Tezos
$3.13 -2.52%
XTZ · 1w

cool stuff keeps coming

A temporary solution to the lack of price discovery on hicetnunc TL;DR: objkt.bid is a decentralized application that allows anyone to place bids on arbitrary hicetnunc OBJKTs. Our platform enables artists to conduct simple auctions and allows collectors to show interest in OBJKTs by publicly bidding on them. objkt.bid pays management fees to the official hicetnunc2000lab and respects artists royalties. It is meant as a pragmatic temporary solution to increase the liquidity of art on hicetnunc. It aims to eventually be replaced by an upgraded hicetnunc implementation that bypasses the current restrictions. From bidding to auctions

objkt.bid adds a bidding mechanism to the hicetnunc ecosystem. Anyone with Tezos in their wallet can bid on an OBJKT by simply locking the value in the OBJKT.BID contract. A person owning an edition of the specified OBJKT can redeem the bid by swapping the OBJKT for it.

As soon as an artist mints a token on hicetnunc, collectors are open to bid on the tokens through objkt.bid. Artists can use this as an auction mechanism by announcing the minting of a token and referring their followers to objkt.bid/o/<objkt_id>

The OBJKT view where an artist (or any token owner) can accept offers and sell their token

Once enough bids are submitted, the artists can themselves decide which bids to accept. Once the “auction” is over, bidders can either leave their bids open (for secondary market sales) or cancel them, receiving a full refund.

Architecture

Our solution is entirely decentralised and based on the original OBJKTSwap contract by hicetnunc. By swapping a piece on hicetnunc you hand over that token to the contract, which holds the token as collateral until anyone pays the amount specified by the swapper.

Our platform reverses this approach. Instead of holding the token as collateral, we hold bids as collateral, and anyone who owns the OBJKT ID specified by the bid can unlock the value in exchange for the...

Continue on nftprotector.medium.com
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