Summary

Trava Knight NFT Auction V1 is one of the essential steps in developing the TRAVA ecosystem as a pioneering step for starting NFT-collateralization in the future Lending Pool. During the auction, users can bid on Trava NFT Knights to win a chance of owning the most valuable Knights with a rare Armoury. In addition, the auction helps users assess NFT value more clearly and clarify the position of Knight NFT in the Trava Lending Pool when NFT-collateralization is available.

The auction’s rules and mechanism are crucial in providing the precise pricing for the collateralization in the Trava lending pool, attracting more participants, and increasing the value of Knights. The auction mechanism was published last week with the following rules:

• The time range for an auction is from 1 - 7 days.
• Auction is ONLY cancellable when it has NO BIDS. After the first bid comes in, neither you nor we can cancel it, as rules are written in the smart contract.
• When the bidding countdown is less than 5 minutes left, every new bid will extend the countdown by 5 minutes.
• Each bid price will be increased by at least 5% of the previous one. Once the countdown ends, the auction item will be obtained by the last/highest bidder.
• The most important rule: 5% of the price increase for each bid is distributed to the previous bidder, and the remaining 95% would be the income of the auction publisher if it’s the last bid or returned to the bidder when it’s outbid.

Motivation

In the process of developing Trava Knights NFT, the Trava Team always listens to users’ opinions and suggestions. When the Trava NFT mechanism was released, many users suggested shortening the auction time range so that the bidders could own Knight NFTs faster and the sellers could have the $TRAVA more quickly. In contrast, many users think that 7 days is an appropriate period because there will be many bidders from different time zones. These bidders need more bidding time; hence, the 7-day time range is fair. Furthermore, this period is also beneficial to the sellers because they can approach more bidders.

The time range shows the minimum time to the maximum time of an auction to be open. If the time range is from 1 day to 7 days, that means sellers have to set their auction opened at least in 1 day or maximum in 7 days.

Our Governance listens to every opinion on the Trava Forum. We decided to carry out this vote to give users the power in the decision-making process of the Trava Knights NFT auction. Therefore, the decision of the auction time range is in the hands of our users, who have $TRAVA and utilize the Trava Lending Pool.

Voting options

🛡️ 1 hour - 3 days 🛡️ 1 day - 7 days