BiG DEAL : BiG Auction Model #4: The Last Play
BAM 4 | THE LAST PLAY (PENNY) AUCTION
The Last Play Auction mechanism is like what has been traditionally called the Penny auction model. The Last Play will capitalise on the strong inclination of participants to bid on high-end retail products at a fraction of their cost while providing a fun and exciting experience.
DEFINITION | Pre-determined bidding price, fast-paced
MODEL/TYPE | On-the-house product listing
DOMINANCE | Skill (skill vs. chance)
BiG DEAL revenue:
- High consumption of BiG Tokens to convert to PLAYs
- The final bid price the winner pays
- Sell services | High
- Sell goods | High
- Sell experiences | High
- Sell digital assets (NFTs) | Low
INTERBIDDER BID PRICE| Not applicable
TOKEN ESCROW (WINNER BINDING)| No
AUCTION TIME SENSITIVITY| Fast, high engagement
BOT BIDS POSSIBLE| Yes
MULTIPLE BIDS FROM ONE PARTICIPANT| Yes
BID OPPONENT| The participants
- Only a single winner | The one whose bid is the last when timer runs out
WIN WIN WIN applicability: High
- House wins | Revenue from sale of $BiG Tokens to participate
- Winners win | They get the product at very low price
- Non-winners win | They all get a chance to exercise the BUY NOW option. This gives the non-winners a fair chance to pay the difference amount and claim the product, hence nullifying their loss. They lose nothing.
*The Last Play is an auction model for high-retail-price products at such low prices that beat anything at traditional retailers while still retaining a decent profit margin. The process involves bidding for an ‘on-auction’ item by using the PLAYs that a bidder holds. Each time a bid is placed, a timer is reset to a predefined time slot (between 10 and 120 seconds). The one whose bid is last when the timer runs down to zero ‘wins’ the product.
Example | Now, let’s consider that a customer wants to buy an Apple iPad with a retail price of $1,000 in the open market. The customer visits the BiG DEAL platform and sees that there is an iPad available on auction in a few hours.
- The customer will need to buy PLAYs to be able to bid. Please note that depending on the product on sale, one bid could consume multiple PLAYs.
- Customers can buy PLAYs from the BiG DEAL platform using the $BiG DEAL tokens the customer would be hodling.
- The price of the $BiG DEAL will be determined by market forces as $BiG will be eventually listed on exchanges for trading.
- The price of each PLAY will be stable at, for example, $0.1 (or any other pre-determined value).
- Each bid will consume one or more PLAYs and will increase the price of the under-auction product by a fixed increment, for instance $0.01.
- Every product on The Last Play auction will have a countdown timer. Let’s say if the auction for an iPad starts after 3 days, there will be a countdown timer shown in hours/minutes /seconds.
- The auction starts when the timer reaches a PLAYWindow time. Let’s assume it is 15 seconds. So, when the timer countdown reaches 15 seconds, the auction starts to accept bids.
- With each bid the timer resets back to 15 seconds (or we add 15 seconds to the PLAYWindow time, depending on the product under auction).
- The winner is the buyer who has the LAST PLAY — meaning the last bid — after whose bid no more bids were placed in the 15 seconds of the timer run.
- At this point the winner of the product will pay in total: The cost of the PLAYs (already paid for and incurred) | The final price of the product, which has reached after bidding, and | The shipping costs + taxes as-and-if applicable.
BUY NOW feature:
- BUY NOW at the auction end | For those who did not win the auction, we give them an option to BUY NOW where they can still buy the product from BiG DEAL by paying the difference between the product and the bid amount as spent by them. For example, if the price of the product is $1,000 and the buyer has already spent $100 in the form of PLAYs, the buyer will have an option to pay $1,000 — $100 = $900 and get the product. So, the non-winners also get the product at market price and hence have nothing to lose — technically a clear WIN.
- BUY NOW while bidding is live | Here the bidder, if after placing ’N’ number of bids, feels that he doesn’t want to bid anymore, he will opt from buying the product and BiG DEAL will provide the product to the bidder after requesting he pays the difference of the price of the product and the amount spent by him in bidding + the shipping costs.
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