How does swapping work?
The swapping system is the key element of any trading platform. We wanted to create it as convenient as possible. So we implemented a few interesting mechanics into it.
Let’s have a closer look.
When two users swipe-like on eachothers NFTs in Swipe Swap, the match is made, and the NFT holders are ready to make the swap. SwapNFT mediates the swap as follows:
1. NFT holders declare their desire to swap and their agreed price and place their tokens in their wallets. Suppose there is a differential in price between NFTs. In that case, the lower-priced NFT holder needs to also include ETH or $SOCIAL tokens to make up the difference in pricing.
2. SwapNFT holds the tokens in escrow and confirms that all parameters have been duly fulfilled and that both the traders agree to the swap.
3. Once both parties agree to the swap, SwapNFT releases the NFTs and funds to each party and takes a commission of 0.5% in ETH or in $SOCIAL tokens. If $SOCIAL tokens are used for the additional payment, no commission is charged on that part of the transaction.
The escrow function allows each person to make asynchronous deposits safely. For example, if one person inserts their NFT into a swap contract, the other person might perform the trade or bid later. This allows people to have an NFT in the marketplace, receive a bid when they are offline, and then agree to later. As long as the NFT holders keep their bids open, their NFTs are held in escrow. This also allows people to make a trade proposal and will enable the seller to accept or reject it. The NFT being swapped stays in escrow until the offer is withdrawn by the NFT owner.
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