can someone point me to a video or explain? how does it work for the buyer and seller when a transaction is being made for a purchase? not an auction, just a purchase with a set price. ive searched and dont see a topic im looking for here. thanks.
Here is what i think it does, sharing based on my knowledge of reading other threads.
As a creator or seller you have minted a work and have put to sale with some fixed price.
Now if a buyer is ready to buy your piece on the quoted price, then it’s pretty straight they will have to pay the gas fees for the purchase transaction and you will receive your quoted price minus the service fees.
Alternatively if a buyer put a bid on your piece then you might realize it is either lower than your quoted price or higher. You have the option to accept the bid or let it go. But when you are accepting the bid means you will be paying for the gas fees for the transaction. Hence you will receive bid price minus service fees minus gas fees.
This is based on my understanding, if i’m wrong on some point pls correct my understanding.
thanks cryptoartist! that makes sense. that helps me understand in what scenarios one might decide to auction their work versus straight sales. i appreciate the reply. hope everything is good in your world.
this topic has been adressed numerous times before but not as a topic itself.
To sum up what @cryptoartist said and which is true
the one who initiates the transaction pays the gas fees. If you buy, you initiate a transaction so you pay. As a seller, if you accept a theoritical bid, you initiate the transaction, hence you pay the gas fees.