Buying & Selling Gold
I. Buying
Login to your wallet.
If you're unsure which wallet is recommended for use on Yumi, please refer to this link here from the git book for more information.
It is essential to complete KYC (Know Your Customer) before purchasing Gold, Co-owned, or Shiku land. These assets require compliance with regulations, and only KYCed users can access them. You can find more information about KYC here in our dedicated section.
To access the Gold section, navigate to the Yumi Home page and click on the "Gold" tab.
Yumi Gold offers a range of different types of gold-based non-fungible tokens (NFTs) with different weights or amounts of gold represented by each token:
1g represents one gram of gold.
10g represents ten grams of gold.
100g represents one hundred grams of gold.
1kg represents one kilogram (1000 grams) of gold.
Each of these NFTs has different values based on the current market price of gold and other factors such as scarcity or demand. It is important for potential buyers to carefully evaluate the characteristics and pricing of each type of NFT before making a purchase decision.
Step five involves selecting the appropriate gold NFT for investment and then proceeding to purchase it by clicking on the "Buy" button.
When purchasing gold, it is important to accept the canister request from the wallet. it is also strongly recommended to avoid refreshing the page during the transaction processing.
II. Selling
To view all of your NFTs, navigate to the wallet section and select the "Collected" option.
This should display a list of all the NFTs that you currently own.
Choose the specific gold NFT that you want to sell from your collected NFTs.
After clicking on the sell button, you will observe that there are two options available for selling:
The user can sell their item at a price of their own choosing.
The other option is an instant sale to BAS, which means that the user can sell the gold quickly to BAS, but at the current gold fair market price.
3-a) Selling at your desired price
The approach employed here for trading gold is identical to the conventional method. In this method, users purchase the gold at a particular price and have the option to resell them at a later time at a preferred price point. To illustrate, one may choose to sell their NFTs at 500 ICP or 1000 ICP, etc.
3-b) Instant sell to BAS
Our approach to selling Gold NFTs involves ensuring that there is sufficient liquidity in the market in a way that holders can swap back their gold to ICP at any given time without hassle. This process is designed to be completed within 24 hours by default.
Please take note that BAS purchases gold at its present market value. Once you click on the "Sell" button, you will observe a new interface that includes a countdown timer showing the remaining time before BAS buys the gold.
The user can also revoke the selling action easily with one click on the "Cancel Repurchase" button.
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