TRAVA KNIGHT NFT AUCTION - VOTING FOR THE PERCENTAGE THAT THE LATER BIDDER PAYS FOR THE EARLIER BIDDER

Voting ended almost 4 years agoSucceeded

Summary

Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. NFT auction allows sellers and buyers to interact and agree on a price for the NFT that is being auctioned. Therefore, auctions on blockchain platforms are essential. In the Trava Knight NFT Auction, each NFT is evaluated clearly. These values will verify the position of Knight NFT in the Trava Lending Pool when NFT-collateralization is available.

In the protocol of Trava Knight NFT, the most important mechanism is the percentage that the later bidder pays to the earlier bidder. As mentioned in the NFT document, 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.

Note: The percentage that the later bidder pays for the earlier bidder is the same as the percentage that the sellers need to pay for the platform. So, 5% is also the amount auction publishers pay to the marketplace, which means that after receiving 95% of the final bidding price as income, sellers need to pay 5% of the income to the NFT marketplace. Therefore, the final payment rate that the sellers receive is 90.25% of the final bid. This fee is utilized for marketing, operating, and functioning.

Motivation

During the Trava Knights NFT Auction journey, Trava Team has received many suggestions and contributions to the protocols and rules. Some suggested that the percentage of the later bidder pays for the earlier bidder should be higher. Others said it should be lower. The current share in the protocols and rules of the Trava Knights NFT Auction is 5%, which supports both bidders and the auction holders. A higher percentage could encourage the first bidder to start the auction and attract more bidders. At the same time, a lower rate could ensure the interests of the auction publishers and motivate sellers to originate auctions.

As a community, we, Trava Team, always incite and support all community members to participate in decision-making. Therefore, this proposal is established to adjust the Trava Knight Auction mechanism to be more appropriate for all Knights.