Articles on: The Marketplace

What is the Secondary Market and how does it work?

What is the Secondary Market?

Secondary Market is our NFT marketplace that enables NFT collectors to trade, sell and resell their limited-edition music NFTs to other collectors and therefore make a profit from the first buy. It also allows artists to earn money each time their NFT is resold.

How can I sell my NFT in the Secondary Market?

It can be sold at a fixed price, or via auction with the option to set reserve prices.

These are the steps to follow:

Go to your Pianity *profile.*
You will find your *collection* of NFTs there.
Click in three dots located in the right bottom corner of the NFT you wish to sell.

Click on *sell this NFT.*

Choose a selling method:
a. Fixed price

b. Auction, where you can choose the starting price and how long the auction will last once the first bid is made which can be 1, 3, 7 or 14 days.

Click List now and your NFT will be automatically set in the secondary market and viewed as “listed” on your Pianity profile. You are all set! good luck!

Once the sale is made, the Reseller can use the wallet balance to buy other NFTs on the marketplace.

How does the sale repartition work between the Reseller, Artists & Pianity ?

For each sale made in the secondary market, the repartition is as follows:

Reseller: 90%
Artist: 8%
Pianity: 2%

How can I remove an NFT Listing from the Secondary Market?

Go to your pianity profile, click con Listed, then click on Manage Listing located at the bottom of the NFT.

Click on the three dots located next to the NFT price.

Click *Remove Listing*, your NFT will be automatically removed from the Secondary Market.

What is Artist’s Resale Right on Pianity?

Artist's Resale Right (ARR) is a right granted to artists or their heirs, in some jurisdictions, to receive a fee on the resale of their works of art. On the Pianity platform, ARR will increase artists’ revenue and the potential profits that NFT collectors can make. On the first sale, artists receive 80% of the transaction, and they continue to receive 8% of the transaction each time an NFT is resold in the secondary market.

Updated on: 13/02/2024

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