In this article, you'll learn how to list items you've previously purchased from an artist or creator for sale.
Step 1: Access Your Purchased Items
First, go to “User Profile” and then “My Content” to view the items you own because you purchased them previously.
Step 2: Select the Item to Resell
Choose the item you want to resell. For this tutorial, we'll select the following item:
Step 3: Add a Sell Order
Click on the three vertical dots and select “Add sell order”:
A window will appear where you need to define the resale value and the number of copies you want to sell. If you own multiple copies, you can choose to sell all or only some of them.
Step 4: Confirm the Operation
After clicking “Update”, you'll need to approve the operation using your wallet and pay the network fee charged by the blockchain you're using (in this tutorial, it's Polygon).
Step 5: Verify the Listed Items
Return to your profile, and you'll see that while the remaining items are not for sale, “SUIZA” is listed for the price you set.
Step 6: Visibility in the Secondary Market
If another user visits the platform to buy the drop “SUIZA” by artist Pau Mueller, they will also have the option to purchase it on the secondary market.
By clicking “Buy on secondary market”, they can see the item listed for sale in this tutorial.
The item's price is higher than the one set by the artist during the primary sale, meaning it might not be advantageous for the user to buy it on the secondary market in this case.
However, another seller might decide to list items for resale at a lower price, offering a potential benefit to users.
- A seller might have already made a profit from the item and decide to resell it at a lower price.
- Or they may simply have listened to the song many times and wish to pass it on to new listeners.
That's all for this tutorial! You’ve learned how to list items for sale in the secondary market. Of course, the process for generating a tertiary sale would be exactly the same.
Artist Benefits from Resales
Artists receive royalties for all secondary, tertiary, and subsequent sales forever, directly to their wallet.
- The royalty percentage is set by the artists themselves when creating their releases.
- The maximum royalty rate is 10%, meaning resellers will earn between 90% and 100% of the sale value, depending on the defined royalty rate.
Happy selling and reselling!