PriceWarrp™ is the name Warrp has given to the price of an item that is sold and bought on Warrp. This price changes every 12 hours from the time the item is activated for sale in the Warrp Marketplace by the seller.
Sellers will first list an item without a price and our Machine Learning Technology (MLT) and digital expert team will vet the item for approval and when this is ready, the item becomes Live.
A Live item is seen in the Warrp Marketplace without a PriceWarrp™ visible to other users. The item may receive Warrps (valuations) from other users and the seller themselves and whilst this is collected, the Seller can see a PriceWarrp™ recommended to them to start the first Active cycle of the item. It is entirely the choice of the Seller at what price point they wish to activate the item at however it is recommended that they proceed at what they or the market tells them the price is the moment an item becomes ready for activation.
When the item is activated, the price is fixed for a 12 hour duration (a Cycle). During each cycle, an item may receive Warrps and Buy Offers from other users on Warrp. It is entirely up to the Seller to decline or accept any Buy Offers received. Buy Offers expire at the end of each cycle which means if a new Buy Offer is to be made by a user, it will be made at the PriceWarrp™ of the new cycle.