TopBidder — a radical auction protocol, based on NonFungible Token standards. It adopts the theory of the radical market and implements a mechanism for the production and auction of non-permanent cryptoassets (Radical NFT, called rNFT).
Contents:
About TopBidder project
TopBidder protocol enhances the ERC721 standard with an additional rate feature. Any bidder can acquire ownership of rNFT if they bid 10 percent higher than the last bid. Thus, any rNFT has a natural self-rating mechanism, while at the same time compatible with traditional NFT exchanges, thereby increasing the liquidity of the NFT and realizing price autonomy.
What are the characteristics of rNFT:
| 1. | Cannot be destroyed or restricted in circulation. Anyone can transfer rNFT to their address, increasing the price by 10 percent. |
| 2. | Successive art bidders will also become part of the artwork, this will bring a new form of artistic creation. |
| 3. | It has the attributes of both collecting and speculating to suit the needs of different types of bidders. |
| 4. | Artists become shareholders of their works of art and in the future receive 50 percent of the profits from each auction of works. |
RNFT, created by using the TopBidder protocol, is an enhanced ERC721 token. Unlike traditional NFTs, rNFT has its own pricing mechanism. They do not rely on any trading platform to delegate the ownership of the NFT. Moreover, rNFT does not have an auction deadline and is in a perpetual auction state.
In other words, bidders can own works of art for a specified period of time, depending on when the next bidder will bid. In compensation, the original bidder may receive 30 percent of the current round premium as a subsidy.
Additional information
At the moment, White Paper and RoadMap are not available on the site. There is a "Rules" section, which presents the rules for using the project.
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The smart contract has not been audited.