Who owns my NFT? When does it go into escrow?

When you create (aka mint) an NFT, you own that NFT.

You also own any NFT you buy after it is listed for sale, or that you claim when you win a reserve auction. 

However, when you list an NFT for sale, or list an NFT for reserve auction, the NFT is taken into escrow by OIX's smart contract. In this case, you will not show as the owner of the NFT on other platforms.

Contents:

What is escrow?

Why does OIX take NFTs into escrow?

Why don't I show as the owner on other platforms during the escrow period?

How do I remove my NFT from escrow?

Our escrow smart contract takes NFTs into escrow after they're listed to guarantee to the buyer that the asset exists and that it belongs to the seller. This gives both the buyer the peace of mind that they are getting what they pay for.

Similarly, during an auction, the smart contract also takes the highest bid into escrow. This gives the seller the security and peace of mind that they are going to receive the bid amount when the auction completes.

Why don't I show as the owner on other platforms during the escrow period?

While your NFT is in escrow, you won't show as the owner of the NFT on platforms other than OIX.

For example, if you look at your NFT on MetaMask or OpenSea, you will not see yourself as the owner.

OIX's escrow smart contract will show as the owning address. This is so OIX can guarantee the existence of the NFT.

OIX also takes bids into escrow to guarantee the existence of the funds on the buy side, which prevents scammers or fake bids on the platform.

How do I remove my NFT from escrow?

There are two ways to remove your NFT from escrow.

1. Unlist your NFT from sale or auction. If you unlist an NFT, it is taken out of escrow and returns to your possession.
2. Sell your NFT. If you sell or auction off your NFT, it becomes the property of the buyer.