BIDSHOP

BIDSHOP is The First Decentralized Reverse Auction NFT Marketplace. It is a platform that addresses all these issues in a fun and unique manner, providing liquidity when it’s needed most. With a clever application of game theory, we intend to transform the traditional NFT market into a low-risk, auction-style marketplace, which benefits both the buyer and seller. Our gamified method of transacting NFTs allows us to facilitate and expedite the sale of NFTs in any price range, increasing liquidity and profit potential for the seller while giving buyers the opportunity to win an NFT for at least a 90% discount! Buyers will also receive platform rewards and fee sharing with increased bidding, incentivizing participation even if an auction isn’t won. BIDSHOP is a revolutionary approach to the classic format of buying and selling NFTs, seeking to address many of the shortcomings of the traditional NFT marketplace in a novel manner. The standard NFT marketplace model is built upon the same principles as asset exchanges, which inherently rely on liquidity to facilitate sales. However, with very polarized ends of the price spectrum, inexpensive NFTs crowd marketplaces with close to zero volume, and the more rare and sought-after NFTs sit at very high price floors, often trading very infrequently, if at all. Holders of both common and high-end NFTs may struggle to sell at a price they feel is fair, and many buyers may be uninterested in a given NFT at the price established by the sellers. Many NFT holders also face the potential for significant losses after mint — in particular in a bear market — due to the illiquidity inherent in the NFT marketplace; the classical liquidity model demands a 1-to-1 meeting of price between buyer and seller, which locks funds and NFTs into the “Bid/Ask” scheme. Inevitably, one side of this transaction must concede to the other, resulting in either the buyer paying more than they intended or the seller taking lower profit or even a loss to sell their NFT. These bottlenecks simultaneously price out many investors while reducing the frequency of NFT sales overall, frustrating both the owners of NFTs looking to sell, as well as prospective buyers who may feel locked out of the NFT sphere.