Mist NFT — Browser Marketplace Guide
As promised the Mist browser-based NFT Marketplace is almost here!
It will be live this Tuesday at 2pm UTC.
Countdown to Launch: Click HERE
Note: The ONLY place our NFTs are being sold is our own marketplace. Any NFT listings on any other platform are FAKE. Do not be scammed, and do not buy them. These scammers try everything to pretend to be our team. They are not.
Access it easily on internet browser. No complicated downloads, no difficult launcher updates. Just load the website, connect MetaMask, and you are ready to trade.
Some highlights of this article, and highlights of the marketplace:
- This marketplace is totally browser-based and easy to access
- If you create and auction, you earn money/tokens each time somebody bids on your NFT auction (auction creators keep a percentage of bid fees)
- Easy-to-use system
- Current *downloadable* game client is disabled. New one will be available via STEAM download. Marketplace is only on the browser for now.
Marketplace: For Buyers
Read below to learn how to use the marketplace.
1. Browsing Auctions — You can browse auction listings under the ‘BROWSE’ tab in the Mist NFT Marketplace.
When browsing auction listings, you can filter criteria for ease of search:
a) NFT Name
b) Tier Levels
c) Payment Tokens (MIST, WBNB, USDC, USDT)
Why not accept only Mist? There are 2 reasons for doing this.
1) Selling an NFT for MIST means you can get MIST without slippage. So there is a big benefit there.
2) If payments were only in Mist, then sellers who don’t want Mist would dump it on the market. This way people who want Mist are more likely to hold it, and people who don’t want it can sell for other tokens.
2. Bids & Buyouts — you can either (1) immediately purchase an NFT by paying the listed buyout price OR (2) make a bid to attempt a purchase at a lower price.
a) Buyout — Each auction posting will have a set buyout price. You can decide to meet that price to immediately purchase an NFT and overrule any prior bids. Choosing “Buyout” means you immediately win the auction and will get the NFT.
b) Bids — A bid can be placed at any time prior to the listing expiration. You will receive the NFT if they win the bid or they pay the buyout price. There are fees associated with making a bid but your bid amount is fully returned if someone makes a larger bid. Any bids made must be confirmed on Metamask and sent to engage the auction contract.
Tip: If done right, bidding can be a good option if you are looking to sneak a good deal. But be careful, you may not win the auction if you are out-bid. There are many strategies out there when it comes to entering the bid wars.
Viewing Owned NFTs & Adding to Wallet
With this new updated system, you can now view all of the NFTs you own. Each NFT level will be separated and will display a counter for the quantities owned. This can be done through the ‘MY NFTs’ tab in the Mist NFT Marketplace.
Within this same screen, you can also add each NFT to your MetaMask wallet!
Auctions for Sellers
The Mist auction system is designed to incentivize sellers to list their NFTs at a reasonable price. By doing so, potential buyers will lean more towards engaging and bidding on said listings. Sellers will earn a portion of all bid fees.
If you earn selling and NFT, every time you get a bid you will earn tokens! The more bids a your listing gets, the more fees you collect. These bid fees are completely separate from the final buyout price and are instantly credited to the your wallet after the bid is made.
Below we outline how and where to create a listing and everything involved in the process.
1. Earn on Bidding Fees — A seller will receive a percentage of all bids that are made on their listings.
As an example, a 0.3% bid fee and 20% return-to-seller fee: If an auction listing receives a total of 12 individual bids with average 41,000 MIST over its duration, then the seller will get 295 MIST extra from these fees.
This means that even though a seller may have to pay fees upon sale completion, they can also be handsomely rewarded if their NFTs are placed at an optimal pricing. In this case, the seller may receive an additional 295 MIST in profits that would not have been earned otherwise.
Sellers will receive these returns directly into their wallets immediately after a bid is made. See the image below for a visual of this example
2. Creating an Auction Listing — You can create auction listings under the ‘CREATE’ tab in the Mist NFT Marketplace.
When creating an auction listing, you can set the following:
a) NFT — Pick your NFT to be listed for auction.
b) Auction Duration — Set the expiration date of your listing.
c) Payment Token — Pick your preferred currency to receive for your listing.
MIST, WBNB, USDC, USDT.
d) Buyout Price — Set this price to allow buyers instantly purchase your NFT.
e) Minimum Bid — Minimum amount for initial bid.
f) Buyout Only — When you select this, it will disable bids and only allows an outright buyout.
The image below shows an auction with a Buyout Price of 41,000 MIST. The minimum bid amount is 10,000 MIST. Each time a person bids on the auction the seller will earn up to 25 MIST.
3. Confirming an Auction Listing — After you review the auction fee calculation screen, you can approve your NFT for listing.
Click ‘CREATE AUCTION’ on the calculation window this will prompt a confirmation window for you to confirm the contract 2 times via your wallet. In the example below, MetaMask requires confirmation.
4. Finalizing/Cancelling an Auction Listing — If you want, you can cancel an auction early or recover unsold NFTs under the ‘MY LISTINGS’ tab in the Mist NFT Marketplace. This will prompt an additional wallet confirmations.
5. Auction Listing Fees — Listing an NFT for sale is FREE. An auction listing can incur fees, but only if the listed NFT is successfully sold. Fees are deducted from the final sale price of the listing.
If your listing receives no bids, is cancelled before expiration, or is not bought out, then there are no fees involved —
this means that your NFT can be listed for auction at any time for free, and the fee is just deducted if its sold.
There are two different listing fees that are involved if a sale takes place:
a) Daily Fee (paid AFTER the sale): buyout_price * (initial_fee_percentage + (duration_hours / 24) * daily_fee_percentage)
b) Initial Listing Fee (paid AFTER the sale): buyout_price * initial_fee_percentage
Tip: If a seller uses the ‘Buyout Only’ feature, a seller can cushion the price to cover fees and still yield the same amount they were initially looking for. This means that the seller would put a higher buyout price since he will not obtain bid fee revenue. This higher buyout price may compensate.
P2P NFT Transfers
Additionally, we have now made it easy for you to make transfers to your other wallets! This feature is simple and very easy to use.
You can navigate to the ‘SEND NFT’ tab in the Mist NFT Marketplace. From this screen, you can enter the wallet address you want to send your NFT .
Tip: Though this feature can be used to send NFTs to your other wallets or make direct peer-to-peer transactions, we encourage you to use the auction house system instead to avoid fraud. Be safe! ANYONE ASKING TO BUY YOUR NFTS DIRECTLY IS A SCAMMER. Do not fall for it.