Commission and fees
The statement expresses that Monumental places a strong emphasis on transparency in its operations by clearly indicating the fees and commissions it charges. The amount of fees and commissions that Monumental applies to an artwork sold depends on the specific type of space in which the artwork is being sold. By presenting the up-to-date rates to users, Monumental enables them to make informed decisions about the charges they will incur when selling their artwork on the platform, ultimately giving them more control over their selling process. It is noteworthy that the rates displayed accurately reflect the current fees and commissions that users will be subject to.
Since the Monumental Platform operates on the Ethereum network, which is a blockchain platform, transactions involving Smart Contracts require the payment of a transaction fee called the "Gas Fee." Ethereum's Gas Fee is a mechanism to allocate computational resources and prevent spam or misuse of the network. Each operation or transaction on the Ethereum network, including token creation, requires a certain amount of gas, which is paid for using the cryptocurrency Ether (ETH).
Therefore, when you create, mint, sell, purchase or send an artwork it is understood that for the performance of those activities, you shall bear the Gas Fee owed by Ethereum. The Gas Fee amount can vary depending osn the complexity of the transaction and the current network congestion
Besides to the Gas Fee, commission and fees will apply during each operation or transaction that occur on the specific type of spaces: Classic, Community or Charity.
You will acknowledge and agree that all space commission and Platform Fees related to a space will be transferred automatically respectively to the space account and the Monumental account created for this purpose.
The figures below illustrate a detailed breakdown of the financial aspects of the cryptocurrency operation on the Platform depending on the type of space used.
Classic Space
Classic Commission
| 1st market | 2nd market |
|---|---|
| 10 % | 0.25 % |
Monumental Platform Fees
| 1st market | 2nd market |
|---|---|
| 5 % | 2.75 % |
Collaborative Space
Collaborative Commission
| 1st market | 2nd market |
|---|---|
| 10 % | 0.25 % |
Monumental Platform Fees
| 1st market | 2nd market |
|---|---|
| 5 % | 2.75 % |
Charity Space
Charity Commission
| 1st market | 2nd market |
|---|---|
| 10 % | 0.25 % |
Monumental Platform Fees
| 1st market | 2nd market |
|---|---|
| 0 % | 0 % |
