Definitions

Core concepts

Term	Definition
Buy Order	A contract with a seller, to buy any NFT from the collection for the settlement price, and be delivered before the settlement deadline
Sell Order	A contract with a buyer, to sell any NFT from the collection for the settlement price, and deliver it before the settlement deadline.
Buyer	Someone taking a buy order
Seller	Someone taking a sell order
Settlement Price	The price set by the BullvBear protocol, the buyer should pay to get any NFT from a collection by the settlement deadline from the seller
Settlement Deadline	The deadline by which the seller has to send the NFT to settle the order. If no NFT is sent by this deadline, the seller security deposit will be transferred to the buyer.
Security deposit	The amount the seller pays to start a sell order - generally 10% to 30% of the floor price of the collection. When the seller sends an NFT, he will get his security deposit back + the settlement price paid by the buyer to acquire the NFT. If no NFT is sent, the seller will loose this security deposit.
Order matching	For an order to start, a buyer needs to match with a seller. If you take a buy order, you need to match with a seller. If you take a sell order, you need to match with a buyer. You have until the order expiration to match with someone or the order will be expired.
Order expiration	Prices are regularly updated on BullvBear to reflect the latest collection activity. If you take an order, it will be available for matching until the next round of prices. This deadline is the order expiration deadline (usually a few hours for a settlement in 24h). This ensure that there is always one set of parameters available for each collection, and reflecting the current market activity.
Order settlement	The settlement marks the end of the contract between the seller and the buyer. An order can be settled in 2 ways: - the seller sends an NFT to the buyer. The buyer receives the NFT, the seller receive his security deposit back + the settlement price paid by the buyer - the buyer doesn't send any NFT. In that case his initial security deposit is transferred to the buyer and the buyer gets the settlement price back.
Reclaim	When an order is settled, the NFTs and the funds are stored into the BullvBear smart contract. For the buyer to transfer the NFTs or the funds of his settled buy order, he has to reclaim it from the orders page. For the seller to transfer the funds of his settled sell order, he has to reclaim it from the order page.