What is the Buyback Wallet?
The Buyback Wallet is used to create buy orders for the player on the exchange when an IPO has ended. 5% of the IPO stock price is used to create a price floor.
For example, if 10,000 stocks of Cristiano Ronaldo sell for $1.00 each, this will generate a total of $10,000. 5% of this ($500) will be used to place a buy order for the player on the exchange at $0.05 per stock - creating a permanent price floor for the player.
Buyback creates a price floor
It’s impossible for the stock's value to drop below the buyback price, and all stock can be sold back for this price at any time - even when a player retires or moves to a currently unsupported league.
What is the purpose of the Buyback Wallet?
The purpose of the Buyback Wallet is to create a price floor for all stocks. This gives users the option to cash out their stocks at any time they like.
How do I use the buyback option?
The buyback is a buy order in the orderbook on the transfer market, it will cover all of the circulating stock supply for the stocks.
What happens with the stocks that I sell using buyback?
Stocks sold via the buyback option will be destroyed which can substantially decrease the total supply.
Where do the funds in the Buyback Wallet come from?
The funds in the Buyback Wallet come from the IPO (Initial Player Offering) sales. At the time of IPOs, 5% of the IPO sale price is moved to the Buyback Wallet.
Can the Buyback Wallet run out of money?
The buyback can not run of out of money. Since 5% of every stock's IPO price is immediately moved to the Buyback Wallet, there will always be enough funds in the Buyback Wallet for each stock's future buyback.
How do I see the current buyback price for the player?
The buyback order is the order in the orderbook which is for a quantity that is the same amount or more as the total supply of the stock.
Will buyback always be set at 5% of the IPO price?
We aim to increase buyback prices in the future as the staking wallet grows