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Radical Auction Protocol TopBidder Launched BID Token Today

TopBidder is a radical auction protocol for various NFTs, especially for collectibles and crypto arts. This protocol aims to improve the ERC721 Standard with a bid function. The bidders can also earn Ethereum during the auctions, along with getting governance tokens BID.

The team has recently announced that they were planning to launch TopBidder (BID) token. The ICO started today, and 5,000,000 BID are available for sale. The initial coin offering price is $0.9 per token.

NFT deals are usually matched by counter-parties on mainstream exchanges. They require both parties to repeatedly bid to reach a common price, thus concluding low transaction efficiency. The high Ethereum fee is yet another cause of insufficient NFT liquidity.

Crypto artists get revenue from their artworks’ first issuance, but they cannot get income from the secondary market. The issuer will lose the right to get a secondary income after the NFTs leave the issuance platform. Thus, top collectors and dealers control the pricing of works, and the artists have almost no say.

What is a radical market, and what are its advantages?

The radical market is essentially a new type of market theory. The idea is to use the market’s power to regulate the market itself. Private ownership brings market inefficiency and monopoly. Producers set the price ceiling to limit output, and as a result, the market cannot reach equilibrium, showing quadratic deadweight loss between producer surplus and consumer surplus.

However, in the radical market, every item becomes priced and gets auctioned. Then, the auction will go on indefinitely. While it’sdifficult to implement radical markets in the real world, it is relatively easy to implement in the blockchain world.

Radical auction motivates participants to make the bids of the artworks, with the goal to reach the market’s reasonable pricing at the fastest speed. Furthermore, the price of the artworks increases continuously according to the bonding curve model set by the protocol.

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