What Is TopBidder?

2021-07-08 23:00:00 · 2757 views · 3 min read

 

We are always saying you have 100% control of the NFTs you collect on the blockchain. However, today we are introducing a new type of NFTs, which you could only hold for a limited time even though you’ve already bid it. 

 

 

TopBidder is a radical auction protocol based on non-fungible token standards. It adopts the theory of radical market and implements a non-permanent owned crypto assets’ (Radical NFT, referred to as rNFT) production and auction mechanism.

 

 

The rNFT generated through the TopBidder protocol is an improved ERC721 Token. Unlike traditional NFTs, the rNFT protocol has its own pricing mechanism.

 

What are the features of rNFT?

  • Cannot be destroyed or restricted in circulation. Anyone can transfer rNFTs to their own address by increasing the price by 10%

  • Successive bidders of the artwork will also become parts of the artwork, this will bring a new form of artistic creation

  • It has both collection and speculation attributes to meet the needs of different types of bidders

  • The artists become the shareholders of their artworks, and enjoy 50% of the profit from each auction of the work in the future.

  • Transform the antagonistic relationship between artists and dealers into a win-win relationship

 

rNFTs start at a fixed price of 0.05 ETH. Except for the first ten transactions with a fixed increase of 0.05 ETH, each bid must be no less than 10% of the previous bid. The bonding curve of price uses a piecewise function:

  • Price = 0.05 * Rounds ( if Rounds≤10)

  • Price = 0.5 * 1.1^(Rounds-10) ( if Rounds>10)

 

 

The artist can earn 50% of the premium when a bidder bids with a higher price. So they become the shareholder of their artworks. And the former bidder can earn 30% of the premium as a subsidy.

 

 

TopBidder currently ranks No.7 in all NFT marketplaces by 30d volume.

The innovative price mechanism has gained great volume for TopBidder at the beginning of launch.

TopBidder’s users, volume and transactions all rocketed to ATH in late April. After the peak, all its on-chain data have sharply decreased. The $BID token price shows the same trend as TopBidder’s on-chain performance.

 

 

 

You may also like:

 

 

Make sure you bookmark dapp.com and subscribe to our newsletter below to get updates direct to your inbox.

 

 

Comments Write Comment
Currently there are no comments for this article. Would you like to be the first to write one?