Platform Fees
The world's first luxury asset 'split fee' model marketplace. OpenChrono operates a fair value 'split-fee' structure that supports both buyer and sellers.
Listing Process
It is important to note that the current owner/seller is required to set a desired 'asking price' when listing the watch on the marketplace.
This price is used to calculate the fee split which will be applied over the asking price. The buyer will thus pay more than the displayed 'asking price' but in return receive a set of contracts protecting them incase of any discrepancy in the asset once redeemed. This ensures our authentication experts are incentivised to provide accurate condition reporting. The seller will receive the asking price minus 'marketplace fees' and once the watch is sold is not accountable for any discrepancies with the asset.
MarketPlace Fee
2.5% - Paid by seller The seller fee is paid by the seller as a fee for making use of the OpenChrono platform
Contract Fee
1% - Paid by buyer The contract fee is to compensate for the costs of operating the smart contracts and warranty set
Authenticator Fee
1% - Paid by buyer The authentication is to compensate for the costs of the authentication process and associated warranty offered by the authentication expert
Storage Fee
Paid by buyer - 0.5% asset value or £200 minimum The storage fee is to compensate for the costs related to storing the watch in the secure vault, built out of the OpenChrono storage network, as well as the cost of secure transport between the authentication expert and the vault (provided by Malca- Amit armoured service). A storage fee covers an asset for a 12 month period, this resets upon every asset transfer to the new owner as the fee is paid upon sale.
Recurring Fee Structure
We are able to keep our fee structure low due to the recurring transaction policy, providing a disruptive and fair value model to our community and user base.
Conclusion
OpenChrono offers industry leading value to both its buyers and sellers. No longer do watch enthusiasts need to take 10%+ haircuts on final sales price or participate in high risk environments with no transaction framework or protection measures. OpenChrono finally gives end users a toolset to transact in a safe and transparent way. An example of a typical OpenChrono transaction is listed below.
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