Peer-to-peer, non-custodial trades for all forms of Cardano native assets: FTs, NFTs, and ADA. Completed through a multi-signature process.
Using Trading Tent's smooth user interface a user creates a room for two people, themselves and one other. They then share the link to the room with whomever they want to perform a trade with and then both parties select the assets they want to trade.
The Tent then builds the transaction with these assets and both users check the transaction before it is finalized. If everything looks good to a user then they confirm the transaction by signing it. If the other party, however, doesn’t like the terms of the transaction then they don't sign it and the trade does not go ahead and both parties keep their assets because they never left their wallet.
Users should always double and triple check the outputs of the transaction before signing it. Transactions cannot be reversed once signed.
How Do Escrow-less Transactions Work?
Trading Tent utilizes a functionality of the Cardano blockchain to facilitate trades. This functionality is the fact that anyone can build a transaction using any UTxO from the blockchain. However, the wallet that the UTxO is associated with, i.e. the user/owner, must sign the transaction for it to be valid. Nothing is ever handed to a 3rd party to be kept in escrow and if the transaction isn't signed by the wallet holding the assets then it doesn't go ahead.
Using UTxOs from two different wallets to build this transaction means that both parties must sign to confirm the transaction.
Trading Tent charges each user a 5ADA fee for using the service, a total fee of 10ADA.
If a user holds an NFT from the collection created by the creator of the Trading Tent service, Fort Gotten Kid, in the wallet they use to trade then they get a 50% discount on the fee of their trade (the other party doesn’t share in this benefit).
Verified NFT Collections
The platform displays the assets in the users wallet for them. NFTs in the wallet that are part of a collection verified by the platform are given a blue tick to confirm that they are real. If an NFT doesnot have a blue tick then the collection has either not been verified or, if the collection has, it is a fake.
Users can als trade unverified NFTs just by turning on the option in the service.