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Marketplace

The Marketplace becomes a very important link that connects the GEN ecosystem in Pinetree Space.
Using GEN's Marketplace API, the project does not directly create a Marketplace, and through Pinetree Space Bridge, it provides a space where it can be traded with minted NFTs in various networks regardless of the minted blockchain network.
Pinetree Space provides an opportunity for users who currently own NFTs to obtain data sovereignty for royalties for NFTs deposited externally through the Escrow function at the time of transaction. It can give users the true Web 3.0 experience.

Detail:

Trade Process

  1. 1.
    Trade orders are listed on the Marketplace when NFT owners sell on Marketplace.
  2. 2.
    Users who sell NFT can decide which means to trade between ETH and GEN.
  3. 3.
    A user who wants to purchase the NFT applies for NFT purchase and an Escrow address is issued.
  4. 4.
    The NFT price is transferred to the Escrow address of ETH or GEN designated as a transaction method, and the remaining token quantity, excluding Pinetree Space and Royalty fees, is paid to the seller from the Escrow address.
*Escrow transactions are made quickly through blockchain confirmation like general Marketplace and DEX transactions.

Escrow Process

  1. 1.
    The user registers the escrow information in the GEN escrow contract through addEscrowPayment().
  2. 2.
    If user pays ETH or GEN after escrow registration, the NFT owner will be changed after 1 block confirmation (10-20 seconds). (NFT withdrawal is possible only after 12 confirmations after escrow payment).
  3. 3.
    The paid ETH or GEN is distributed to Pinetree Space and Creator Royalty Fee, and the remaining amount is paid to the NFT seller.

Fee

Pinetree Space Fee

  1. 1.
    ETH: 2.5% Half of the ETH Fee is transferred to the Treasury wallet as the Generation Foundation's Pinetree Space operating cost, and the rest is transferred to GBF for incineration by exchanging ETH to GEN from AMM.
  2. 2.
    GEN: 1.5%
    Half of the GEN Fee is transferred to the Treasury wallet as the Generation Foundation's Pinetree Space operating cost, and the rest is transferred to GBF for incineration.

Royalty Fee

  1. 1.
    The NFT owner and the owner who deposited the NFT from external can set up the fee once at the beginning.
  2. 2.
    If an external NFT other than the Pinetree Space project is deposited, a royalty fee is paid to the depositor when the NFT is transacted.
  3. 3.
    The royalty fee can be set at a minimum of 0% and a maximum of 10%.
Last modified 1mo ago