OKEx Insights: From art appreciation to economic auctions, will NFT's makeover attract more attention?

Original author: OKEx Insights

The year 2020 is coming to a close, and after a year of ups and downs in the coinage as the DeFi wave goes low, there's a high tide for the niche -- NFT. According to Nonfungible figures, over the past week, NFT clinch a deal amount is $1448665.97, although with DeFi far, but also had a fever.

Image: Nonfungible

NFT (& have spent Non - Fungible Token) that is Non homogeneous scrip. Fungible Token is homogenized tokens, which can be understood as the cash flow in the market now, each a cash has a unique digital code, for now, the most significant value is the current value, namely the payment tools. Even though each of them has a different code, it means the same thing and that's a homogeneous token. And non-homogeneous tokens means that different tokens of the same type have different meanings and values, and they are truly unique.

With the emergence of NFT from a minority to a small wave, its content and gameplay are constantly enriched. It is observed that so far, NFT has been involved in a number of 10 areas, such as digital music, game assets, event tickets, badges...

Table from OKEx Insights

NFT auctions are one of the most common ways of playing. In NFT, the auction methods often adopted follow the traditional auction uniformity, mainly focusing on single-price transaction, British auction and Dutch auction.

Fixed price auction: the seller sets the price, the buyer accepts the price and pays and receives the price. Point-to-point transaction is implemented (no bargaining is involved in the transaction process).

British auction: set the auction time, the starting price, within a certain period of time, the user bid, the high price;

Dutch auction: Set the auction starting price, ending price and auction time. The starting price should be higher than the ending price. The price drops over time until a buyer comes along;

The mainstream NFT auctions are more friendly to traditional auction players, but they also have drawbacks. It is difficult to arouse the interest of new users or ordinary users, and it is difficult to reflect the real value of works through auction.

Just as the joys and sorrows of man are not entirely interlinked, so are the joys and sorrows of man. In such auctions, art is sometimes sold at a premium or a lower price. At the same time, the traditional auction method cannot fully realize transparency, and there are many restrictions on the threshold, operation and gameplay, which require users to learn. Meanwhile, traps or fakes are inevitable, which hinders many players who are interested in it but are discouraged, making the small wave only a small wave.

DEGO NFT Market has taken an unusual path, which has also made it a small fire in the NFT trading Market and become a minor star of NFT.

In the DEGO NFT Market, DEGO tokens are used as DEGO eco-governance tokens and equity tokens. Users dig out minerals by pledge. Users holding DEGO can participate in community proposals and community decisions and continue to get dividends. When users trade DEGO tokens, 2% of the transaction value will be deducted as the transaction fee, 1% of which will be destroyed directly, and the remaining 1% will be transferred to the bonus pool (80% will be allocated to users; 20% assigned to the team).

In DEGO auction rules, 80% of 10% of the auction price difference is set as the income of the auction system, and 95% of the income of the auction system is injected into the DEGO dividend pool, where DEGO trading or DEGO holders can share out dividends.

That is, the more NFTS are auctioned off on DEGO, the more dividends the holder or trader will receive. This actually takes advantage of the investors' psychology of maximization of expected benefits (such a team must have good Market psychology). An auction in DEGO NFT Market means that you can get auction items and profits through frequent auctions, just like you buy your favorite things with 20% discount coupons when you go shopping on Taobao. From this perspective, DEGO NFT Market attracts a large number of users for its trendy gameplay and human inner satisfaction.

In addition to the innovation of auction mechanism, DEGO NFT Market also has full competitive advantages with other platforms.

Trading is convenient

Compared with OpenSea and other trading platforms, DEGO NFT Market has a simpler trading operation. Users only need to bind their accounts to their wallets to conduct transactions. The transaction accounts are received in real time and the trading products are released in time, which reduces the learning difficulty for new users and facilitates the trading operation process

Trading real

For collectors, fakes are the worst thing to hate and the hardest thing to avoid. From traditional collectibles to digital collectibles, the most difficult thing to avoid is always the existence of fakes. OpenSea, one of the most popular NFT auction platforms, is also difficult to avoid the existence of fakes. According to the news, before DEGO's NFT auction began at the end of September, a fake "Satoshi Nakamoto" appeared in OpenSea, which was purchased by unknown players at 3 ETH.

DEGO NFT Market, on the other hand, adopts the "self-run" approach just like Jingdong. The team selects products and puts them on the shelves for auction, avoiding the appearance of fakes and providing users with a safe and real trading experience.

conclusion

DEGO NFT Market from trade way is convenient to attract new users or ordinary users, from collectors to ensure the authenticity of items to attract users, through innovative auction auction mechanism - use DEGO can get dividends to add liquidity auction platform and users, the innovation of the three aspects: make it big in the Market of NFT heat, can be said to be the auction mechanism of a kind of renewal, is also a challenge to traditional auction, however this update can get attention of the Market, lead the NFT from wave to wave, let us together look forward to.

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