How does X2Y2 marketplace provide fee-free sales/listings?
Do you use x2y2 more often to sell/trade your nfts?
To post an answer, please !
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I haven't actually dug into the details of how their contracts work (sorry, couldn't find it), so this could be wrong. But the general idea is likely this:
- Listings are stored off-chain in a database. Hence creating an order is just filling out a form and signing it as a message.
- Viewing their site and doing searches uses the catalog data and the listing data merged together from their infrastructure.
- Actually completing the purchase would be to request the original order form as well as the signature, and then feed that to the smart contract. The smart contract validates the signature against the price and destination, and time, and if it all verifies correctly, transfer the NFT and the funds as part of the transaction.
They currently have a .5% marketplace fee, which is supposed to be promotional but which they keep extending an additional month. Since marketplace fees go to stakers, this just reduces their staking APR. They also had a % of their own X2Y2 token allotted for listing rewards, but after they decided to phase those out, they now distribute that X2Y2 allotment to buyers as a "gas refund". Doesn't cost them anything really & is definitely nice as the buyer. However ever since they got rid of listing rewards I haven't listed anything with them & the liquidity seems much less which means I don't have a habit of checking them when I'm shopping. Just my 2 cents.
Thank you, Luke!
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Thank you!