NFL Market
Last updated
Last updated
This whitepaper is outdated:
We are currently in the process of updating the whitepaper to reflect our most ambitious development phase yet. Stay informed by signing up or joining our Telegram channel.
We have kept this version online for informational purposes only.
The NFL Market is currently in public BETA.
Ok so you have a bunch of battle-hardened Non-Fungible Leets and you want to spread the love by allowing other gamers a shot at owning one too, after all, there are only 10,000 of them! Well, now you can put them up for auction right from the GMR Center!
Auctioning your NFLs could not be more simple! Simply head to the âMy Leetsâ page inside the app, connect your wallet and click the Leet you want to put up for sale. From here, you will be taken through a simple multi-step process to list your Leet
The first step is deciding the starting bid in GMR for your auction, then go ahead and select the minimum bid increment - the minimum amount in percent a bidder must add to a current bid - and finally, decide how many days you want the auction to run for once it has started. Donât worry, your auction countdown will not begin until you receive your first bid!
Once you have the auction details set itâs time to approve the NFL Market contract. This allows the market to safely transfer your Leet to escrow for the duration of the auction. Once the market is approved you can go ahead and create the auction. And thatâs it!
Here is a great time to note that you can change any of the auction parameters and even cancel the auction any time before the first bid is received. So, youâd rather bump up the bid increment to 5%? Go ahead, hit the edit button, make your changes and confirm! But remember, you will not be allowed to make any changes or even cancel an auction once you have received your first bid.
Simply click the cancel button and confirm the cancellation with your wallet to cancel the auction entirely. Once the cancellation is successfully submitted to the blockchain, your NFL will be returned to you from escrow and the auction will be removed.
Bidding for Leets is as straightforward as creating an auction. Simply head to the Leet Market for a full list of live auctions and click on the Leet you want to bid for. If the Leet has yet to receive a bid, you can go ahead and submit the starting bid by clicking the Approve button. This will allow the NFL Market contract to safely transfer your GMR to escrow.
If you are outbid, your GMR will be transferred back to your wallet by the marketplace. You do not have to perform any additional steps to get your GMR back!
Auctions end when the time is up! However, a feature of the NFL Market is our dynamic deadline. This feature means any bids received in the final 15 minutes of the auction, will automatically extend the deadline to 15 minutes. This means sellers will receive a truer value for their Leets, and buyers cannot be âsnipedâ during the final moments of the auction.
Once an auction has ended it must be finalized. Anyone can finalize an auction. To finalize an auction, head to the details page of the auctioned leet, hit finalize and confirm. Once confirmed, the Leet will be transferred to the winning bidder, and the GMR will be transferred to the seller (minus market and royalty fees).
The NFL Market has an 8% fee on all sales. This is comprised of 5% going to the original minter - or first-buyer - of the NFLs as a royalty, and 3% in marketplace operation fees.
As GMR moves to a community governed token, the allocation of marketplace fees can be decided upon by consensus. Our Community Governance Committee will be asked to set the amount of GMR that will be burned each month from all collected fees.
