Note: On 2025/3/10, the features for new sales and resales paid in XYM were discontinued, because XYM payments had not been used for more than a year.
HEXA, one of Japan's largest NFT marketplaces, is introducing general payments in Symbol XYM. NFT issuers will be able to sell NFTs for Symbol XYM, and NFT holders will be able to resell NFTs for Symbol XYM.
After consulting with lawyers, HEXA handles payments as described below under Japanese law (because general users can freely issue NFTs).
When an issuer sells in XYM
If an issuer makes a primary sale in XYM, buyers can purchase only in XYM. Buyers can resell not only in XYM but also in Japanese yen. Royalties on resales are paid in the crypto used at the time of issuance, so issuers receive them in XYM. This means that even if an NFT issued in XYM is resold on the secondary market in Japanese yen and generates a royalty, the issuer receives it in XYM rather than Japanese yen.
When the issuer sells in Japanese yen
If an issuer makes a primary sale in Japanese yen, buyers can purchase only in Japanese yen. Buyers can resell not only in Japanese yen but also in XYM. Royalties on resales are paid in the legal tender used at the time of issuance, so issuers receive them in Japanese yen. This means that even if an NFT issued in Japanese yen is resold on the secondary market in XYM and generates a royalty, the issuer receives it in Japanese yen rather than XYM.
How to issue NFTs for primary sale in XYM
To issue NFTs for primary sale in XYM, you first need a Symbol XYM wallet. Exchange accounts are not supported. You also need to go to My Page → Rewards in advance, select "Crypto rewards", and register your prefecture, name and wallet.
To register your wallet, follow the on-screen instructions and send a 0 XYM transaction with a specific message from your Symbol XYM wallet. Until you do this, you cannot sell in XYM.
Primary issuance in XYM
To issue (sell) NFTs for primary sale in XYM, select "Sell in crypto" (you cannot submit an issuance request unless your wallet is linked via My Page → Rewards). The only available sale formats are lottery sale (fixed price) and auction. If you want to hold a first-come, first-served sale, choose lottery sale and set the maximum number of reservations to 1.
Note that, at present, this feature lets you sell NFTs in XYM; it does not issue NFTs on the Symbol blockchain (you choose between the Polygon (MATIC) and Ethereum blockchains for issuance). A feature for issuing NFTs on the Symbol blockchain is under consideration for the future.
How to buy in XYM
When you win a lottery sale or win an auction, go to the payment page from the payment email or the notifications at the top of My Page and complete the payment.
To pay, follow the on-screen instructions and pay the price with a transaction carrying a specific message from your Symbol XYM wallet.
Reselling NFTs in XYM
To resell in XYM, you first need a Symbol XYM wallet. Exchange accounts are not supported. You also need to go to My Page → Rewards in advance, select "Crypto rewards", and register your prefecture, name and wallet.
To register your wallet, follow the on-screen instructions and send a 0 XYM transaction with a specific message from your Symbol XYM wallet. Until you do this, you cannot sell in XYM.
Once your wallet is linked, go to My Page → Owned NFTs → Sell and select "Sell in crypto" to resell for XYM by lottery sale (for first-come, first-served, set the maximum number to 1) or auction. You can also resell in XYM an NFT that was issued for primary sale in Japanese yen. In that case, the royalty is paid to the issuer in the currency of the primary issuance, while the reseller is paid in XYM.
Purchase offers in XYM
You can also make purchase offers in XYM. If the person who receives the offer has not linked or does not have a Symbol XYM wallet, they need to link a Symbol XYM wallet to accept the XYM purchase offer and resell the NFT.
When XYM rewards are paid
Currently, earnings are finalized every Tuesday at 23:59 and sent to your registered wallet during the day every Wednesday. Payments are currently made once a week, but we plan to shorten the interval for crypto in the future.