How AirNFTs processes NFT transactions

A deep dive into how the AirNFTs marketplace processes your sales and purchase transactions.

May 11, 2021

1. Transparency for verified smartcontract code

AirNFTs being a marketplace for exploring, buying, selling, and collecting digital arts and collectibles, its main source of revenue comes from the 2.5% commission rate on sales effectuated on the platform.

The logic behind the commission fee can be seen directly from our contract code deployed and verified on the BSC scan.

2. Sale Transaction Steps

Here are the major steps that happen when you click the "Buy" button on a certain NFT page :

  • The system collects the metadata of the current NFT page, mainly the NFT ID and its current price.
  • It builds a transaction locally that sets the new buyer as the next owner if they purchase successfully the current NFT
  • After building the transaction, the system requests the buyer to approve and sign the transaction that spends money to get the collectible/NFT.
  • When the buyer approves, the transaction gets broadcasted on-chain, it usually takes 3 to 10 seconds on average before getting confirmed on the blockchain.
  • When the transaction gets confirmed, the ownership of the NFT is transferred from the seller to the buyer, and the fund gets sent to the seller. 97.5% goes to the seller and 2.5% goes to the AirNFTs deployer address.
  • In the process, we also top up the seller and buyer AIRT balance, the AIRT will be distributed every 2 weeks as an incentive program for all our artists and collectors. More details about the incentive program can be read here.

3. What happens when I can't see the sale transaction ?

When a sale happens, the sale funds are sent to the seller as an internal transaction, this means that the sale happens via contract code execution. The current reality is that most wallet apps out there are not able to track internal transactions. The actual sale funds do still reach the seller wallet and the balance is updated afterward.

You can read more about internal transactions not showing on the links below :

In brief how do you know you actually got money for a sale? When you don't see the transaction in your wallet after a sale, this only means most wallets don't support NFT sale transactions yet, the balance still gets updated despite the wallet app not showing the transaction.

4. Conclusion

In this article, we covered how AirNFTs execute transactions, we took some time to explain the common confusion cases that happen when transactions don't show up after-sales.

At the end of the day, there's no need to worry, your NFTs and your funds are SAFU at AirNFTs, have fun minting and collecting, buying and reselling your NFTs.

Yours AirNFTs Team.


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