How to participate and bid

Who can bid?

All Listener Accounts can bid on any auction.
All Collector Accounts can bid on any auction except their owned auction.
All Artist Accounts can bid on any auction except their owned auction.
An Artist Account can also be a Collector Account right after he/she/they win any bid.

After successfully opening an NFT auction, the Artist who is the owner of this NFT auction is addressed as the seller. The collector who owns this NFT auction is addressed as the re-seller.
Seller or re-seller must set the opening price.
Seller or re-seller must set the time bidding as Starting time and Ending time.

Seller or re-seller must pay 10% income tax on every successful auction:

  	            Income Tax = 0.1 * Final winning bid amount

Seller must pay 2.5% Decibling Award fee (DCBA fee) on every successful auction:
```
  	            DCBA Fee = 0.025 * Final winning bid amount
```
If the NFT is sold in the second auction, the re-seller will lose the rights and obligations to the DCB Award. The Artist Account, as the first seller, will never lose his/her/their rights and obligations as a result of this.
Again, if the NFT is sold in the second auction, the re-seller will not receive the 2.5% DBCA fee from the winning buyer.

Protecting Bidder Deposit (PBD) is required for both seller and reseller.

Every Listener Account or Collector Account which is joining the bid, is addressed as the buyer.
The buyer who wins the auction will receive an email suggesting that they should pay 2.5% of the final winning bid amount as a DCBA fee. If this buyer accepts payment, he/she/they will have the right and obligation to share the DCB Award with the artist. If this buyer does not, he/she/they will not have it, and the artist will receive 100% of the DCBA prizes.

Seller:

        Seller Net Profit = Final winning bid amount - (Income Tax + DCBA Fee)

Re-seller:

	        Re-seller Net Profit = Final winning bid amount - Income Tax

Winning Buyer:

		        Winning Buyer Payment = Final winning bid amount

Default income tax: 10%

DCBA Fee: 2.5%

Last updated: 05-28-2023