Artz.ai functions by utilizing Auction House program. It enables Decentralization of the NFT Marketplaces.
Sometimes new methods bring uncertainty for any individual. Here we will explain a couple of functions that you might encounter in Artz.ai:
1. Listings are free. NFT does not leave your wallet, what happens is that the NFT owner delegates and gives approval to an Auction House account that allows Artz to execute a sale on if someone matched the sale price by buying.
Updating list price and delisting are also free.
Proof of Listing: https://solscan.io/tx/4KWb3hzXjtdrVobEF1mEHCVTif2dwmCWMsRTr5dvXuQ93Qsg8xereP9B9uGJK2YWHEYWubdaaeK2ebCsCPY7Jund
Proof of Delisting: https://solscan.io/tx/43cnzB995zDAz5QbGKtcg7c43ybvPkbD49CLmncGekadJ9q5F5rrrTrty4WDuRd4tqjvAKkKQ1f2GNAG7MLsEo7r
2. Offers are buy conditions that you send for a particular NFT that you would like to purchase for a certain price. If the NFT owner agrees to the price, he has to Accept the offer. What Artz does is take that Offer (Buy) clause and the NFT owner would Sell (Accept) at that offer price.
Offerers SOLS go to an escrow held by an Auction House account that is tied to their wallet address.
In Artz you will be able to withdraw and deposit in Escrow button in Profile page.
Note on offers:
a. Artz takes 2% commission on successful sales.
b. Lowest offer price is 0.01 SOL
c. Any offer below 0.1 the NFT Owner will not receive an email
e. Look for the notification bell beside the owner address in the NFT page to find out if the Owner will receive an email.
f. When the offerer cancel their offer, they would also withdraw from escrow.
g. Offerer can only update their offer price 3 times.
h. If the offerer offers another NFT with the same price, their escrow balance does not add up. If that NFT got accepted, first NFT’s Offer will be useless unless Offerer deposits SOLS into the escrow.
Proof of Make Offer:
https://solscan.io/tx/44APVKmSt1zpkkiMJ8omGxyt2hKSWKpJGasyVTtbkdH7fqtU2rJq1FuRnVYadgeFMPykgQesZQUXsi6mcsanzVb8
Proof of Accept Offer (Sell):
https://solscan.io/tx/5Jsu1FpTwFqMtUFGDD4Jj9tR7D8ycHFdH7pQSAFXe8CCx5sPrNYRuraMvyVHffxoVYstGigLUeYP6axvbzkePdmZ
Proof of Cancel Offer:
https://solscan.io/tx/4P2TzLFPkpMbKFLDYEna7zabmSQVrEnQkwHKCvnyUF8XxLbt6iSuyNuap8z4wWE3E9Zbug3xgVSRzU2UeEL9CUwn
3. Buys are purchases that occur when an NFT has been listed with a certain price. The buyer would agree on the price that the seller has asked for.
Artz would then execute the sale based on the above condition as follows:
1. Buyer accepts the price
2. The platform checks if the NFT has not been sold or delisted
3. The platform executes the sale on price
We were not successful on executing the above in one transaction. Maybe the size of the Transaction Instructions are too big for one transaction?
Proof of Buys:
https://solscan.io/tx/4mphUNaXEg4a5kaX5K4HmYA7xeSspN5HA9RdLjPZeq8oAHhQx7mSdB6hyLdqkj3QWZ6tFbY6q18ZPnr42JZNJwjx
Proof of Buy Execution:
https://solscan.io/tx/2W4DZvmcfZQ7RQYaXucFF3ft8kwvuCeGFB8QhoK6xwrqfXN6VEUiCC6bWF3nkKyG6GgJPMYZkJRujtg6VvNXJTGB
All functions in the blockchain you will find:
a. Auction House Program: hausS13jsjafwWwGqZTUQRmWyvyxn9EQpqMwV1PBBmk
b. Artz Auction House Public Address: ARTZWzvZNonG2s7NErXvtCTXfCC2PvFp3rtmmGWJ1Ln6
Final notes:
- All royalties are distributed by the Auction House Program
- All functions have emails attached to them, so please add your email.
- Multiple wallets can use the same email
