Introducing sealed bid auctions on ActiList!
Are you tired of the same old open NFT auction style? The common auction style in the NFT community is the open auction or public auction style. Where everyone knows the items, and everyone can see what the highest bid is. Every NFT marketplace offers this same “open auction”, along with a “buy now” option.
At ActiList we believe that a marketplace should have a variety of options, and NFT communities should have fun while participating! That is why sealed bid auctions are the first alternate auction type going live on ActiList!
What are sealed bid auctions?
A sealed bid auction is an auction where all participants “blindly” bid on an item, making their best offer immediately. The item is known to everyone, but nobody knows how much the others are bidding.
Only after all bids are in, and the round is closed does a winner get revealed.
Because this auction type leverages private bidding, the Secret Network is the perfect home for the sealed bid marketplace.
This type of auction introduces a strategy that is not available in traditional open auctions.
How it works
When a seller creates a sealed bid auction, they will set an opening and closing time and announce or promote it to all interested parties.
Once the round starts, each participant may place a single bid with the maximum they are willing to pay.
When the auction time ends the bids are viewed and the highest bidder is chosen as the winner.
Participants are notified if they have won or lost, and the winner is able to claim the item.
Sellers can do better with sealed bid auctions
Some of the benefits of this action style include:
- Encourage people to bid more at the beginning of the auction in order to ensure winning.
- Can encourage better pricing for special items.
- Especially powerful for Highly sought-after items.
- Introduces new strategy to the NFT experience.
- Adds excitement and anticipation from not knowing what competitors are doing.
This is especially useful for sellers of very popular items that are sure to have people competing for them.
This is also very powerful for artists and creators of very popular collections and items.
This is only the beginning
ActList is designing a gamified marketplace that will include many options, with more being added regularly over time.
We are introducing a queue to our “Fixed price auctions” which will allow participants to compete on items at a fixed price by using different dynamics such as loyalty points, community rank, or even randomized winners, and more.
Batched auctions and listings where multiple items can be listed together including entire collections!
And we will not stop there. The community will be able to decide on the next auction types to be added once our MVP products have been shipped!
Get involved
Make sure you follow our socials to stay up to date on our progress and join the conversation to let us know what you want to see most in your marketplace experience!
