The Auction — Introduction
This is the year of NFTs on NEAR. In 2022, we have already seen huge gains in the growth of established NFT marketplaces, such as Paras and Mintbase, the appearance of new marketplaces, such as Naksh and Nifty Comedians, and an explosion of generative projects. Paras reports a 30-day trading volume from Feb 26-March 28 at 3.5 million USD and 85,464 transactions. (stats.paras.id) Approximately a third of those transactions are secondary market sales.
While Paras and other marketplaces allow for secondary sales they are focused on the primary sales market and do not offer much to the secondary sales community. Several popular NFT projects on NEAR are trading only on the secondary market, NEARNauts for example, and the exchange experience has much to be desired. As generative NFT projects and collections grow on NEAR the desire for easy and lucrative secondary sales will also grow. The NEAR ecosystem needs to reflect this growth and maturation of the NFT community. Collectors, creators, and investors are working with limited tools built for a smaller ecosystem.
The Auction is a secondary marketplace for NFTs. It will launch to the public with simple English-style auctions for NFTs that comply with the NEP-171 standard, such as NFTs originating on Paras and Mintbase platforms or TenK Bay projects. The seller will set a beginning price, and interested collectors can submit their bids for the length of the auction. The Auction website is designed to be simple, usable and accessible without requiring knowledge of web3 technology. If you have a NEAR wallet you can participate in auctions. If you have NFTs in your NEAR wallet you can list them for auction with just a few taps.
This innovation in the NEAR NFT market will allow collectors to get the full value of their NFT investments. Collectors can compete at auction for favorite collections and rare pieces. Auctions can also help to balance out some of the inflated values that collectors are seeing on the secondary market and allow for more competitive pricing. The Auction will increase liquidity in the NEAR ecosystem, and as the secondary market grows the creators will have more opportunities to earn royalties on their original work.
After the initial launch, the dev team will continue working tirelessly on additional features. The Auction is planning for the option to bundle multiple NFTs into one auction, Aurora support, and eventually Ethereum support. The Auction’s whitelist of ten thousand Beta users is closed. These first fans will receive an exclusive NFT airdrop, an invite for a private auction, and they will receive their auction fees back. Although the whitelist is closed, The Auction will open for Alpha testing on testnet in April. We invite you to join our testnet and get a sneak peek at the product.
https://testnet.the-auction.io/
Bring your questions, comments and curiosity to Twitter Spaces every Friday at 11 am Eastern Time (3 pm GMT) for AMA with The Auction team https://twitter.com/the_auction_io
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