Lowest Unique Auction
XAM 7 | LOWEST UNIQUE BID AUCTION
XAM 7 functions in a similar fashion as XAM 6. The only difference here is that the winner is one who places a ‘unique lowest bid’. The platform shows the bidder that his bid is lowest or not, and unique or not, and all combinations.
Definition | A competition to guess and propose the unique bottom price of a product. Model/type | On-the-house product listing Dominance | Chance (skill vs. chance)
AuctionX revenue:
Consumption of $AuX Tokens to convert to PLAYs
The final bid price the winner pays
Applicability:
Sell services | Low
Sell goods | High
Sell experiences | Low
Sell digital assets (NFTs) | Low
Interbidder bid price | Closed Token escrow (winner binding) | No Auction time sensitivity | Till a predefined number of bids are not reached Bot bids possible | Yes Multiple bids from one participant | Yes Bid opponent | The participants Winners
Only a single winner
Winner will have the lowest and unique proposed/bid price
WIN WIN WIN applicability | High
House wins | Revenue from sale of $AuX Tokens to participate
Winners win | They get the product at the unique + lowest price they bid
Non-winners win | A certain percentage of their PLAYs will be carried forward. They don’t lose it all. Also, we can have the BUY NOW mechanism for all who did not win. This empowers the non-winners to pay the difference amount and claim the product.
Example | We list a product (example: Mercedes Benz Car with retail price of $1,00,000). Interested participants will place unique lowest bids with up to 2 decimal places. The lowest they can place is $0.01. Again, participants can see only their own bid price. But for every bid a participant places he/she will be able to see that their bid is any of the following:
Lowest and unique
Lowest but not unique
Unique but not lowest
Not unique and not lowest
Looking at this, a participant decides whether to place the next bid or not. The bidder can see their bid log. To win, a buyer's bid must be the lowest and unique. If a bidder wins, they get to buy the product at their low price, which is the bidder’s unique price. If a bidder doesn’t win, they lose their bids and their amount. But, again on the AuctionX platform, we give each non-winner a chance to BUY NOW by paying the difference amount.
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