> For the complete documentation index, see [llms.txt](https://illiquidlabs.gitbook.io/illiquid-labs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://illiquidlabs.gitbook.io/illiquid-labs/illiquid-labs-platform/p2p-trading-and-swaps.md). # P2P Trading & Swaps The Terra NFT space is still infantile, but unfortunately, hundreds of users have fallen victim to scams already, with estimated losses of thousands of $LUNA. The idea for Illiquid Labs was born out of the wish to make NFT trading safer for everyone. We believe its time the community becomes independent of marketplaces - and you should be able to decide what to trade, and for what, without being exposed to third party risk of OTC deals. Illiquid Labs platform provides a **smart contract escrow service** allowing you to trade all NFTs with other users in a safe and trustless way. We want to give full power to the users, and allow for trading and swapping of all NFTs (CW721 Tokens), no matter if they are currently listed on marketplaces or not. However, to prevent users from being scammed with fake NFTs, we will present known Collections with a green **Verified Status checkmark.** This gives users full flexibility, without need to stress over on-chain diagnostics to determine the authenticity of traded NFTs. If a collection is not yet verified, it will be clearly displayed with an **Unknown Collection Status.** If a collection/token is known to be fake, it will be flagged as **Unverified**. Projects are able to apply to get verified on our platform by using the form below. [***FORM***](https://forms.gle/zt5SbhxegDrnPafR6) ## Trading on Illiquid Labs The Peer to Peer trading platform is designed to be versatile, enabling traders to dictate how they want to value and trade their assets. Below are some guides on making full use of Illiquid Labs ### Contents [**Create a Trade**](#create-a-trade) [**Private Trade**](#private-trade) [**Trade Listings**](#trade-listings) [**Filters**](#filters) [**Listing Details**](#listing-details) [**Make Offer**](#make-offer) [**Accepting a Counter Offer**](#accepting-a-counter-offer) [**Withdrawing NFTs/Assets**](#withdrawing-traded-nfts-assets) [**Fees and Royalties**](#what-about-royalty-fees-of-the-projects-traded) ### Create a Trade Creating a trade listing on Illiquid Labs couldn't be easier. **Step 1** Connect your Wallet to the app and navigate to the Trade tab on the Navigation Bar. Here you will be greeted with the fluorescent blue "Create Listing" button, click this to begin the create listing process

**Step 2** You will be greeted with the below window. On the left hand pane, you will see your current progress through the trade process. On the right hand pane you will find all interactions required to create a listing. To get started, click "Select NFTs".

**Step 3** You will then be greeted with "My NFTs" pop-up. From here you can select the NFTs you would like to list for trade. You can select ANY of you NFTs from ANY collection to add to a SINGLE trade, there are no restrictions here. Once you have selected your NFTs, click "Add NFTs to Trade"

The "My NFTs" draw, view your NFTs from anywhere, whilst going nowhere

**Step 4** Once you have selected your NFTs, you can decide on your "Cover" NFT which will be the main NFT to be displayed to traders navigating the Trade Listings. You can also add or remove NFTs by utilising the "Select More" button, which will reopen the "My NFTs" draw. When you're ready to move onto the next step and add trade details, click the "Save & Continue" button at the bottom of the right hand pane.

**Step 5** Progressing onto "Trade Details", here you can either specify requirements for your Trade by selecting "Specify collections & tokens" or take the wild card approach and select "Open to any offers". These are explained in more detail below.

**Specify collections & tokens** Here you can specify anything particular you might be looking to trade for. Specify certain collections you would be interested in trading under "Collections I'm interested in". Specify the amount of tokens you would accept in response to a trade under "Tokens I'm interested in" Add any further information to your trade in the "Write a comment" field, for example: "I am looking to trade these Galactic Punks for an equal number of Ronins" When you are ready, click the "Save & Continue" button

Trade Details: Specify collections & tokens

**Open to any offers** The wild card option, by selecting this you are specifying to traders that you are open to any offers! You can also add a comment if you would like to explain your trade requirements in detail When you are ready, click the "Save & Continue" button

**Step 6** Now you can select your trades visibility. By selecting "Public" your trade will be listed on the Trade tab for anyone to send you offers. By selecting "Private" you will be able to trade privately with a peer, all you need to know is the wallet address of the peer you want to trade with. Only they will be able to see your trade.

Enter a peers wallet address to privately trade with them

Once you have selected the Visibility of your trade, click the "Save & Continue" button **Step 7** Here you can review your listing, make any edits and finally post it for listing or start your private trade. We will explain more about "Private" Trade below. Review your listing to make sure all details are correct, then click "Save & Continue" when your are ready. You will then need to confirm your trade and post the transaction. Please remember that you will encounter a number of interactions, which could result in higher Tx fees (NOT ILLIQUID LABS FEES).

**Step 8** Once you have posted the transaction and it has confirmed on the blockchain your trade will have been listed, congratulations! You can either create another trade by clicking the "Create Another" button or Tweet out your trade listing using the "Tweet" button. *Disclaimer: Illiquid Labs does not connect your Twitter account to Illiquid Labs or your wallet.*

### Private Trade When you confirm a private trade, you will be greeted with an identical confirmation page. However this trade will only be visible to the wallet that you specified during Step 6. You can either send the trade link directly to your peer using the "Your listing URL", or they can navigate to it via listings. The peer wallet specified will be the only wallet able to trade with you, protecting you from any malicious OTC traders.

### Trade Listings Navigating trade listings should feel relatively similar to marketplaces, the main difference being the way NFTs are displayed. This trading experience may need some practice to get used to!

You can filter the trades from "All Listings" and "My Listings", enabling you to quickly view your trades without having to navigate to a separate tab.

### **Filters** By enabling filters, your view will be condensed to a higher precision pane. From here you can filter via: * Status (Active, Inactive, Cancelled) * Collections (All collections available to trade) * Looking For (Collections that the trade lister is looking to trade for) * My favourites * Countered by me (Trades you have sent a counter offer too) * Looking for liquid assets (Trades looking for LUNA in return)

### Listing Details By selecting a trade card, you will be redirected to the Listing Details.

**The NFTs available for trade** You can cycle through the multiple NFTs by clicking "View all NFTs". This will open up an NFT draw, you can select each NFT and view its traits.

**Trader Details** Here you can view the traders detail, including their username, wallet address and listing date. Below this, you can view what the trader is looking for, in this case they are looking for LUNA or NFTs from Galactic Punks, Space Toadz or Astro Heroes

**Counter Offers** Existing counter offers will be displayed underneath the trade details, this will help other traders decide what they should offer. ### Make Offer Found a trade and would like to make a counter offer? Click the fluorescent blue "Make Offer" button. You will be greeted with the below counter offer window. On the left pane, you can view the NFTs on the trade listing, and any other trade details to help you form your counter offer. On the right pane, you can: * Select the NFTs you would like to offer * (and, or) Offer Tokens to trade * Write a comment to explain the reason behind your counter offer *Note: This is your trade and your decision, you do not need to select both NFTs and Tokens to trade, you can select just NFTs or just Tokens.*

Once you are happy with your trade, select the "Review Offer" button to review the counter offer before submitting Click "Submit Offer", then confirm the transaction. *WARNING: Once you submit the offer, the original trader can accept your offer at anytime, once this happens there is no going back.* *Counter-offers can be removed from either "My Dashboard" or directly from the listing.*

Once the transaction is confirmed, your counter offer will be sent to the trader to review.

### Accepting a Counter Offer When you receive a counter offer on a trade, you will be alerted via the Notifications function, you can traverse directly to the trade in question by clicking the notification.

The Counter Offer can be seen listed below the Trade Listing, you have the option to Approve or Deny the Counter Offer.

When denying a counter offer, you have the option to provide the trader with a reason why you denied the trade. This is not a necessity, but could enable the trader to offer a more profitable trade.

If you decide to accept an offer, you will be presented with the below pop-up. Here you can see the final trade details and send a message to the trader. Click "Accept Trade" and confirm the transaction to complete the trade. As the TRADE CREATOR, you will automatically receive the NFTs/Assets you have traded and pay any Trade fees during this transaction.

### Withdrawing Traded NFTs/Assets When a trader accepts your counter offer, you will be alerted with a Notification to withdraw your NFTs/Assets. Click on the notification to head to the withdrawal page.

The withdrawal button is located on the original trade listing. Click "Withdraw" to pay the trade fees and withdraw the NFTs and any Assets you are due.

### Fees and Royalties Illiquid Labs aims to support development of the Terra NFT space - we are certainly not looking to cheat projects out of their Royalties! When we launch on mainnet, fees will be added to the trades (split 50/50 between both parties, and to be paid when NFTs are withdrawn after the trade). The majority of these fees will go to the NFT projects being traded. \ \ The peer to peer swapping is supposed to bring safety to the space, with a fun option for "trading your way up" and for acquiring particular NFT pieces missing in your collection. It unlocks new ways to safely interact with other NFT lovers. We will need to find a healthy balance between project royalties and flexibility for users. Initially, we have setup our Fee & Royalty contracts in a way that looks like this: **Flat Fee Curve (Illiquid Assets Only):** * Platform: 0.2 LUNA Curve * Project Royalties: 0.3 LUNA Curve The Fee Curve begins at 0.5 LUNA per NFT and increases as per the curve below, meaning a "discount" is applied to higher volume trades. *Note: The fee curve is experimental and we are looking for feedback.*

**Royalties (Liquid Assets Only):** * Platform Percentage Fee: 2% * Project Royalty Percentage Fee: 4% This percentage fee structure follows the same model as NFT Marketplaces \ Further down the line, we will introduce a system that will make the fees dependent on the price floor of the collections you are trading - to make the fees adaptable to market conditions, and dependent on the NFTs you are swapping. More info on that soon!\ \ We are always happy to hear feedback, and new ideas \ -> Jump to our Discord to connect\![ -> https://discord.com/invite/K4P5AKugpg](https://discord.com/invite/K4P5AKugpg)