May 16, 2022

Metaventures Update: Sub-Merchants

Metaventures are leveling up! Starting today, players will be able to list their own NFTs in Metaventure shops as Sub-Merchants. This means that you no longer need to own your own storefront to participate in the broader UNFT economy! Sub-Merchants are a critical part of expanding the Upland economy and will support the continued growth of all players via the Metaventure experience. 

What are Sub-Merchants?

Given the amount of time, energy, and resources required to start a Metaventure, not all players will want to maintain their own shop. Sub-Merchants enable all players to participate in the Metaventure economy, allows them to leverage Metaventures for their own benefit, and opens up a brand new stream of UPX revenue for all Uplanders.

Selling an NFT as a Sub-Merchant does come with a cost, however. Items that are sold as a Sub-Merchant will be subject to a commission rate; the Metaventure owner manually sets this between 2% and 10%. Sub-Merchants lean on the Metaventure’s current status and popularity in the community, so you could consider the commission as a type of marketing fee for aiding discoverability and facilitating the transaction. 

As with all other transactions in the Upland metaverse, each sale or purchase will be subject to a 5% marketplace transaction fee paid by the buyer. Because Metaventure owners are subject to Venture Dues (and sub-merchants subject to commission fees), only the buyer pays their half (5%) of the 10% marketplace fee.

Listing as a Sub-Merchant

When a player visits a Metaventure, they will see an option that says “List My [NFT].” Click this button to initiate the listing process. Once the process begins, they will be able to choose what currency to list their UNFT for (UPX or USD), as well as what price to offer it for. Please note that all Sub-Merchants will be required to verify their identity in order to list any items. Additionally, players will need to manually send their Block Explorer to a Metaventure in order to list their items. Items can be delisted, however, from anywhere.

After confirming that you wish to list your UNFT, the shop owner will be notified of your listing request. If the owner accepts, your item will go on sale in their store at the agreed listing price. Shortly after the item goes on sale, it will be subject to a period where neither the merchant or sub-merchant can remove the listing. This period is adjustable by the merchant and has a maximum of 7 days. If your item sells, you will receive a notification and the commission will be automatically paid to the Metaventure owner.

Approving Listing Requests (for Metaventure Owners)

After a player has submitted a listing request, Metaventure owners will be notified of the request with the option to approve or deny it. If the owner approves the request, the item will go on sale in their storefront. If the item sells, they will be automatically paid their commission rate - which can be set in their Metaventure settings menu. If the owner denies the Sub-Merchant’s request, the Sub-Merchant will be notified and are free to re-submit their item request at any time. 

We’re incredibly excited to see the Metaventure program expand, and can’t wait to see how this new feature empowers our players!

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