Loopring NFT Platform Implementation Guide

As an NFT marketplace platform owner, there are several things that need to be considered.

A. Proper Maker_maxFeeBips and Taker_maxFeeBips setup

Firstly, letโ€™s take a look at how the profit is split for a typical NFT trade. Creators can set up the NFT royalty fee during minting and can expect to receive that royalty percentage every time their creation is sold on a marketplace. The platform provides an NFT marketplace to allow NFT trading. The platform receives a service fee for each NFT trade that occurs in that marketplace. Loopring provides the back-end infrastructure to enable NFT trading and receives an infrastructure service fee for each NFT trade. Refer to Taker_maxFeeBips below.

  • The creator royalty fee and platform service fee are covered by the maker (NFT seller).

  • The infrastructure service fee is covered by the taker (NFT buyer).

As a platform owner, it is required to set up the Maker_maxFeeBips properly to ensure a proper fee split. As denoted in the protocol, Loopring will distribute the creator royalty fee first, and the remaining will be allocated for the platform service fee. Maker_maxFeeBips = creator royalty + platform service fee Please note, that the creator royalty is set up in each NFTโ€™s metadata. The Taker_maxFeeBips needs to cover the actual Gas consumption for the NFT trade. In the event the NFT price is very small, 1% of its price wonโ€™t be able to cover the actual cost. Thus, the fee should be set as max(tradeCost, 1% of NFT price). Further details can be found here.

B. Platform channel distinguishment and fee distribution

To distinguish the NFT trading originating from a specific platform (marketplace), the platform owner should notify Loopring regarding which account will be used to submit the trading request and all NFT trading requested from this account will be treated as from the platform moving forward. Loopring will accumulate the relevant platform service fee and send the fee on a regular basis to an appointed account per the platform owner request.

Please contact foundation@loopring.org if you require assistance from the official Loopring team when setting up the NFT marketplace platform.

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