Buying on the Marketplace
Full Guide to Buying on the Marketplace
Quick Link Resources:
Buyers Video Tutorial & Step-by-Step Walkthrough
Table of Contents
Bidding on an Item / Making an Offer
How do I know my purchase is authentic/real?
Receiving my item - What does the shipping/receiving process look like?
Introduction
Welcome to ClubRare Marketplace, the world's premier platform for the trading of 'phygital' (physical + digital) NFTs backed by real-world items. Our goal is to empower individual collectors and enthusiasts by providing a transparent, secure, and community-driven platform for trading unique items.
Whether you are a seasoned collector or new to the world of NFTs, this guide will help you navigate our marketplace and provide the tools you need to make informed buying decisions.
At ClubRare, we've built our Marketplace around three key principles: Discovery, Community, and Global Network. With this guide, you'll learn how to use our platform and connect with our global network of collectors and discover unique items.
Please remember our support team is always ready to assist you with any questions or concerns. Your journey through the exhilarating world of NFTs begins here. Welcome to ClubRare Marketplace, where we're redefining the collector's experience.
Type of Listings
Timed Auction: A timed auction is a listing where the seller sets a starting price and duration for the auction. As a buyer, you can place bids on the item during this period, with each new bid needing to be higher than the previous one.
When the auction time ends, the highest bid wins, and that bidder purchases the item. This kind of listing can be exhilarating for buyers, as it adds an element of competition and can sometimes lead to snagging a deal if the item is less sought-after.
Fixed Price: A fixed price listing is when the seller sets a specific price for their item. As a buyer, you can opt to purchase the item directly at this price, without the need for bidding.
This type of listing offers certainty for buyers, as you know exactly how much you need to pay to secure the item, and the transaction can be completed immediately without having to wait for an auction to end.
Royalties
In the context of NFTs and the ClubRare Marketplace, royalties refer to the earnings that creators or original sellers receive from future sales of their works.
As a buyer, it's important to understand that a portion of the purchase price you pay may go to the original creator of the NFT as a royalty. This is encoded in the smart contract of the NFT, and happens automatically with each resale.
For instance, if an artist has set a royalty of 10%, they receive 10% of the sales price each time their NFT is resold. This contributes to supporting artists and creators continuously, even as their work changes hands over time.
In the ClubRare Marketplace, the royalty system is automatic and built into the smart contract of each NFT. However, as a buyer, you should still check the specific terms and conditions, including the royalty percentage, before making a purchase.
Item Attributes & Features
This refers to the distinct characteristics and qualities of an item listed on the ClubRare Marketplace. These details are crucial to understand what you're buying and to compare different items on the marketplace.
The attributes and features can include a wide variety of information, such as:
The name of the item
The creator or brand associated with the item
Specific details about the physical item tied to a "phygital" NFT (like size, color, material, condition, etc.)
For digital items, it could include details about the file type, resolution, dimensions, etc.
Unique properties or traits of the NFT (e.g., in the case of digital art or collectibles, these could be rarity attributes, backgrounds, accessories, etc.)
History or provenance of the item (previous owners, sale prices, etc.)
Any other information that may be important or valuable to you as a potential buyer
In essence, the Item Attributes & Features are a key part of the buying process, as they provide necessary and appealing details about the items, helping you make informed purchasing decisions.
Bidding on an Item / Making an Offer
Setting Up Your Account: To start with, you'll need to create an account on ClubRare. For transactions on the platform, you will need a connected digital wallet, such as MetaMask or WalletConnect.
Exploring the Collection: ClubRare showcases a wide variety of phygital items. Take your time to explore the platform, paying attention to artists' profiles, community feedback, and the rarity score of each item.
Placing a Bid or Making an Offer: When you find a piece you like, you can either buy it outright at the listed price or place a bid in an auction. To do so, simply click on the item and choose 'Place a bid.' Ensure that you're comfortable with the amount since the cryptocurrency used in these transactions is typically non-refundable.
Winning the Auction: If your bid remains the highest when the auction timer runs out, you win the item. The NFT is automatically transferred to your connected digital wallet.
How do I know my purchase is authentic/real?
"Authenticating an Item" is a critical process that ClubRare employs to ensure the validity, quality, and trustworthiness of the items listed on its marketplace. As a buyer, here's what you should know about this process:
Documentation: Sellers on ClubRare are required to provide comprehensive details about the items they list. This includes precise descriptions, photographs, and potentially certificates of authenticity. Such documentation helps to confirm that the item you're interested in is genuine and as described.
Verification by Experts: ClubRare employs professional appraisers to verify the authenticity of listed items. These experts scrutinize the provided documentation and may conduct more thorough evaluations based on the nature of the item. This step offers an added layer of trust and assurance for buyers.
Authenticated Products will have Authenticated Statuses: When buying from Sellers or Brands on ClubRare that use Authentication, you can feel confident about your purchase and see which products are authentic quickly and easily. These sellers and products have established credibility through our expert authenticators certification of their products. You know their items have gone through a top-tier authentication process to ensure the item’s real.
The Node: Physical items are authenticated through this network before being minted into NFTs, ensuring buyers can find their authenticated collectible easily.
ClubRare prioritizes authenticity and integrity. Any attempts by sellers to list counterfeit goods or misrepresent items are dealt with seriously.
As a buyer, this rigorous authentication process lets you shop with confidence on ClubRare. You can trust that the marketplace is safe and that the items you're bidding on or buying are exactly as they are described.
Receiving My Item - What does the shipping process look like?
"Receiving your Item" is a significant step in the transaction process on the ClubRare Marketplace. It involves the dispatching of the physical item you've purchased and the necessary authentication step. Here's what the process generally looks like from a buyer's perspective:
Authentication: Sellers on ClubRare must authenticate their items before dispatch. This is done either automatically for Verified Sellers or through 'The Node' for non-verified sellers. The Node is a trusted, decentralized network where physical items are verified by luxury appraisal professionals before being minted into NFTs.
Packaging: Once an item has been authenticated, it is properly packaged by the seller to prevent damage during transit. As a buyer, you can expect your purchase to arrive in the condition described in the listing.
Shipping Carrier: The seller selects a reliable shipping carrier to handle the delivery of your item. This could be a reputable postal service or a private courier company.
Insurance and Tracking: The seller is usually encouraged to insure the shipment, especially for high-value items. Once the item is shipped, you'll receive a tracking number, enabling you to follow the journey of your purchase.
Dispatch: After the seller has prepared and labeled the package, they'll either drop it off at a post office or schedule a pick-up with the chosen shipping carrier.
Communication: You should expect clear and regular communication from the seller throughout the process. This includes providing you with the dispatch information and tracking number.
Delivery Confirmation: Upon successful delivery, the seller receives a delivery confirmation from the shipping carrier. You should also confirm receipt on your end to ensure the transaction is successfully completed.
Throughout this process, ClubRare facilitates the transaction to ensure a smooth experience and resolve any potential issues. As a buyer, it's essential to stay in communication with both the seller and ClubRare and adhere to any guidelines or recommendations provided by the platform.
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