BiG DEAL : BiG Auction Model #6 : English Auction
BAM 6 | ENGLISH AUCTION
The English Auction is like the auction standard and most prevalent auction type. The seller starts with a reserve price and everyone is supposed to bid above this. All bidders can see the price offered by other bidders. The highest price bidder wins. Please note that the reserve price is also called the ‘bid floor’ price.
A slight variation of the English Auction is the sealed bid English Auction, like the standard English Auction but where the bid prices are sealed. The seller has a minimum reserve price which is announced. All bidders submit their best price offering in a sealed envelope. The highest bidder wins.
DEFINITION | Progressive — price classic bidding. Mostly used for non-deterministic priced products.
MODEL/TYPE | On-the-house product listing + MarketPlace + NFT’s
DOMINANCE| Skill (skill vs. chance)
BiG DEAL revenue:
- Consumption of $BiG Tokens to convert to PLAYs
- Platform listing fees (MarketPlace and NFTs)
- Success fees (MarketPlace and NFTs)
- Sell services | High
- Sell goods | High
- Sell experiences | High
- Sell digital assets (NFTs) | Low
INTERBIDDER BID PRICE| Open for English Auction and closed for closed bid English Auction
TOKEN ESCROW (WINNER BINDING)| Yes (a deposit amount)
AUCTION TIME SENSITIVITY| Fast, stops with the highest bid in the given time
BOT BIDS POSSIBLE| Yes
MULTIPLE BIDS FROM ONE PARTICIPANT| Yes
BID OPPONENT| The participants
- Only single winner | The one whose bid is the highest
WIN WIN WIN applicability: High
- Auctioneer wins | Able to sell products at a high price.
- House wins | Revenue from sale of $BiG Tokens to participate + listing fees + success revenue percentage.
- Winners win | They get the product at the desired price.
- Non-winners win | They lose nothing except a few PLAYs to bid. Also, if the top bidder refuses to claim the product, the second bidder can claim it at a lower price.
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