What happens when you list a piece of art or collectible?

The process

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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.

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How your shares can be bought by others:

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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.

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

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

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

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

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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.

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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.

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