Multi-currency support

To expand the financial opportunities of the NFT marketplace, businesses might want to implement the multi-currency feature for different reasons:

• Accept tokens from partners’

• Increase users’ acquisition through well-established currencies

• Increase platform revenue by offering a broader range of currencies to purchase NFTs with

Multi-currency can be added in different ways. The two possibilities are the following:

• Multi-currency for the seller: Sellers define what currency they want to accept in this context.

• Multi-currency for the buyer: In this context, buyers define what currency they want to pay with

Multi-currency on the seller side

It is the platform's owner who defines the list of currencies available to the users. 

From this list, sellers choose which currency to use or accept for their sales based on their audience and financial goals. 

The advantages of this solution

For the users

• Sellers can choose/accept the currency of their choice

  • They can tailor their marketing to target specific communities and increase their revenue
    

• Buyers have access to different sale offers to choose from

  • This incentivizes buyers to purchase NFTs based on their token preferences

• Bidders can place open bids with the currency of their choice

  • This incentivizes bidders to increase their activity on the platform

For the business

• Increase the reach of the platform

  • The platform is not limited to users who hold the native token of the platform

  • The platform can target specific communities/tokens (increase partnership opportunities)

• Expand financial strategies

  • Depending on the strategy, the platform can either ensure a more stable source of income or a more risky but high reward type by implementing early crypto projects as currency

How it works

By default, the current “main currency” is selected on the platform to keep the system backward compatible.

Fixed price sale

1- When creating a fixed price sale, sellers can choose the currency of their choice to list the item on the platform. 

2- Once the sale's offer is created, buyers can purchase directly the item in the same currency the seller picks.

3- When the sale is concluded, the buyer pays in the currency picked by the seller. The seller receives the chosen currency, and the platform receives the sale's fee in the currency selected by the seller. 

In the context of an open bid, buyers will propose bids with the currency of their choice, and the seller will have the option to accept or not a bid. Open bids are not limited to the currency selected by the seller.

 Auction sale

1- When creating an auction sale, sellers can choose the currency of their choice to list the item on the platform. 

2- Once the sale's offer is created, buyers can place bids on the item with the currency the seller picks.

3- When the sale is concluded, the buyer pays in the currency picked by the seller. The seller receives the chosen currency, and the platform receives the sale's fee in the currency selected by the seller.