Tokenomics

Overview

The Le Diamant CS-NFT is perpetually relisted at a 15% increased price from the last steal price. If you pay the current steal price, the NFT is transferred to your wallet and you get to hold this art piece. When Le Diamant is stolen from you, your steal price is added to your bank account in the contract. You can now withdraw that ETH and be made whole on your investment. You are also transferred a token that keeps track of who the previous owner is. If you are holding this token when Le Diamant is stolen for a second time, another 10% of your steal price is added to you bank account in the contract. This means after two steals, a total of 110% of your steal price will be available for withdrawing.

Mechanics

The current steal price is always 15% over the last steal price. When you pay 115% to steal Le Diamant, where does this money go? First, the current owner is paid back in full. With the remaining 15%, 10% is paid to the ex-owner and 5% is paid to the artists.

When Le Diamant is stolen, where does the money go?

Example

Say Charlie was the previous owner of Le Diamant and is holding the Ex-Owner token. Alice paid a steal price of 1 ETH to steal it from Charlie, making Alice the current owner of Le Diamant. Bob decides to pay the current steal price of 1.15 ETH:

1. Current Owner Payment of 1 ETH paid to Alice

2. Ex-Owner Payment of 0.1 ETH paid to Charlie

3. Artists Payment of 0.05 ETH paid to artists

Secondary Market Exchanges

Both the Le Diamant CS-NFT and the Ex-Owner token can be exchanged on secondary exchanges such as OpenSea. When Le Diamant is stolen, the Current Owner Payment and the Ex-Owner Payment are paid to the current holders of the Le Diamant CS-NFT and the Ex-Owner token. This means whoever is currently holding Le Diamant at the time of the steal, will have the full Current Owner Payment added to their bank account. Likewise, the Ex-Owner Payment is added to the bank account of the current holder of the Ex-Owner token.

After selling the Le Diamant or the Ex-Owner on a secondary-market, the money in your bank account will remain untouched and continue to be withdrawable.

Withdrawing

When connecting the marketplace to a wallet, the website will determine if this wallet has a non-zero bank account balance. If there is money in your bank account, a withdraw button will appear for you to submit a withdraw transaction to the blockchain that transfers all of these funds into your wallet. This withdraw transaction will cost gas fees. Waiting for both your Current Owner Payment and your Ex-Owner payment before withdrawing could save you on gas fees.