---
title: "For Collectors — The Secondary Market"
description: "How PD Outputs trade after mint: PD's own market and offer book, Takeovers, third-party venues, the 5% EIP-2981 royalty, and how to verify authenticity before buying."
category: "for-collectors"
keywords: ["secondary market", "trading", "offers", "offers desk", "cash out", "listings", "takeover", "royalties", "verification", "isProject"]
last_updated: "2026-09-20"
---

# For Collectors — The Secondary Market

After primary mint, Outputs trade two ways: **inside PD**, on the platform's own market and offer book, or anywhere else their owners choose — they're standard ERC-721s. This page covers both, what the royalty does, and how to verify an Output before you buy it.

## Trading inside PD

PD runs its **own order book** — listings and offers live in the app, and the community's discussion happens where the prices are:

- **List, buy, and offer** from any Output page. Offers come in three scopes: a single Output, **any Output of a collection**, or **any Output with a trait** you name.
- **Batch actions** — multi-select Outputs to list, re-list, or offer on many at once with one signature; **sweeps** fill several listings in one motion.
- **The Offers book** — every Project's **+More → Offers** tab is the offers HQ: the full live book of item, collection, and trait bids, searchable, with each row actionable on its Output.
- **[The Offers Desk](#the-offers-desk-)** — your own profile's **+More → Offers** tab, which answers the seller's question the book never does: if I said yes to everything right now, what do I walk away with?
- **[Takeover](/docs/takeover) ⚑** — the blanket premium bid on another collector's entire position. Takeover offers ride the same book, wear a badge in the Offers tab, and cannot be withdrawn during their 72-hour window — enforceable precisely because the book is PD's own.

During the test phase the book settles in sim ETH; at chain cutover the same book carries wallet-signed Seaport orders and settles on-chain. Nothing about the surfaces changes.

(The art market has a sibling: [sticker sheets trade on their own book](/docs/stickers/the-marketplace), with the same fee rates and the same order grammar at pocket-money stakes.)

## The Offers Desk ✶

**How:** Your profile → **+More → Offers**.

The Project's Offers tab is the *book* — every bid on that project, whoever made it. Your profile's Offers tab is your **desk**: every offer pointed at you and every offer you have out, read as money rather than as a list.

**The desk, at the top.** Six figures, and the first one is the point:

- **Cash out now** — the most ETH you could actually take today. Not a sum of every bid: a real **accept-this-set plan**. An Output can only be sold once, so overlapping bids (an item bid and a collection bid that both want the same Output) never double-count — the desk works out which offer each Output is best used on, and **marks those rows** in the list below so you can see the plan, not just the number. It also tells you how many of your Outputs have a bid at all, and what that total is as a share of your holdings' floor value.
- **Committed out** — ETH tied up in your own open offers.
- **Free after** — cash out minus committed: what you'd really have to bid with.
- **Best single** — your biggest single offer, and which Output it's on.
- **Held at floor** — your position valued at each project's live floor.
- **Expiring 24h** — how many offers on both sides are about to lapse.

**The two books, underneath.** *Incoming* — offers on your Outputs, best first. *Outgoing* — what you've got working, each row saying whether it's the top bid or who outbid you. Every row carries the money around the offer: it against the project's **live floor**, what **you paid**, what the Output **last sold** for, and the bidder with how many deals you've already done together. Takeovers ⚑ wear their badge, and expiry rides every row.

Rows also carry the Output's **rarity rank and artist** under the money, and an incoming row shows the bidder's PriceRank beside their name — context without burying the figure.

Every number turns to your currency when [fiat mode](/docs/app/settings-and-display) is on.

**Where the buttons are.** Tapping a row takes you to that Output's own offers panel, where accept, decline and cancel live. Those verbs have exactly one home in the app, deliberately — the desk is for deciding, the Output is for doing.

## Trading elsewhere

Also fully supported: third-party marketplaces with standard ERC-721 trading. Every PD Project signals a **5% royalty through EIP-2981** — venues that honor the standard route 3% of each sale to the artist and 2% to the platform automatically, via the Project's own on-chain splitter. Venues that ignore the standard can trade the token without paying it; that is a marketplace-side choice no contract can prevent.

## How PriceOS reads the market

Listings, offers, sales, and transfers flow back into the app and become the discussion:

- **The Tape** — the persistent live ticker of market events running through the app chrome.
- **Price Story** — the narrative reading of a Project's or Output's price history.
- **Pings** — your notification stream for the events you care about: sales of your Outputs, wishlist hits, follows, price crossings. See [Pings](/docs/pings/overview).
- **The Genome, the Radar, Price Targets** — the analytical layer. See [the App overview](/docs/app/overview).

## Verify before you buy

Anyone can deploy an ERC-721 and claim it is a PD Project. Authenticity is a single on-chain read against the factory — definitive, free, and independent of PD's servers:

```ts
import { createPublicClient, http } from 'viem'
import { mainnet } from 'viem/chains'

const client = createPublicClient({ chain: mainnet, transport: http() })

const authentic = await client.readContract({
  address: PD_FACTORY_ADDRESS,
  abi: pdFactoryAbi,
  functionName: 'isProject',
  args: [projectAddress],
})
// true ⇔ this contract was deployed by PDFactory
```

The app only ever surfaces authentic Projects, so verification matters mainly when you're buying somewhere PD isn't — an unfamiliar venue, a private deal, a link someone sent you.

Full provenance — the original minter and the complete custody chain — is readable from the Project contract's standard `Transfer` events and each Output's on-chain `tokenHash`.

## What you pay

The listing price, the venue's gas, and any venue-specific fee. The royalty comes out of the seller's proceeds, not on top of your price.

> **What your wallet will show you.** Buying: the listing price, plus your wallet's own network-fee (gas) line — nothing else; the 5% royalty is carried by the seller's side, never added to yours. Selling: accepting an offer or filling a listing nets you the price **minus the 5%** (3% to the artist, 2% to the platform), and the split settles in the same transaction — there is no invoice later. Trades on [the Exchange](/docs/exchange) are the exception that costs nothing: barter moves no sale price, so no fee and no royalty, ever.

## Further reading

- [How PD Works](/docs/for-collectors/how-pd-works)
- [Royalties, from the artist's side](/docs/for-artists/royalties)
- [PDFactory contract reference](/docs/contracts/pd-factory)