#bidtoearn? Revolutionary tech for NFT auctions?

[mnafta]

I am surprised it took this long but MyNFT patented an auction system which allows bidders to be rewarded on auctions that they lose. Either win the item or earn some money for market making and price discovery. The system is called GBM Auctions.

Has anyone seen anything similar to this? Why did it take so many years to come up with something like this? Seems so simple yet effective.

Also, if you agree and want a chance to win a Sandbox Land, would appreciate your help with spreading the word
https://wn.nr/4As2ck

[cryptoperkele]

3 team members with one coder? This looks more like a money grab project for me riding with the NFT hype, and not a serious project solving anything important. I mean you couldn't do much with that team that looks more like business people hyping in.

[avikz]

Lol! The process of Bid to earn can be abused like anything. It will make use of people participating in a bid to artificially drive the price of an NFT higher. In order to earn, people will take part in the bid and push the price. It's an utter nonses and it is based on another nonsense called NFT.

Both of these trends will vanish sooner than expected. After a certain point of time, there will be no buyer for NFTs so a bidding platform based on NFT is going to die.

[serjent05]

Lol! The process of Bid to earn can be abused like anything. It will make use of people participating in a bid to artificially drive the price of an NFT higher. In order to earn, people will take part in the bid and push the price. It's an utter nonses and it is based on another nonsense called NFT.

Bid to earn was a clever idea in order to pump the price of the item for bidding.  Bidders won't bid because they wanted the item but because of the possible earnings, they can get if they bid.  I agree it is exploitable and can be abused.

Both of these trends will vanish sooner than expected. After a certain point of time, there will be no buyer for NFTs so a bidding platform based on NFT is going to die.

Just like any other nft projects out there because they really don't bring any innovation on the table.

[el kaka22]

I agree that it would push the price for sure, and I believe that the idea itself could be abused if the last one standing gets something they do not want to get. In the end it is going to be quite a tough challenge to get people to accept this.

It is not a horrible idea, but there are already so many great and known market places out there that we are going to end up with them adding this feature if it is such a good idea. Why do you think big tech companies, sell their companies to giant tech companies right away instead of running it? Because, either they sell, or those giants would make one and that would be hard to compete. Same system would work here.