What is the problem that AuctionX is solving?
Online auctions using fiat money have gained popularity over the years as more and more people have access to and are comfortable navigating the World Wide Web and using the plethora of mobile applications.
Some major significant benefits of conventional online auctions include:
The absence of geographic restrictions makes online auctions convenient, time-saving, and cost-saving.
Access to products with higher purchase value as the number of interested buyers increases.
Access to universal products that meet buyers' specific needs and wants.
Receiving rapid feedback and engagement concerning interest from other bidders, price increases, etc.
No time or timing restrictions for placing bids.
Access to high-quality, expensive products at affordable prices.
While conventional online auctions have significantly improved the bidding experience for buyers, the following limitations continue to plague the industry:
Confined number and limited variety of offerings on a single platform.
Questionable transparency on bids and the final price paid, with diminished trust in the online auction house.
Insufficient privacy and security for bidders.
Currency restrictions, bidding fees, and transaction delays.
Rigged and fake bidding.
Fraudulent and misrepresented goods.
Inadequate technological integrity and acuity.
Most of the online auction houses, incorporate 1 to 2 auction mechanisms – the most standard ones like – the English Auction. The elements of fun and gamification are missing in most online auctions.
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