MonkeyBids will collaborate with illiquid asset valuation resolution supplier, Lithium Finance, to supply customers with a decentralized public sale expertise, in response to a press launch on November 3, 2022.
Dependable and Clear Valuation
MonkeyBids, a Solana-based decentralized public sale platform, has introduced a partnership with Lithium Finance to supply customers extra clear and dependable digital and bodily collectibles valuations.
Due to this team-up, customers will now take pleasure in a “decentralized public sale expertise via a brand new valuation technique,” which is able to assist them navigate the big Web3 market extra successfully.
Lithium gives decentralized approaches to valuation primarily based on collective intelligence and machine studying, versus the centralized strategies utilized by standard public sale homes. Via crypto-economics, Lithium incentivizes and collects group opinion to reveal market expectations on illiquid property like uncommon NFT.
MonkeyBids CEO & Co-Founder Kelvin Ho said that;
“Lithium is aggregating the group sentiment earlier than each public sale begins. This offers our collectors and us the arrogance to grasp how a lot the group needs the public sale merchandise.”
With the brand new valuation technique, members in decentralized auctions on Solana (SOL) organized by Lithium Finance can take pleasure in extra correct pricing for accessible property.
Future Collaborations
In response to the report, each platforms are at present engaged on future collaborations to prepare future occasions to draw extra customers and buyers. In essence, members can entry and bid on all auctioned gadgets.
The 2 groups will set up joint occasions for Web3 fans, together with video games and quizzes the place winners will likely be rewarded with crypto property.
MonkeyBids is seeking to bridge the hole between Web2 and Web3 to develop the “collector’s financial circle,” the place each commodity is a collectible, and everybody can develop into a singular collector and earn nice rewards.
MonkeyBids was created by Monkey Kingdom, one in every of Asia’s most outstanding PFP NFT platforms. Monkey Kingdom grew to become the primary Asian NFT platform to achieve mainstream adoption after a few of its digital collectibles have been auctioned in some high public sale homes, together with Sotheby’s and Phillips in London.
Transparency is without doubt one of the core options of the MonkeyBids ecosystem. In each public sale course of, the bidder’s pockets deal with and the variety of bidders will likely be publicly displayed on the platform to offer customers with a extra full image of each decision-making course of.
The group will even have the ability to take part in sure very important points of MonkeyBids, together with deciding on operational methods and the general course of its growth. Sooner or later, the group also can determine on the charge construction and period of auctions. MonkeyBids will reward its early supporters by granting them entry to unique auctions of a few of the most coveted and limited-edition gadgets.
In the meantime, not like conventional valuation options, Lithium Finance leverages knowledge from social media to take a look at the sentiment of merchants, commissioners, fans, and analysts.
The protocol’s imaginative and prescient is to redefine how NFTs are valued by incentivizing the group to offer sincere assessments to disclose market sentiments.
The platform has been busy recently when it comes to partnerships and adoption. In September 2022, Lithium partnered with DegeX, a crypto by-product, and perpetual futures buying and selling platform, to offer well timed and correct costs for non-floor worth NFTs deposited by DegeX customers as collateral into the trade.
Lithium finance is seeking to launch its mainnet beta with thrilling options, together with the introduction of machine studying to complement collective intelligence, real-time full assortment pricing, and reward and status mechanism optimization.