Sealed FAQ / Docs
Welcome to Sealed Art
Last updated
Welcome to Sealed Art
Last updated
Q: What is the goal of Sealed?
Our marketplace is centered around enhancing the user experience in the 1/1 NFT space. We're introducing unique features like live auctions, a 'featured roulette', and a non-curated featured section to redefine how art is discovered and appreciated.
Our goal is to build a marketplace that is better for both artists and collectors, one that prioritizes efficiency, fairness, and enjoyment in the art buying and selling process.
Check out the Manifesto for a deep-dive into what we're trying to do.
Q: How do we address the needs of 1/1 NFT buyers?
We recognize that 1/1 NFT buyers, often pressed for time, deserve a more efficient and enjoyable experience. Our platform aims to respect their time by offering streamlined, user-friendly auction systems and fair pricing mechanisms.
Q: What are some of the innovative features of Sealed?
We're excited about implementing trustless and gassless Vickrey auctions with hidden bids, and exploring advanced auction mechanisms. These features are designed to make buying and selling art more transparent and less resource-intensive.
Q: Why is there a need for a new marketplace?
Current marketplaces often overlook the importance of user experience, leading to frustrating and time-consuming processes for buyers and sellers. We believe that improving UX is crucial for the growth and sustainability of the 1/1 NFT market. We also believe an artist first platform is required for creating a culture based around art instead of speculative finance.
Q: How does we establish fair market prices for NFTs?
We're focused on creating mechanisms for price discovery that are transparent and fair, ensuring that buyers don't overpay and artists receive fair compensation for their work. The Vickrey auction provides this mechanism.
Q: Will the platform have any curated content?
No, we're embracing a democratic approach where everyone has a chance to be featured. Our platform is designed to be inclusive and equitable, moving away from traditional curated systems.
Q: What fee does Sealed charge? Sealed charges a flat 2% fee on all auctions. This fee goes back into operating costs and into supporting the artist ecosystem. The fee is contrasted with Foundation's 5-15% fee, SuperRare's 15% primary auction fee, Makersplace's 15% primary auction fee, and KnownOrigin's 15%.
Q: Does Sealed respect royalties? Sealed respects all royalties set by the contracts an artist mints into. For example, Foundation's contract royalty to artists on secondary sales is 10% and on Sealed you can expect the same. For manifold contracts, royalties are determined by the artist when setting up their collections. We also honor those royalties as well.
Q: What is a Vickrey auction? A Vickrey auction is a sealed-bid auction where bidders submit their bids without knowing the bids of the others, and the highest bidder wins but pays the price of the second-highest bid. This encourages bidders to bid their true value since they'll only have to pay the next highest bid, not their own maximum.
Q: Why can't I see bids on my NFT? In a standard English auction, bids will be visible. However, with our Vickrey system all bids are blind. Don't fear - if your auction is live, you have bids! At the conclusion of the auction you will see the winning bid.
Q: Can I mint on Sealed? Sealed.art wants you to own your contract sovereignty! Any ERC-721 NFT that you own can be listed on Sealed.art. If you are an artist and would like to list a new piece, we recommend using manifold.xyz to mint, however you can list any pieces minted from Foundation, SuperRare, etc.
For more information on minting on manifold, check out their documentation.
Q: What about Editions, can I mint those?
Yes you can! Learn more about our gasless editions here.
Q: What is vouching? Vouching is a means for collectors and artists to verify an artist is who they say they are. This creates a network of trust and allows us at Sealed to accurately verify users.
Q: Who settles an auction? This is more of a philosophical question, but technically anyone can settle an auction that has completed on Sealed. Usually the collector or lister of the piece will settle the auction - but who does is between the two.
Q: I just minted a piece, but I don't see it in my collection? Sometimes it may take a few minutes for a piece to appear in your wallet after minting on Manifold or Foundation. Fear not, that's just the mint getting confirmed on the network! If you don't see it after a few minutes, you can click the refresh symbol next to 'Select NFT' to refresh your wallet after minting.
