Trias Grant 4: The Research for NFT Auction Model and Mechanism

  • Theme: The Research for NFT Auction Model and Mechanism
  • Initiator: DAOeco
  • Objective: To design a better auction model for Trias NFT system.
  • Start date: August 4th
  • Grant here: grant.trias.one/#/researchAuction

*Note: It is a grant, not a staking event. Please read the rules carefully.

The academic grant initiated by DAOeco is an NFT auction model and mechanism, which can improve the liquidity in NFT trading market, help NFT creators and participants benefit from the combination of NFT and Defi.

This Grant will be open to all Trias holders. All participants will receive a Wisdom Key and an LV1 Contribution Medal to mark their support for DAOeco. The Wisdom Key and Contribution Medal are worth collecting, and can also be used in other Trias events.

Previously, DAOeco, an organization initiated by Trias community and focuses on the research of token economic model, has designed a Quadric Voting grant model, expanding the influence of the ordinary and making voting fairer in participating in community governance.

Background

Since Christie’s first auction of artist Beeple’s NFT artwork in March this year, which was sold for nearly $70 million, the niche but imaginative NFT art market has been gradually warming up.

Encryption arts is the fastest-growing field in NFT. Blockchain is used to serve or create digital artworks, realizing the display and transaction of artworks in virtual space, making art investments beyond traditional material forms, and making it possible to collect digital artworks.

In the Internet era, the reproduction and dissemination of digital works become rampant, and it is often very difficult to verify and trace the identity of the creator of a work. Because NFT is indivisible, irreplaceable and unique, and it can be any kind of media, it can well represent the ownership of basic assets, especially digital assets. Therefore, NFT can be simply understood as a digital collection using blockchain technology as authentication.

Although the emergence of NFT solves the ownership problem of digital art, as an emerging technology and product, NFT still faces the following problems:

1.Lack of liquidity

Based on the match of counterparties, NFT transaction requires both the buyer and the seller to bid repeatedly to reach the transaction, thus the transaction efficiency is low;

2.The creator can only get income once

Encryption artists or copyright owners can only get the income from the first issue, rather than the secondary market.

3.The creators have little right to judge or show artworks

The right to price artworks is often controlled by top collectors rather than ordinary people or creators. A large number of potential artists lack the opportunity to exhibition and gain income.

Research Project

An NFT protocol with an auction mechanism

A Brief Introduction to the Project

In view of the current problems of NFT, DAOeco will learn from the theory of the Radical Market, modify the model of NFT trading, and then put forward a new NFT production and auction mechanism.

In the new model, the auction will never end. As long as someone’s bid is 10% higher than the previous bidder’s, the system will transfer the ownership of the NFT automatically. This design gives all NFT a natural automatic bidding mechanism, improves the liquidity of assets, and realizes the autonomy of value. Encrypts artworks can be independent of platforms, and also has the possibility of being a public commodity.

Under such a mechanism, encrypted artworks will have both collection and speculation properties, which can meet the needs of different types of bidders. The creator becomes the shareholder of the artworks and enjoys the benefits of the future bidding premium. Both the protocol creator and trader can benefit from the mechanism.

Expected Outcome

This NFT model with an auction mechanism can effectively maximize the expected revenue of the auctioneers and achieve the highest value of the artworks. At the same time, it gives users (bidders) a fair auction mechanism. DAOeco will launch this NFT mechanism as soon as possible and also improve it continuously to bring artists and users the most perfect auction mechanism and auction experience.

What is Trias Grant?

As a decentralized funding platform initiated by the Trias Foundation, Trias Grant aims to reinvent the crowdfunding model through Web 3.0 by supporting valuable projects and improve the transparency and efficiency in early-stage funding.

Every Triasurer can initiate funding plans for fintech, charity or academic research on Trias Grant. Once approved, a project can receive financial support from the community and Trias foundation.

In Grant 1, to make the voting results fairer and design a token model, Quadratic Voting is deployed for voting and grants.

Who is DAOeco?

Initiated by the Trias community, DAOeco is an organization focusing on the research of token economic model. DAOeco is a group of economy enthusiasts from all over the world, including economists, researchers, university professors, etc., who endeavor to put forward a reasonable economic mechanism and governance model through theoretical research, to provide an efficient and feasible scheme for the certificate economy design of the project.

DAOeco will collect ideas from the community, conduct researches and analysis, and design a token economic scheme and model.

Trias Grant #1 The Research for Quadratic Voting was initiated by DAOeco.

Grant Details

  • Grant participants: TRIAS holders
  • Grant period: 30 days
  • Grant token: TRIAS
  • Wallet type: BSC wallet
  • Grant hardcap: 1000 TRIAS
  • Grant softcap: 50 TRIAS

Grant Guideline

  • Get TRIAS from exchanges or PancakeSwap and withdraw to your personal BSC wallet.
  • Connect your personal wallet and grant TRIAS to support the specific grant.
  • Wait for the grant to end.
  • If the project is successfully launched, the initiator can use the corresponding TRIAS token to organize the related activities. Meanwhile, you will be notified of the progress.
  • You will get a Wisdom Key (NFT) from DAOeco as a recognition and appreciation of this grant.You can check it out at: https://nft.trias.one/warehouse/tools
  • If the project fails (raised less than the soft cap), your TRIAS will be returned.

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