Market for packs and rewards
Packs and rewards can be sold on $PACK Protocol's dedicated market.
Last updated
Packs and rewards can be sold on $PACK Protocol's dedicated market.
Last updated
$PACK Protocol is an open market for packs filled with exclusive rewards.
Both of the protocol's primitives - packs and rewards - can be sold / resold on the protocol's dedicated market. A fixed percentage of pack and reward sales / resales is distributed to the pack's creator as royalties, and the protocol as fees.
The protocol's market is designed to support the sale of any ERC 1155 tokens that store the address of the token's creator i.e. the address used to first mint the tokens. This allows the protocol to distribute perpetual royalty to a pack or reward's creator whenever they are sold on the market.
Initially, 2.5% of every pack and reward sale / resale will be transferred to the creator. An additional 2.5% of sale value will be distributed to the protocol's smart contracts as fees.
These parameters can be updated by the protocol's admins in the protocol's beta phase. Moreover, protocol admins can transfer the protocol fees that accrues over time.
The ERC 1155 standard by itself does not recognize the concept of, or require storing the address of a token's creator.
The protocol's market contract asks for the creator of the packs or rewards being sold on the market. And so, the market does not support the sale of rewards that follow the ERC 1155 standard but do not store the address of the token's creator.
By default, the protocol's ERC 1155 contract for packs stores the address of a pack's creator.
The protocol does not enforce that packs or rewards must be sold on the protocol's dedicated market. The protocol does not anticipate any restrictions on the transfer functions for packs and rewards.
The protocol's market for packs and rewards is not an auction based market. Owners of packs or rewards list their tokens on sale by specifying:
The amount of tokens to list for sale. The seller must lock this amount of tokens in the market.
The currency accepted by the listing. The market supports ether or any ERC 20 currency.
The price per token listed (to be paid in the stated currency).
(Optional) A window of time within which the listing is active.
At any given time, a seller can choose to update any of these parameters. Updating these parameters is a transaction which requires the seller to pay the required gas fees.
