Our Native Smart Contract
Empowering users and supercharging decentralized frontends
In order to create the world of open web, we forked and modified the Auction House contract built by Metaplex as our underlying marketplace contract to power listing NFTs, bidding on non-listed items, open listings, and allowing users to directly list NFTs.
- 1.Stateless Escrow - When you list your NFT for sale, the NFT will remain in your possession in your wallet until someone is ready to purchase your NFT
- 2.Capital-efficient Bidding - Users will be able to make an infinite number of bids provided their escrow balance is at least equal to the maximum bid amount
- 3.Contract Composability - With composability of fees built directly into the contract, we allow others to build their own front-ends to surface liquidity to users and be rewarded accordingly
We want to make it possible for anyone to spin up their own frontend site or application. We are still working on the tools to open our contract and enable this vision. To get started, we've embedded the following fee structure into our own smart contract:
- Seller Referral Fee (configurable) - rewarded to the agent responsible for driving users to list NFTs on the underlying marketplace contract upon execution
- Buyer Referral Fee (configurable) - rewarded to the demand agent responsible for driving users to buy NFTs from the underlying marketplace contract upon execution
- Platform Fees (0.50%) - fees paid to the platform for facilitating and maintaining the underlying marketplace contract
Our goal is to allow users to list NFTs from a single place and maximize access to buy-side liquidity, or in simpler terms, reach a the largest number of potential buyers. Today when you list an NFT through Hyperspace, you will be listing an NFT for sale on our underlying marketplace smart contract and it will become immediately available for sale on our site to our users.
We will be working on allowing other sites/apps to surface these available listings for sale. Their incentive will be in the form of referral fees which they will participate in.