Rating system

On this web site users can rate other users's works, however the rating system is different than those you might have already come across. Namely, if you want to rate a work you have to decide on one of three positive or negative marks. Every mark has a number (a weight) associated with it and the total work's rating is defined as the sum of all given votes. The ratings scale along with the associated weights is presented below:

Every user may rate any particular work only once.

The total rating of an artist is based on ratings of the works he/she has published. At the moment this is just the sum of total ratings of those works.

Virtual credits and markets

The medium of exchange on this web site are so called virtual credits (credits for short), which you may buy online in the player's headquarters (accessible only after you sign in). There you can also request a credits withdrawal at any time. The symbol used for denoting credits is ¤.

On the web site we will be using a term market which is tightly coupled to the currency used to buy credits. At the moment users can pay in four currencies so there are four markets:

The table below presents real values of one credit for each market in the currency associated with this market:

The user may have credits on many markets, however one should note that the respective markets (as well as currencies linked to them) are independent of each other. This means that unless you have credits on a particular market, you will not be able to make transactions (eg. buy artists' stocks) on this market, even if you have credits on another market. In other words - it is not possible to transfer credits between virtual accounts associated with each market.

Emission of artist's stocks

After every publication of a work by an artist, there takes place an emission of some amount of stocks. The owner of these stocks is the so called emittent.

The stocks are emitted on each market and the number of these stocks is the same. After emission the stocks are immediately put on sale at the minimum price of ¤0.10.

The artist who publishes a work (which results in the stocks getting emitted) gets 25% of the transaction value when other users decide to buy the stocks from the emittent. The artist may not buy or sell stocks which were emitted due to the publication of his/her own work.

Price of artist's stocks

The price of a single stock is deteremined solely by the total rating of the artist. One should note that this is different than on real stocks exchange markets. The users nave no possibility to specify for what price they want to buy or sell stocks - the price depends only on the ratings of artist's works.

The price of a single stock is calculated as follows:

where P_A is the price of a single stock of the artist A and S_A is the artist's total rating (ie. the sum of all of his/her total works ratings). Note that this equation implies that the price may not fall under ¤0.10, even if the artist's total rating is smaller than 0.

Buying artists' stocks

In order to buy stocks one should decide on an artist whose stocks have been put on sale (either by the emittent or by other players), choose a market and specify two values: the number of stocks and the maximum price. The second value specifies the maximum price of a single stock that the player is willing to pay.

At the moment there is no possibility to make buy offers with expiration period. This means that the buy offer must be either realized at the time it's being made or else it will expire immediately.

In the situation when the player has insufficient number of credits for an offer to be fully realized, the offer will be cancelled (no stocks will be bought). If, however, the player has sufficient number of credits but there is not enough stocks on the market, the offer will be realized partially and the unrealized part will expire.

Selling artists' stocks

Selling artists' stocks differs from buying them in that instead of a maximum price there is a minimum price under which the player is no longer willing to sell. The player has also the possibility to specify the expiration period ater which the offer is removed from the market.

Realization of offers for artists' stocks

As it is been already mentioned, transactions can only be realized at a current price which is determined solely by the artist's total rating. This means that in order for two offers (buy and sell) to be matched, the following condition must be met:

where PS_min - the minimum price set for the sell offer, PB_max - the maximum price set for the buy offer, P_A - the current price of a single stock of the artist A.

Player's offers are realized with respect to the order in which they are made. It is worth noting however that the offers made by players have higher priority than the offers made by the emittent. In practice this means that the offers for selling newly emitted stocks will not be blocking the user's offers.

Fees

There is a fee for every realized buy or sell offer. It is a 1% of the total transaction value. There is no fee for unrealized offers (ie. for example for the expired ones). For offers realized partially the fee is charged only for the realized part.

Profits from invitations to view profile

In the headquarters (accessible only after you sign in) there is a form which allows the user to send invitations to view his/her profile. If the invited person decides to register (and verifies his/her e-mail address), then the user who sent the invitation will benefit in the following ways:

• the artists will be allowed to publish one additional work for every 3 invited people (every publication results in emission of stocks), despite any limits,
• the players will be obtaining profits for every transaction made by the invited person - 10% of the fee that the invited person has to pay for his/her realized offers.

Final remarks

• When a floating-point value is displayed on the web site (eg. number of credits, stocks prices, etc.) there takes place rounding to two decimal places but that does not have influence on the actual holding. For example, if the player has ¤100.233 on his/her account, the displayed number will be ¤100.23 but those ¤0.003 are still in possesion of the player.