NFT.com Marketplace

The NFT.com Marketplace is a signature-based marketplace that allows arbitrary set trading (one or more items from make / take sides).

The following section will outline a transaction flow through the NFT.com Marketplace.

There are four user personas we will reference in this section:

• Seller: This is the user who currently holds an NFT in their on-chain address.

• Buyer: This is the user who currently holds ETH in their on-chain address and wants to buy the NFT held by the seller.

• NFT Creator: This is the user who created the NFT originally and may receive a royalty any time their NFT is sold.

• Marketplace: This is the marketplace through which the NFT will be sold and may receive a marketplace fee at the point of sale.

First, we will define a basic listing creation flow:

1. The seller decides they want to sell their NFT.

2. The seller selects the Marketplace through which they want to sell the NFT.

3. If the seller chooses to sell through the NFT.com marketplace, they can choose from two types of listings: Fixed Price or Decreasing Price Auction (defined below).

4. The seller will then set the parameters for the listing depending on the type selected which may include price, duration, and currency.

5. The seller will approve the NFT.com Marketplace contract interaciton on-chain.

6. The seller will then sign an on-chain transaction populated from the listing details entered with their key pair. The seller is not required to enable access to their keys nor assets.

7. The signed transaction will then be passed to the NFT.com GQL server which stores the orderbook so it can be presented as an available listing on NFT.com.

Now that the listing is created, we will define the buyer flow to enable purchasing of the NFT.

1. The buyer will review the listing created by the seller.

2. Depending on the listing type, the buyer will sign a purchase transaction at the fixed price, or make an offer for the NFT if the price is not yet determined.

   1. For purchase, the buyer will execute the open sale at the predetermined price (applies for both fixed price sale and decreasing price sale)

   2. Once the auction is over, the transaction of the winning bid will be passed to the marketplace smart contracts that list the NFT

   3. If parameters match, the smart contract will execute the transaction triggering the purchase of the NFT.

3. The NFT will move from the seller’s on-chain address to the buyer’s. The currency used to purchase the NFT will move to the seller's address. The royalty will move to the NFT creator’s address if included in the listing. The marketplace fee will move to the marketplace address as well.

   1. During the private beta, creator royalties are set to zero. This will shortly be updated to support the specified collection royalties by contract.

Users of NFT.com are able to select their preferred marketplace when listing an NFT while also being able to purchase NFTs listed on any marketplace. In each case, the user interacts through the transaction router contract to sign and relay the buy or sell transaction to the marketplace they have selected. This ensures that users never trust a third party with their keys, assets, or collectibles while getting access to the widest selection of NFTs to choose from.