📑The FLUX Marketplace

The Flux Marketplace/Auction System-by Art de Finance-is a space for trading arts that have been properly registered, and validated by the community in the Artiside Social Curation platform. Users can sell or purchase the NFTs and the ownership of underlying physical and digital arts.

Owners can decide to list the items to sell at either a fixed price or at an auctioned price. In the auction system, the owner can set the duration for the auction and others cannot change. Starting price for the auction is 80 percent of the fixed price, which cannot change. Minimum bidding must be at least 5 percent greater than the previous price.

On an occasion where the listed item is also being used as collateral in the lending system, the relevant information should be provided to the potential buyers in an easily browsable manner. If default occurs and a subsequent liquidation process is initiated by the lending system, the control of sales is automatically transferred to the liquidation system (see the next section on the lending system).

After the purchase, if the NFT is associated with a physical item, the new owner can directly contact the partner gallery to transfer ownership of the physical item. The ownership transfer needs to be requested before the expiration of the storage contract which can be found in the registration information. The new owner can decide to retrieve the physical item or create a new storage contract and continue to stay in the system.

After the non-liquidation sales, the profit is distributed among the 1) Artist, 2) Seeders, 3) Patron and 4) ADF platform. After the sales occur as part of the liquidation process, the portion of the profit otherwise reserved for the owner will be fairly distributed to the lenders regarding their lending shares.

Sales Process (at Fixed price)

I. The Artist decides to sell at a fixed price.

II. The Artist can set the sales price.

III. Collectors can purchase an item at the listed price and sign the transaction.

IV. The NFT will be transferred directly to the buyer.

V. Sales profit will be shared among the 1) Artist, 2) Seeders, 3) Patron and 4) ADF platform.

VI. The mirror NFT and a physical AC ownership can be transferred if the new owner proceeds tocontact the partner gallery.

Sales Process (at Auction)

I. The Artist decides to sell at an auction.

II. The Artist sets the duration for the auction. Duration can be one day, three days, or seven days. Upon setting the duration, the auction will start at the price artist decided.

III. Collectors can participate in the auction by bidding at a price at least 5 percent greater than the previous price.

IV. Auction will end when the duration is concluded, and the highest bidder will win the auction.

V. The NFT will be transferred directly to the winner.

VI. See Sales Process (at Fixed Price) Steps 5 and 6 for further details of the sales process.