On a blockchain, anyone can check every transaction
Anyone can check on the blockchain how much was sent from which address to which address. So whether or not a payment has been received is clear to everyone.
To ensure transparency in deposits and withdrawals, HEXA publishes its deposit and withdrawal address. This lets anyone see, whenever they like, when HEXA received Ether (ETH) and from which address.
And because these records are kept on the blockchain, HEXA cannot rewrite them on its own. This is how transparency is ensured.
How to check HEXA's deposits and withdrawals
After an auction ends, a section called "Proof of deposits and withdrawals via blockchain" is displayed. HEXA's deposit wallet address is published there. We also provide a link to "Etherscan," an external website where you can check the deposit and withdrawal history on the blockchain for this wallet address. From there, you can check whether the auction amount was actually deposited into HEXA's deposit and withdrawal wallet.
HEXA compares the wallet address verified at the time of bidding with the wallet address from which the payment actually came, and if there is a matching payment, it is double-checked by both the system and a person for safety, and then approved. Approval is completed within 24 hours of the winning bidder's request to confirm the transfer, and the NFT is then sent to the wallet address the payment came from.
How to read deposits and withdrawals on Etherscan
On Etherscan, you can see the current ETH balance and past deposit and withdrawal history of a specified wallet address. As shown in the figure below, you can easily check the date and time, the sending address, the receiving address, the amount sent, and the fee charged for the transfer (the fee charged for deposits and withdrawals on the blockchain, which becomes the reward for the miners doing the mining).
If a payment has been made, the amount sent will show the winning bid amount, the receiving address will show HEXA's wallet address, and the sending address will show the winning bidder's wallet address. This way, anyone can confirm that a payment from the winning bidder to HEXA has been made.
How money flows at HEXA
The flow of money at HEXA is as follows. With permission from the influencer, HEXA issues an NFT of the relevant post and sells it as a product. In return, HEXA pays the influencer 80% as a reward. Please note that the flow of money differs depending on whether the influencer lives overseas or in Japan, because consumption tax is handled differently.
If the influencer lives in Japan
HEXA receives from the winning bidder the sale price of the tweet NFT including consumption tax (= the winning bid amount). Let's call this 110%, tax included. HEXA then sends the 2% of consumption tax (the net amount) to HEXA's account at a domestic exchange to convert it into Japanese yen (because the consumption tax liability arises based on the yen equivalent at the time the ETH is received, this is done to minimize the risk of price fluctuations). HEXA pays the remaining 88% (80% influencer reward + 8% consumption tax) to the influencer as the reward for turning the post into a tweet NFT.
If the influencer lives overseas
HEXA receives from the winning bidder the sale price of the tweet NFT including consumption tax (= the winning bid amount). Let's call this 110%, tax included. HEXA then sends the 10% of consumption tax to HEXA's account at a domestic exchange to convert it into Japanese yen (because the consumption tax liability arises based on the yen equivalent at the time the ETH is received, this is done to minimize the risk of price fluctuations). HEXA pays the remaining 80% to the influencer as the reward for turning the post into a tweet NFT.
