Is Nftfy safe?

Yes, completely safe. Nftfy is a totally decentralized and trustless application. The NFT is staked in the smart contract and no one has any special access to it. The only way to unstake it from the smart contract is by owning 100% of the Fractions or paying the reserve price, also known as the Target Price.

What does Collective Sale mean?

Collective Sale allows a group of people to trustlessly buy fractions of an NFT before it is even fractionalized. It is a much easier and faster way to monetize your NFT.

Who can buy fractions of my NFT?

Anyone can participate in this process.

What is a Target Price?

A Target Price is the initial reserve price for the NFT. In other words, it is the price you want your NFT to be sold for.

How does the sale process work??

Once your NFT has been made available for purchase, anyone can participate in the process no matter how much of the NFT they are looking to acquire. As soon as the Target Price is reached, a countdown will start, allowing other people to participate in the purchase too. At the end of the countdown, the NFT is fractionalized and all the participants in the Collective Sale receive a proportional number of Fractions according to their contribution. Immediately thereafter, the NFT is made available to be repurchased in the Nftfy marketplace via auction.

Is it possible to partially accept an offer?

Yes, it is. As the seller, even if the Target Price hasn’t been reached yet, you can accept the amount accumulated so far. In this case, you would receive the funds, as well as the remaining Fractions of the NFT.

Is it possible to edit/cancel my sale?

You can only edit your Target Price or cancel your sale before someone participates in the purchase of your NFT. As soon as someone wants to buy any portion of your NFT and joins the purchasing process, you will no longer be able to edit your sale.

Can a buyer edit/cancel their participation?

Buyers have the option to remove their participation until the countdown starts.

What happens when the NFT is sold?

Once the sale is concluded, the NFT is Fractionalized via Auction with a Reserve Price five times higher than the final value it was sold for.

Which fees does Nftfy charge for Collective Sale?

Nftfy charges a platform fee of 5% on the final value of the NFT. If the offer is partially accepted, a penalty fee of 5% will also be charged on the remaining fractions of the buyer.