Primary Auctions aka DPLs
When you bid for an item at a DPL auction you engage in a transaction using ETH from your wallet. All transactions are conducted on the Ethereum blockchain and they can be tracked and traced on Etherscan.
All transactions will incur a gas cost which will be payable by the bidder. To understand a bit more about gas costs you can read up here.
You can keep an eye on your position in the bidding and receive notifications if you are outbid. Your bid will be returned immediately when you are outbid.
When an auction ends the winning bidders will have the items delivered to their wardrobes.
As a Seller
Once you have ownership of an NFT you are then able to see the value of that item based on the most recent marketplace activity. You can keep the item as a collectible or offer up for an auction with a minimum bid price and an auction period ranging from 1-30 days.
You will have to pay a gas fee when you list your item on the BNV marketplace. You can cancel the listing before any bids come in and you will have to cancel the listing at the end of the auction if you received no bids.
The highest bid at the end of the auction will win the item, we will handle the transfer of the token to the new owner and send you the auction proceed after deducting a fee of 12.5% which includes royalties and our handling charge.
As a Buyer
You will have to pay a gas fee when you place a bid at a marketplace auction, if you are outbid during the auction period your bid will be returned immediately and you will be notified. You can try again with a higher bid which will also incur gas cost.
All secondary auctions are single item auctions and only the higher bid at the end of the auction period will win the item. We will handle the transfer of the item at the end of the auction and you will become the new owner.
Fees for Brands, Creators and the Platform
With complete transparency the beauty of Smart Contracts and DLT mean that IP owners (Brands) and 3D designers/artists (Creators) are rewarded based on the auction and secondary market revenues. They can receive up to 85% of the auction revenue, after gas fees, which is immediately credited to their own wallets at the completion of the auction.
Transfer fees are charged on all peer-to-peer transactions through the marketplace whether auctioned, sold or gifted to uphold our commitment of providing universal and perpetual royalty collection for our brands and creators.
The fees are currently 10% of the sales of the NFT paid by the seller and distributed to the participants included in the original auction. This is part of our commitment to ensuring fair rewards and compensation for Brands and Creators alike. There is a market fee charge of 2.5% that covers the Gas fees for the transaction.