Open The Auction Hall! (Bid-2-Earn) (3/10)

After a long time here we meet again!

We are excited to introduce the Auction Hall! The place where you can Bid-2-Earn !

The launch event consists of discovering "The Reveal Stone" a 1-of-1 item with unique powers! The stone is one of the most powerful in the universe!

With the Launch of The Auction Hall, we are opening the possibility for both our collections: Arkadians and Arkadia: Edibles to be traded on our Marketplace, with the plan of letting all Arkadia Park partners make their collections eligible to be auctioned at the hall.

The Auction Hall is where bidders make money even when they are outbid! Everybody wins!

Some of the reasons why we implemented this:

More participants Bidders are incentivised to bid, making auctions more engaging and popular.

More revenue More participants and better price discovery means you always sell at the best possible price.

More fun Your auctions are fairer because bots lose their advantage, and everybody wins.

Everybody wins In a typical auction, there is only one winner and everyone else loses. Many auctions don’t attract enough bidders and some get none at all. The Auction Hall turns any auction into a great experience where you either win or make money.

You place a bid, and if someone outbids you, you get your bid back, plus a share from the pot called an incentive.

How it works When a new bid is placed, the formula calculates how much money that bidder will earn if they are outbid.

Every bidder that gets outbid earns an incentive, and the highest bidder at the end of the auction wins, with the seller receiving what is left in the pot.

The auction is expected to start 24 hours after the decision was taken through this proposal.

Arkadians Revenue Share

17% of the revenue obtained by auctioning "The Reveal Stone" will be distributed to active Arkadian holders.

PROPOSAL

The auction is expected to start 24 hours after the decision was taken through this proposal.

There are multiple ways of launching The Reveal Stone auction the main differentiator being the reward bidders obtain for being outbid on the auction. We will list them down below and let the community pick which one works best.

Low (0.5%-2%) Bidders will make between 0.5% and 2% return on their bid. In total, bidders will receive up to 6% of the winning bid.

Medium (0.5%-5%) Bidders will make between 0.5% and 5% return on their bid. In total, bidders will receive up to 10% of the winning bid

High (1%-10%) Bidders will make between 1% and 10% return on their bid. In total, bidders will receive up to 15% of the winning bid.

Degen (2%-20%) Bidders will make between 2% and 20% return on their bid. In total, bidders will receive up to 25% of the winning bid.

TL;DR

The Lower Percentage Pick means a higher revenue shared between Arkadians but a lower incentive whenever somebody gets outbid.

The Higher Percentage Pick means a lower revenue shared between Arkadians but a higher incentive for participants in the auction that get outbid.