Earlier this week, Zignaly rolled out their first Defi product called ZigBids. Fortunately, I was one of the winners of the inaugural auction — an NFT from the Ukiyo collection on Solana!
Having tried out the product live (& having proof of concept since I won), I thought I’d share my two cents with you on my experience.
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Introduction
In layman’s terms, this is primarily an on-chain auctions protocol housed on the Polygon chain & using the native coin, $ZIG, as currency for bidding and claiming.
The project team at Zignaly has developed the product with the intention of disrupting the $20bn NFT market. Hence, the focus, at least initially, is going to be on auctioning pre-minted NFTs. However, the versatility in design means that any on-chain asset can be monetized & auctioned using their protocol.
The product itself is expected to be deflationary as the $ZIGs bid in the auction and the claim amount (paid in $ZIG) go directly into the Zignaly treasury. This reduces the circulating supply.
I did two threads on Twitter explaining the product from various perspectives — bidders & coin holders. You can check them out here and here for further comprehension.
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The Experience
I deposited 190 $Zig coins through MetaMask (Polygon main-net) onto the ZigBids wallet linked to my ZigBids profile & waited eagerly for the clock to run down and the auction to start — which it did punctually.
The way the auction works is that every time you bid, 1 $ZIG is deducted from your wallet and you're catapulted to the top of the leaderboard. Consequently, the claim price (initially set at 0.01 $ZIG) rises by 0.01 every time someone bids.
The rules state that if you are in one of the top spots with the 🏆 emoji, come the end of the auction, you win.
Another “gamified” feature is that the clock never runs down in one go. So if you’re down to 8 seconds and someone bids, the clock resets by another 8 to 10 seconds. This elongates the auction and allows more bids to keep coming through and keeps things interesting.
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The Winnings
Immediately after the auction closes, the bidders on the top of the leaderboard have the option to claim the prize. If opted in within time, the requisite amount is deducted from your wallet.
The next steps are quite straightforward. You’re contacted on the Zignaly discord by a crew member who will ask for your wallet. The NFT is then sent to you.
I placed a bid a total of 83 times whereas the total bids received were 2,198 thus setting a claim amount of 21.98 $ZIG. Thus, my total outlay was 104.98 $ZIG, almost $1. In return, the NFT I have received has a floor price of 6 $SOL, worth almost $180!
Solid Reward to Risk Ratio- I am sure you would agree!
Conclusions
This was my second experience having tried out the product first as part of a closed group demo.
My experience suggests this is a solid development by the Zignaly Team which runs smoothly & flawlessly.
Ignoring the perspective that it is designed to be extremely beneficial for $ZIG coin holders in the medium to long term, as a bidder, I found this to be a far better way to participate in the NFT space. Indeed, this product disrupts the traditional NFT market in more ways than one. More on that, some other time.
For now, come hop aboard this train which I term #Bid2Earn.
Disclaimer: The views presented in the post are the personal opinion of the author & do not represent that of his employer nor are financial advice. Please do your own research before investing in or using any product mentioned in the post. The author may or may not be invested in any particular product.
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