How Auctionity is working to shape the digital marketplace for users
Auctionity is providing a unique approach towards buying and selling on blockchain
Digital assets have introduced a whole new approach towards ownership, buying, and selling. But while the prospect of a player-driven marketplace brings with it additional challenges.
So what sets Auctionity / DomRaider apart?
Along with being a multi-national team, Domraider/Auctionity was set up with the goal of streamlining the auction system. According to the team’s International Development Officer, Karin Mikluha, buying and selling digital assets brings a major issue of trust for users.
“When you go onto any site where you want to buy something,” Mikluha explains, “very often, there’s a serious problem for both the buyer and the seller in making sure that the item is received [buyer] and paid for [seller].”
The solution for Auctionity was to leverage blockchain as a way to create an auction system that is trustless. Meaning that users will no longer have to worry about the prospect of losing out on money or a valuable NFT.
How? It’s through the application of a sidechain within the platform. This sidechain is responsible for storing digital assets and any outstanding bids through the duration of an auction.
The power of networking
Along with providing a side-chain solution to the matter of buying/selling digital assets.
Auctionity/DomRaider brings the aspect of networking into the ecosystem too, spreading the community outwards as opposed to being a self-contained marketplace.
“One of the big parts of this project is the community, and it can get involved in a number of ways.”
For individual sellers, they can simply link their auction to a member of their extended community on social media. And in doing so, obtain referral rewards, according to Mikluha, acting as an individually-based rewards system.
This also has the potential to be put to extensive use by influencers within the gaming world long-term.
“If there’s a collector who sees something and wants to let his community know, he can let his audience know, and he will be rewarded.”
This influencer activity has the potential to operate on a far broader basis, according to Mikluha.
“If they were more specialized when it came to digital assets, they could broadcast the auction live to their community,” Mikluha explains.
“In doing so, it would give them a great deal of exposure.” With its new auction system coinciding with a highly streamlined desktop and mobile platform, users can expect a unique approach towards buying and selling.
For more information about Auctionity, visit the website.