Fee is a cut for Zilliqa.
- Royalty Fee is a cut for the original collection minter (original creator).
Auction Sales?
In an auction sales, the seller sets a minimum bid and an expiration time. Once initiated, the artwork is held by the marketplace contract temporarily until the auction expires.
Interested buyers may start to place their bids. 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 seller must end the auction to initiate the end process and the buyer with the highest bid gets the artwork, while the seller can collect the profits.
In the event that there are no bidders, the seller can collect back his artwork from the marketplace.
How do I cancel an auction?
Digital assets under auction can be cancelled anytime as long as the auction has not expired. Once an auction is cancelled, the seller can retrieve back the artwork while the current highest bidder (if any) can claim back the bids.
After login, click on the Profile icon and select View Profile.
You should see several tabs, click on Listings. The Listings tab is the place to manage your auction and fixed price sales.
Look at the Auction section, you should see your listed artwork and the sales details and also a Cancel auction button.
Click on Cancel auction to initiate the cancel process.
Once the transaction is confirmed, refer to [this section](selling-digital asset#how-do-i-retrieve-my-artwork-back-if-no-one-bids-on-my-auction) to get back the artwork.
How do I end an auction?
Digital assets under auction can only be ended if the auction has expired. The seller must initiate an end auction so that the marketplace contract can transfer the artwork to the relevant party and the profits or locked bids can be refunded.
After login, click on the Profile icon and select View Profile.
You should see several tabs, click on Listings. The Listings tab is the place to manage your auction and fixed price sales.
Look at the Auction section, you should see your listed artwork and the sales details and also a End auction button.
Click on End auction to initiate the end process.
Once the transaction is confirmed, you may refresh this page or revisit this Listings tab. Look under the Auction Withdrawals section. If there is at least one bidder for your artwork, there should be some ZILs and a Claim button. Click on it to collect your sales profits. If there is no bidder for your artwork, there should be a listing under this section, click on it to retrieve back the artwork.
How do I collect the profits after the auction has ended?
After login, click on the Profile icon and select View Profile.
You should see several tabs, click on Listings. The Listings tab is the place to manage your auction and fixed price sales.
Look at the Auction Withdrawal section, you should see some ZILs and a Claim button. This is the place to collect any sales profits or locked bids that you have previously participated.
Click on the Claim button to collect your profits.
How do I retrieve my artwork back if no one bids on my auction?
After login, click on the Profile icon and select View Profile.
You should see several tabs, click on Listings. The Listings tab is the place to manage your auction and fixed price sales.
Look at the Auction Withdrawal section, you should see some artwork details listings and a Claim button. This is the place to collect any sales profits or locked bids that you have previously participated. This is also the place to collect any digital assets when you have cancel your auction or when an auction ends without any bidders.
Click on the Claim button to retrieve back your artwork.
Fixed Price Sales?
In a fixed price sales, the seller sets a asking price and an expiration time, this is also known as a sell order. Interested buyers can either purchase immediately if the price is of satisfaction or make an offer to the seller. When a buyer makes an offer, the buyer must pay the offer amount beforehand and also set an expiration time, this offer is known as a buy order.
Whenever a buyer thinks that the artwork is not worthy anymore, the buyer may cancel the buy order anytime to get back the ZILs.
On the seller end, the seller can choose whether to accept any of the buy orders (not expired). Alternatively, the seller may choose to set a new asking price or new expiration time if the seller wishes to prolong the sell order duration.
How do I set a new price or expiration time?
Click on the Profile icon and select View Profile.
Under Owned, click on the listed digital asset you would like to make changes to.
Once on the item page, click on Update Listing to make changes to the listed price and expiration of duration.
How do I know the best offer currently and accept it?
After login, click on the Profile icon and select View Profile.
You should see several tabs, click on Listings. The Listings tab is the place to manage your auction and fixed price sales.
Look at the Fixed Price section, you should see your artwork listings and offers made by interested buyers (if any). If there is a valid offer, a Accept button will also be shown.
If you think the current highest offer is of satisfaction, Click on Accept to sell your artwork to this buyer.
How do I collect my profits from fixed price sales?
For the fixed price sales, either once the seller has accepted an offer or a buyer has purchased the artwork, the profits automatically goes to the seller. There isn't a need to do anything from the seller end.