Please describe your proposed solution.
Currently, a lot of NFT markets have emerged dizzyingly, including many NFTs. Instead of selling NFTs at regular prices for NFTs at regular prices, with competition among buyers will cause the product to increase in price, surpassing the original value of that NFT… Therefore, creating a common playing field between buyers and sellers brings balance to everyone, the opportunity to acquire high-value NFTs will be divided equally among everyone, buyers will be competing fairly to determine the true value of an NFT. It is also considered a highly appreciated piece from buyers of digital assets on Cardano.
When users join the platform, there will be binding features:
- Each participant can track how many bidders and the total bids they've made.
- The final value of an NFT will depend on competition among buyers.
- This type of auction is often used to sell NFTs and attract a large number of interested people.
The final highest bid during the auction period will determine the auction winner who then buys the NFT at a price equal to their bid. There are a few principles about the auction platform:
- For customers who are auction participants:
+ Customers will start bidding at a base price but the product will be sold to the highest bidder. They must bet according to the multiples that were tied up when participating in that auction.
+ When users raise 1 satisfactory price, they need to deposit their money to ensure the transparency and fairness of that auction.
- For bidders:
+ People who want to sell their hot products need to go through a vote of users to ensure that the products they are about to put on the auction floor will be supported by many people and buy it.
+ After the vote is approved, the bidder will have the right to create an auction room to put the products up for auction. At this point, they will have to bind the initialization of values: the starting price of the asset, the regulation of multiples when raising a new price, how long the auction lasts.
This project is also extremely important to Cardano, it will provide a huge opportunity to accelerate the development and use of the Cardano platform. The creation of an NFT auction playground not only receives attention and participation from the community, but also creates a new decentralized platform of Blockchain technology in trading and owning digital assets. This playground attracts artists, artists or user developers and users, is a premise for the strong development of the Cardano ecosystem.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our solution will solve the following challenges:
- Provide an intermediary auction platform: Provide a decentralized auction platform for Cardano to help users put their special NFTs on the platform and conduct public auctions transparently, safely and securely, providing a variety of products for hobbyists to collect special NFTs. The auction process will be done automatically, users only need to make price suggestions for the NFT they want to auction from which our system will work automatically. This will solve disputed issues, incidents during the auction process.
- Enhance the value of NFTs that the community has not yet discovered: When users upload their NFTs on the platform, the contractor will perform reviews in conjunction with the community of users participating in the platform to vote on the uniqueness of NFTs, from there, the contractor will filter out NFTs to make products of the auction. This way NFTs will be found.
- Develop community: When NFTs are auctioned, holders will receive a sum of money from their auction product, thereby stimulating many other users to participate in creativity, creating NFTs. Many people have a hobby of collecting NFTs. When there are many NFTs on the platform that will attract users with this need. That will boost the growth of the Cardano community.
Benefit for Cardano:
- Contributing to the Cardano community, a decentralized, trustworthy, and transparent auction platform
- Increasing the number of transactions for the community
- Increasing the number of users participating in the Cardano network
- Increasing the number of positive feedback of users about platform
- Disseminate of knowledge about Cardano
How do you intend to measure the success of your project?
We will base on criteria:
- User integration: Increase the average number of transactions per user and time spent in the market.
- Develop community: Growth in the number of new users joining the Cardano ecosystem.
- Users feedback: Survey and user feedback on new gamification features.
- Economic impact: Increase the total value of transactions in the market.
Please describe your plans to share the outputs and results of your project?
We already have plans:
- Implement the marketing campaign, product advertising.
- Implement promotional events, discounts on services provided to users in order to attract users to the project.
- The impact on bidders and NFT collectors provides them with a business environment.
- At the same time, this platform will attract users to use the platform based on bidders.
Next development direction:
If this project is successful, it will serve as a foundation for the team to develop and expand its scope, toward the people in Vietnam. This is also a topic that people in Vietnam are interested in and expect products that can solve their life issues.
- Expand Service: Integrate platform to the NFT Marketplace by providing additional services and new features. For example, you can create a tool that allows users to create their own NFTs from various types of assets like images, videos, music, and even open-source code, increase the quality of NFT inputs, and diversify auction products on the floor.
- Develop community: We are constantly attracting users to join the platform to increase the number of people involved in developing the platform.