NFT Marketplaces

Overview

The Eluvio Live digital collectibles marketplace offers artists and creators the ability to publish digital art and media for fans and collectors.

A creator can open one or more marketplaces and offer individual NFT or NFT Collections for sale (or for free).

Each marketplace can schedule drop events combining a live or pre-recorded video event with the offering of individual NFTs or NFT packs.

NFTs are minted and operated on the Eluvio Content Fabric Blockchain

Media Wallet

The Media Wallet is a custodial blockchain wallet managing a user’s Eluvio Content Fabric blockchain address and is used to store and access the user’s media and digital collectibles. Users log on to the Media Wallet using their email as a username and a password. The blockchain keys associated with a user’s Media Wallet are managed internally by the Eluvio Content Fabric authority service and allows users to sign messages and transactions.

The Media Wallet also holds the user’s balance in USD. The wallet balance can be used to purchase NFT items on the marketplace store (direct from creator) or on the trading market (from other owners).

Proceeds from an NFT sale might not be immediately available for marketplace purchases, depending on the method of payment. The Wallet indicates clearly the available balance and what portion of it is still pending.

Caution

A Media Wallet address works on the Eluvio Content Fabric blockchain. Since this is a dedicated blockchain, different than Ethereum and Polygon, do not transfer funds or tokens to your MediaWallet address on any blockchain other than the Eluvio Content Fabric.

NFT Offerings by Creator

When visiting a creator’s marketplace, collectors can browse the NFT store and purchase or claim free NFTs. Typically the direct NFT offering by creator is minted on demand and each type of NFT is offered in limitted supply. The total and remaining supply is shown in the marketplace store.

NFT offerings direct by creator can be purchased via:

credit card
cryptocurrency, using Coinbase Commerce
wallet balance

NFTs purchased using a ‘reversable’ payment method may be ‘on hold’ for a period of 7 to 14 days. During the hold period, an NFT cannot be listed for sale or transferred.

Platform Fees

The Eluvio Live platform charges a fee on top of the list price of the creator offering. The exact amount will be shown on the checkout page and it is all inclusive.

Caution

Purchasing NFTs using cryptocurrency needs to be done carefully - make sure the price paid is exact and ensure the transaction is confirmed within the time specified in the checkout page. If your payment is made after the checkout session expires the transaction is considered failed (expired) and will not be processed.

NFT Trading

Collectors who own digital collectibles in their Media Wallet can list them for sale in the open marketplace.

Sales prices are specified in USD. When another collector purchases a seller’s NFT, the seller’s USD Media Wallet balance is updated.

NFT offerings by another collector can be purchased via:

credit card
cryptocurrency, using Coinbase Commerce
wallet balance

Proceeds from an NFT sale might not be immediately available for marketplace purchases or withdrawal, depending on the method of payment. The Wallet indicates clearly the available balance and what portion of it is still pending.

Fees and Royalties

The Eluvio Live platform charges a fee on top of the list price of the creator offering. The exact amount will be shown on the checkout page and it is all inclusive.

The original NFT creator has the ability to require a royalty on secondary sales as a percentage of the list price. The exact amount will be shown when an NFT is listed for sale, as well as the exact seller payout amount.

Example:

List Price: 100 USD
Buyer Pays: 105 USD (100 USD + platform fee)
Creator Royalty: 10 USD (10% of list price)
Seller Payout: 90 USD

Transfers to another blockchain

An NFT minted on the Content Fabric blockchain can be transferred to Ethereum and Polygon. Additionally, once transferred, the NFT will automatically show up on opensea.io under the designated collection.

This requires an Ethereum and Polygon wallet and an address with sufficient funds for the NFT to be minted on the target blockchain.

The token ID of the NFT is a concatenation of the original NFT symbol and ordinal - the original ordinal can be derived from the Ethereum or Polygon token ID using a CLI tool and we are implementing a UI wallet feature shortly as well. Token ordinals will not readily appear on Opeansea like they do in the Media Wallet (for example “1 / 500”). The total supply for the particular token is available as an attribute and that is displayed directly in the main Opensea view.

A given NFT can only exist on one blockchain at a time. Once transferred to Ethereum and Polygon, the local NFT is pegged by the authority service that enables the transfers and will no longer be available in the Media Wallet of the previous owner.

NOTES

Once an NFT changes ownership on the Eluvio Content Fabric, it is subject to a hold period. This is required to allow the payment to clear, in particular for credit card payments where fraud and disputes may take a week or more to identify. A token cannot be transferred before the hold period expires. The hold period is displayed in the token details in the Media Wallet.

Caution

Some NFT operations can only be executed on the Eluvio Content Fabric, such as opening a pack and redeeming a collection (don’t transfer tokens to the external blockchain if you still want to execute the special operations - in particular packs will not be able to open)

Once an NFT is transferred to Ethereum or Polygon, the token cannot be transferred back to the Eluvio Content Fabric (this is due to limitations on Ethereum and Polygon NFT standards). This feature might become available in the future based on our ability to enhance the contract properties on these external blockchains.

Marketplace Setup

To set up an NFT marketplace, first prepare the NFT items as described here: NFTs

Then configure the marketplace as described here: Marketplace Configuration

Site Customization

Marketplace sites are greatly customizable.

Detailed style guide: Eluvio Marketplaces Customization