“THE NAR BAZAAR” — NAR’s new burning mechanism with a twist.
(All info in this article is accurate at the time of publishing)
Ahoy sailors! It has happened! From the rumours of black markets on the streets of NAR, the citizens of the port have constructed the official NAR NFT Marketplace — The NAR Bazaar!
THE NAR BAZAAR launches at 8AM UTC, 18 NOVEMBER 2020
Here, users will currently be able to to place their Phase 1 Runes for sale and/or purchase runes from other users.
Sellers and buyers will have TWO currency options for purchasing NFT’s in the NAR-Bazaar — using BNB or NAR tokens.
The Narwhalswap team will be rolling out these two currencies for trading along with what is called the “Bazaar Tax”. Here’s how it works.
Upon placing an NFT for sale, users are required to input TWO sales values. One price for sale in NAR tokens, and a second price for sale in BNB tokens.
For trades in the native NAR token, an additional 5% Bazaar tax will be charged. For example:
- Seller places a rune to sell for 1000NAR.
- Upon placement into the Bazaar, the Bazaar will sell the rune at 1050NAR. (Selling price + 5% Bazaar Tax)
This taxing system works in the sellers’ benefit so they receive the full amount of NAR as the NFT was intended to be sold for.
For trades in BNB tokens, an additional 15% Bazaar Tax will be charged. For example.
- Seller places a rune to sell for 100BNB.
- Upon placement into the Bazaar, the Bazaar will sell the rune at 115BNB. (Selling price + 15% Bazaar Tax)
As much as BNB purchases allow for new users or NFT collectors to browse the NAR Bazaar for quick purchases, this BNB burn works to benefit the NAR citizens as well.
- The seller gets paid the original 100BNB of the sales
- The 15% Bazaar Tax that is charged will be used as a buyback for NAR tokens to be burned.
Essentially making the NAR Bazaar a semi-burn mechanism as long as it lives.
A quick note:
Users will be able to select their (unslotted/unused) NFTs to be placed into the Bazaar under the “Account” section in the “Bazaar” tab.
And that ends the update! The dev team will be adding new features to the NFT market as more phases of NFTs roll out. For example: they’ve heard that there has been a need to be able to trade $GOLD safely and are considering adding that ability into the Bazaar as well, albeit $GOLD not being an NFT, but to cater to the community needs.
We hope you enjoy the new feature everyone! We’ll be monitoring it closely, and do let us know if there are improvements to be made or bugs to fix!
Next up — collaboration pools! Trade safe sailors!
— The Narwhalswap Team
