Marketplace Fee/Commission Documentation

Owned by Isaiah Williams
Last updated: Sept 06, 2021
2 min read

Author: Isaiah Williams (isaiahwill610@gmail.com)

Contributors: EOS BlockSmith (eosblocksmith.io)

Uploaded: 3/3/21

Status: Accepted

 

Note: Listing Fee and Marketplace Commission are subject to change

Fee/Commission associated with using FIO Domain Marketplace

Listing Fee: 10 FIO

  • Paid by the seller to put the domain up for sale

  • Transactions covered by this fee

    • Transferring the domain to the escrow account

    • Transferring the domain back to the seller in the event of a cancellation

    • Transferring the domain to the buyer if the domain is bought

Marketplace Commission: 5% of the price that the domain is bought for

  • Taken out of what the buyer pays to buy the domain (i.e. taken out of the seller’s profit)

  • Goes towards the marketplace for facilitating sales

 

Example:

Alexander wants to place the domain @alex for sale on FIO Domain Marketplace for 1000 FIO

To do this, Alexander is notified that he will have to pay a listing fee of 10 FIO and if the domain sells on FIO Domain Marketplace, the Marketplace will take a 5% commission (50 FIO) of the price that is paid for the domain.  Alexander pays the listing fee of 10 FIO and places @alex for sale on FIO Domain Marketplace. 

Alexa sees @alex for sale on FIO Domain Marketplace and wants to purchase that domain.  To do this she is notified that she will have to pay 1000 FIO to buy the domain and that 5% of what she is paying will go towards the marketplace and the rest will go to Alexander (the seller of the domain).

Summary:

Alexander pays 10 FIO

Alexa pays 1000 FIO

Alexander receives 1000 – 50 = 950 FIO

Alexa receives ownership of @alex

 

In the event of cancellation before the domain is bought, Alexander will receive ownership of @alex and the cost of that transaction will have been covered by the listing fee