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What happens when you list your own piece of art or collectible?

Its important to know and understand what will happen once you listed your own piece of art or collectible.

Your piece of art

Split up in pieces; shares

Once you have completed your application, we will fractionalize your piece.

We will charge a one-time listing fee for this service. Please refer to the price list for details.

This process means we will divide the ownership of your piece into the number of shares you specified in your application.

All these shares are recorded on the blockchain.

When you access your FNFTEX account, you will see that your piece of art (or collectible) is still 100% owned by you; you own all the shares.

You can verify the blockchain transaction to confirm that you own the piece of art in full.

If you listed less than 100% of the shares, you still retain 100% ownership.

How your shares can be bought by others:

Your piece of art or collectible will appear on the listing page under "Today" in the "Listed" section. Here, the price per share will be displayed, and people can buy one or more shares at the listed price.

Once a share of your piece is purchased, the buyer will pay FNFTEX for the share. We will then transfer the amount in Euros to you, minus a 1.5% transaction fee, typically within 24 hours.

 

A blockchain transaction will transfer the ownership of the sold shares to the buyer. In your FNFTEX account, the number of shares you own will be updated accordingly. You will no longer fully own your piece. Until 100% of the shares are sold, the piece will remain in your custody.

you can still sell the piece of art or collectible yourself

  • in an art gallery

  • on another market place

  • from home or your atelier

What happens with your original piece?

At the start of the listing, you own 100% of all shares.

Once your shares start being sold, you lose 100% ownership.

The piece of art (or collectible) will remain in your custody until you lose the full 100% of the ownership.

What about selling your piece of art to somebody else in 1 go?

Someone can also buy 100% of all listed shares on the FNFTEX in one go. In that case, you have sold it completely and will need to send the piece of art or collectible at your expense to FNFTEX. We will then resend the piece to the new 100% owner at our cost.

If you have sold 100% ownership to more than one buyer, we will also ask you to send the piece to FNFTEX. In this case, we will display your piece in our FNFTEX Museum; the MODA, Museum of Democratised ART.

You can also choose to send your piece immediately upon listing. In this case, we will display your piece in our Museum. In addition to being listed on FNFTEX and Art-Dex, people can also buy shares of your piece at the Museum. Your piece will also be featured in our Museum catalog.

Selling Your Art or collectible Outside of FNFTEX

If you sell your piece of art (or collectible) to someone outside of FNFTEX (e.g., in an art gallery, from your home, or atelier):

If you sell your piece of art or collectible while still owning 100% of the shares, you can simply email info@fnftex.org to request that your art or collectible be de-listed. In this case, we will not refund the initial listing costs but will refund the period not listed in subsequent years.

If you wish to sell your art or collectible while no longer owning all the shares, you must first buy back the previously sold shares. 

To repurchase the missing shares, you can place a "buy order" for the necessary number of shares through your FNFTEX account. You determine the price you are willing to pay, and FNFTEX will notify the current owner(s) of your buy request (we have the records of the share owners). These transactions will be recorded on the blockchain.

Painting Wall

Any questions left?

Thanks for submitting!

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