by R.A. Rowell
While Opensea.io has been a great site for trading blockchain collectibles - also known as non-fungible tokens or NFTs - on the Ethereum blockchain, there’s a new player in town in Auctionity. But, there are some things about Auctionity that make it more than simply a new marketplace for NFTs, the most important of which is the existence of auctioneers and referrers on the platform. Now, you don’t have to be alone in trying to sell a valuable blockchain collectible, as you can give up a portion of the sales price to those helping you to sell your item.
This is a pretty cool concept that Auctionity is pioneering for digital collectibles. Of course, referrers have been around for years on a wide variety of platforms. But, Auctionity takes selling digital collectibles to a new level, eclipsing traditional referral programs and affiliate programs with their auctioneer program. The difference with Auctionity’s auctioneers is that they aren’t like your typical consignment dealers like on eBay - they are like actual auctioneers who promote your item for a piece of the profits.
Castle Crypto already has done a great review and overview of Auctionity, which was the piece that led to this article being written. Tom Blackston did an excellent job of highlighting what Auctionity auctioneers do. They not only create “evocative descriptions,” but also video presentations.to help the item become more appealing to potential bidders. These auctioneers get 50 percent of the community reward when an item sells.
So, what’s the community reward? When a seller lists an item on the Auctionity marketplace for bids, that seller chooses a community reward amount, which can range from 1 percent to 50 percent of the item’s final sale price. The auctioneer gets half of that amount, while the rest is divided up between referrers, who share the item for it to gain exposure. Of course, we all know what referrers are, but the difference here is that these referrers are literally like a marketing team for the seller. It’s the seller who chooses the level of marketing that they want for their item, and that’s what cool about this platform. Also, sellers can choose to offer no community reward at all and market the item all themselves.
While Auctionity isn’t the first platform to have auctioneers and referrers for its auction, as far as an online peer-to-peer selling platform is concerned, it probably is. This is going to be a great model going forward to sell non-fungible tokens, and I hope that Auctionity succeeds. The platform is still in its early stages, but with its own separate Ethereum test network for taking bids and unique marketing features, it’s well on its way to being a success.
Auctionity already has its own native cryptocurrency called DRT, although you can still buy and sell using Ethereum Ether, as well. What’s important about DRT - DomRaider Tokens - is that holding them allows you to be an auctioneer. Essentially, the more DRT you have, the more chances you get to be an Auctioneer. It’s a pretty cool system.
You can start buying and selling on Auctionity today! All you need is a MetaMask wallet browser extension - in order to be able to use the special ETH network Auctionity uses for bids. Then, all you need to buy is some DRT or ETH and to sell just have an Ethereum-based NFT item to sell. Tom of Castle Crypto said Auctionity is a bit more difficult to use than the popular OpenSea, but that you should be up and ready in about 20 to 30 minutes.
I agree with Castle Crypto’s opinion that Auctionity is best used for higher-value collectibles that may not fetch the best prices on OpenSea. Having a marketing team of your peers to help sell your items is pretty awesome - everyone benefits from you selling your items and not some big platform like eBay. Of course, if you have a more average collection, it’s fine, too. Auctionity should become a pretty awesome ecosystem for buying and selling digital blockchain collectibles.
What’s your experience with buying and selling blockchain collectibles?
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R.A. Rowell is a collectibles enthusiast who comes from a long history of collecting trading cards in both sports and in Trading Card Games. He is passionate about educating the world about the future promise and benefits of digital collectibles, both on the blockchain and off.