New Feature Alert: Fixed Price Sale
gm Fractional Fam! 🥳
We’re excited to announce some new features which will significantly improve the distribution mechanisms on Fractional. This week we launched a Fixed Price distribution.
As implied in the name, curators will be able to list their fractions at a specific ‘fixed price’ for others to purchase. 🎉
NOTE: For sellers, when you list your fractions on-chain for sale through this new mechanism, the fractions are transferred and held within the contract. You can reclaim any unsold fractions that are still listed whenever you’d like!
How to Create a Fixed Price Sale
If you’d like to create a fixed-price sale listing during the fractionalization process, follow these directions.
- On the Fractional homepage, click on Fractionalize and select “Mint new NFTs (ERC-1155)
- Select the NFT(s) you want to fractionalize and list.
- Click on “Choose fixed price” under the Distribution section of the vault creation process (screenshot below)
4. On the Setup fixed price distribution page, you’ll choose the following:
- # of Fractions to List
- Price setup (Price per fraction vs. Price for all fractions)
- Length of the listing
5. After selecting all of the variables, click the Continue button at the bottom of the page. You’ll be taken to the Fractionalize vault page where you’ll do the following:
- Approve NFT(s)
- Fractionalize NFT(s)
- Set the vault name
- Approve the distribution contract
- Send fractions to the distribution contract
NOTE: If you’re fractionalizing multiple NFTs, you’ll see:
- Create NFT basket
- Approve NFT basket
- Transfer NFT(s) to basket
- Fractionalize NFT(s)
- Set the vault name
- Approve the distribution contract
- Send fractions to the distribution contract
If you already have Fractional ERC-1155s and don’t need to go through the entire fractionalize process, you can follow these steps instead.
- Go to your vault page and click on the “Buy Fractions” tab
- Click “Sale settings & actions” then click on “Distribute fractions”
3. Click on “Choose fixed price” and then set up the Fixed price distribution page (step 4 above) After setting the variables, click “Continue” at the bottom of the page and follow the steps to approve the distribution contract and send your fractions to the contract for listing.
How To Cancel a Fixed Price Sale
If you’d like to cancel your sale and reclaim your fractions from the contract, follow these directions.
- On the vault page under the Buy Fractions tab, click on “Sale settings & actions”
- Click on “Cancel fixed price sale”
- Confirm the transaction through Metamask.
An Example
If you created a vault with a 10,000 fraction supply and listed 5,000 of the fractions for 0.06 ETH per fraction, you’d see the screenshot below.
A buyer can then purchase as many fractions for 0.06 ETH per fraction (up to 5,000 fractions) and the ETH will be sent to the person who listed the fractions while the contract will distribute the fractions to the buyer.
Why add this feature?
We expect this feature will save quite a bit of time and enhance discoverability since you will no longer need to manually list fractions on an open marketplace. This will also save $$$, since there is no fee (other than gas) to use Fractional.
We built this feature to support our curators, creators, and artists alike 🎉
What’s Next?
You may have noticed we’ve been a bit quiet lately… that’s cause we’ve been super busy building ⚙.
Keep an eye out for our v2 contracts on testnet in the near future 👀
Join our Discord or reach out to us on Twitter with any questions, feedback, or good vibes🥳
Disclaimer: The Fractional Token Company, its officers, team, and community representatives are not registered financial advisors. All opinions shared on Twitter, Discord, or through other public channels are those of the respective individuals alone. Fractions (fractional tokens) are solely intended to increase participant access to collectable, provable ownership of digital art and their respective communities. Fractional does not condone the creation, buying, or selling fractions as a means of investment. The Fractional Token Company is not responsible for how curators choose to market their NFTs. Similarly, The Fractional Token Company does not create, handle, or manage the intermediary platforms, or networks through which fractions can be transferred, sold, or purchased. Publications from Fractional.art are solely for information and entertainment purposes only. Please consult and work directly with tax, legal, financial, and investment professionals before making any fractional creation, transferring, and purchasing decisions.
