Your guide to the CometVerse Marketplace

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Introduction

The CometVerse Marketplace went live earlier this week, and since then many Comet avatars and collectibles have been traded. Participating in the marketplace can be a lot of fun, but there’s a lot going on and can seem a bit complicated to new users. We’ve prepared a guide for you on how to go about trading your CometVerse collectibles as well as some tips and tricks to make the marketplace experience as fun and exciting as possible!

If you’re unfamiliar with CometVerse, it is a platform utilizing and showcasing the power of Comet, where players can chat and create their own decentralized Comet avatars. By participating in free item giveaways, players can acquire unique and rare items that modify the appearance and behavior of their avatars.

These Comet avatars and cosmetic collectible items are VIP-181 non-fungible tokens (NFT), meaning each item is a unique token on the blockchain and they have a fixed supply once minted. Since all of the collectibles in CometVerse are tokens, it is a natural fit for a marketplace to enable P2P trading. Now let’s jump into the marketplace guide!

Getting Started

CometVerse dApps require you to have the Comet browser extension installed and set up. If you haven’t already done so, you can get the Comet extension here!

Here is a simple guide by VeChainInsider on how to properly set up the Comet wallet:

Before you start buying and selling items, you’ll want to head over to https://beta.cometverse.com to create your very own Comet avatar. Your first avatar is free to create and afterwards you’ll be able to participate in the many item giveaways.

Items are usually given out in the “Rewards” tab of the beta.cometverse.com dApp, but make sure to follow @cometpowered on Twitter and Telegram for all of the latest news and giveaways!

Just as creating your first Comet avatar is free, the transactions costs for claiming items are also sponsored through MPP. In essence, using CometVerse does not require owning or buying cryptocurrencies.

Now that you have your avatar and maybe even a cool item or two, head over to the marketplace at https://market.cometverse.com. On the home page you’ll be greeted by the hottest and most popular items currently for sale.

The frontpage of the CometVerse Marketplace.

Currently, the featured item is the VET Cadet Helmet, of which 1 out of a total supply of 10 is being sold. Click on the helmet to go to the listing page.

The exclusive VET Cadet Helmet currently up for auction.

On this listing page you will find various information about the auction like the duration, highest offer, and seller. You can also place bids on the item from this screen, but we’ll touch on that later.

Item info

Below the listing overview you will see information about the item for sale. Using the VET Cadet Helmet as an example you can see that it is of type “hat”, has a rank of 1, a circulating supply of 1, and a total supply of 10.

The Item Info section of the VET Cadet Helmet.

Item Type

All items in CometVerse have a type that refers to how you interact with that item. The VET Cadet helmet is of type “hat”, meaning when you equip it, it goes in your hat slot. You can only have one of each item type equipped at a time.

Currently there are 3 types of items: hats, eye-wear, and chat stickers. Many more item types will be released in the future!

Rank

The rank of an item signifies its minting order. For the VET Cadet Helmet you can see it has a rank of 1. This means that of the 10 VET Cadet Helmets in existence, this was the first one created.

Circulating Supply

The circulating supply of an item signifies the number currently freely tradeable on the marketplace. The VET Cadet Helmet has a circulating supply of 1, meaning that it is the only one that can currently be bought and sold. Other items like the Monocle have a much higher circulating supply of 137. These numbers may increase over time as they get removed from or added to the circulation.

Total Supply

The total supply is the total number of that item in existence. The VET Cadet Helmet has a total supply of 10, meaning there will never be more than 10 of these that exist. It is possible that a different variation of the item could be released in the future, for example, there are a total of 250 Red Ninja Headbands but it is likely that in the future Ninja Headbands of a different color will be released.

Placing Bids

Now that you have some background information on how the CometVerse items work, let’s place our first bid! Below the Item Info section you’ll see “Open Bids”. These are all of the top offers for the current listing.

The Open Bids and My Bids section for the VET Cadet Helmet auction.

Below you’ll find the “My Bids” section with your current bids for the VET Cadet Helmet. To place your first bid on the exclusive VET Cadet Helmet, follow these steps:

  1. Click the “Place Bid” button.
  2. Login if prompted. You will see some strange looking characters on the Comet popup when you log in. This is normal and what a hashed message looks like when displayed as text, so no need to be alarmed.
  3. If this is your first time logging in, you will be presented a modal explaining VET+. We’ll explain this in further detail in the next section, but for now click the approve VET+ button and continue to the next step.
  4. Type in the desired bid amount.
  5. If you don’t have VET+, you will be presented with a modal to convert the required VET to VET+.
  6. You will be presented with a final modal to sign your bid.

This process will be lengthy your first time through as you need to approve different contracts through various Comet popup windows. This is a necessary step for smart contract authorization, though Comet makes this as simple and seamless as possible.

Congratulations! You’ve placed your first bid. Currently it is possible to cancel your bid, however this is detrimental to the market workings of the CometVerse Marketplace and we have faith in the integrity of the individuals behind the different Comet avatars. In the future a reputation system will be implemented, so don’t make it a habit to cancel bids after you’ve placed them!

What is VET+?

By now you’ve probably seen that the CometVerse Marketplace runs on VET+, not VET. VET+ is the VIP-180 representation of VET. It lets you use your VET to interact with dApps, a requirement of any decentralized marketplace.

A visual representation of the VET to VET+ conversion.

1 VET+ will always be worth 1 VET, and you can freely convert back and forth between the two whenever you like. Keep in mind that converting VET to VET+ and vice versa requires some VTHO.

Now that we’ve learned how to place bids, let’s move on to creating auctions!

Creating your first auction

Once you have acquired a few Comet items, either by claiming rewards in CometVerse, or by buying items through the CometVerse Marketplace, you might want to put them up for auction. Click on the Sell link in the top navigation bar to begin the process.

Here you will see a collection of all the items you own, including your Comet avatar(s). You can filter your items based on item type. The process of creating an auction goes as follows:

  1. Navigate to Sell screen
  2. Click on the item you want to sell
  3. If prompted to approve, go through that flow (it’s free with MPP)
  4. Set a duration for your auction
  5. Click create
  6. Done!

Things to keep in mind:

  • You need to manually complete your auctions after they close. You can do this by going to your account page under the “Needs Completion” section. When an auction has ended and needs completion, you’ll receive a pop-up. You have 3 days after the auction ends to complete it.
  • Cancelling auctions after they’ve expired will hurt your reputation score.

Frequently asked questions

If my Comet avatar is currently equipped with accessories and I put it up for auction, does it also transfer those accessories?

No, the accessories are VIP-181 tokens in your Comet wallet. When putting up your Comet for auction, you will only transfer your Comet.

When I sell my Comet, will I generate a new Comet?

When you sell your Comet, you will transfer your Comet token to the buyer. You’ll be able to create a new one at https://beta.cometverse.com.

When I buy a new Comet, will I have two different Comets on the same address?

Yes, a wallet can hold any number of Comets. However, only one Comet can be active at a time.

Upcoming features

The CometVerse marketplace has many features coming to improve the experience for both sellers and buyers. A few upcoming features are:

  • Set a “Buy Now” price when creating auctions.
  • Set a reserve price (minimum bid) when creating auctions.
  • Reputation system for both buyers and sellers
  • And much more!

Conclusion

The CometVerse Marketplace is a great way to dip your toes into the world of blockchain applications as it is designed in a way that lets you jump right into the actions without the common usability barriers of other dApps. Combined with an attractive and seamless UX/UI, and cool and unique VIP-181 collectibles, CometVerse presents a great example for other dApp developers to build fun and usable decentralized applications.

Further reading

Comet allows you to interact with dApps and sign transactions directly from your browser. You can read more about how this works and why this is important here.

The CometVerse Marketplace is powered by the Valkyrie Protocol, a decentralized marketplace protocol on VeChainThor. Developers that want to try out and use the Valkyrie Protocol for their own dApps can request access at https://www.valkyrie.dev/.

Links

CometVerse

Comet

Valkyrie Protocol

Totient

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DISCLAIMER: This article is for informational purposes only and does not provide legal, financial or investment advice.