MonkeyBids will host a wide range of auctions for jewelry, art, NFTs and more collectibles.
HONG KONG, September 9, 2022 /PRNewswire/ — After launching the first-ever cross-chain NFT breeding and minting event in April 2022, Monkey Kingdom, recognized as the first Asian PFP NFT project to be recognized by the general public, introduces another breakthrough with a Web3 auction house named MonkeyBids. Built on the Solana blockchain, MonkeyBids is a decentralized auction house that offers low barriers of entry for auctions of virtual assets and physical luxuries. Backed by the traceability and transparency of blockchain technology, MonkeyBids aims to reinvent the way auctions are conducted. Monkey Kingdom calls it the Degen Auction – venue your bid if you are degenerate enough!
This decentralized application (dApp) aims to provide users with a Web3 auction experience in which its on-chain program is driven by algorithms that mimic traditional auction house processes. The exception being that auctioned items can now change owners instantly and the full transaction history will be publicly visible on the blockchain. Monkey Kingdom is developing MonkeyBids after being the first Asian NFT collections to have two digital pieces auctioned by leading contemporary art auction houses Sotheby’s and three pieces auctioned by Phillips. MonkeyBids will bring transparency throughout the auction process, including publicly displaying a bidder’s wallet address and total number of bidders across all auctions, giving bidders a more complete picture for of decision making. The community will also be able to participate in some key aspects of MonkeyBids. This includes deciding on operational strategies and the general direction of its development. In the future, the community will also be able to decide on the fee structure and auction duration. MonkeyBids will reward its early supporters with access to exclusive auctions of some of the most coveted and limited edition items.
“Online auctions have long been identified as a possible form of internet scam due to the underlying way in which they were designed,” said Alice Wang, CEO of Monkey Kingdom. “Pennie auction sites are in a unique position to win the auctions they run by outbidding all other participants at the very last moment, and simultaneously benefit from any service fees collected on all participants’ participation. Furthermore, no one is sure if the winner is actually the host of the auction or a bot programmed to outbid everyone else.This is where MonkeyBids Degen Auction comes in. penny auctions provide transaction transparency and ensure that there is no foul play.We plan to increase the applications of blockchain technology within enterprises in the future.By integrating digital certificates as than NFT to represent real physical goods, we can easily trace the ownership history of auctioned items in the future.Such applications can already be seen in the development of Aur a Blockchain by LVMH and Cartier.
In addition to Degen Auction, MonkeyBids will offer other auction styles including Dutch, English, Reverse auctions and more. MonkeyBids has partnered with Japanese brands and designers to auction luxury goods, eg watches, wine, physical and digital artwork. Bidding will be conducted 24 hours a day, solving issues associated with absentee bidders due to time zone differences. MonkeyBids will also release a brand new SPL token integrated with the auction house’s operations. Users will be able to use this token to bid on auction items, enjoying lightning-fast transactions with low transaction fees on Solana. Monkey Kingdom will release more information on the specifics of this token in the coming weeks.
About the Monkey Kingdom
Monkey Kingdom consists of 3 collections of algorithmically generated NFTs inspired by the legendary Monkey King, Sun Wukong, the iconic protagonist of the 16th century novel Travel west. The Genesis (Gen 1 & 2) consists of 2,222 and 2,221 NFT 32×32 pixels algorithmically generated on the Blockchain Solana, male Wukongs and female Diamond Baepes; the Monkey Legends (Gen 3) consists of 10,000 male and female avatars designed to be fully customizable, metaverse-ready, and support all-new experiences.
Originally created to bring an Asian voice to the incredibly fast growing NFT market, Monkey Kingdom has already garnered support from many global celebrities and cultural figures of Asian descent, including Steve Aoki (DJ and Producer), JJ Lin (Singer), Sunny Wang (Actor), Dizzy Dizzo (Musician), Ian Chan (of hong kong– based on boy group Mirror), Dr. Woo (tattoo artist) and Verbal (Japanand CEO of fashion brand AMBUSH).
E-mail: [email protected]
SOURCE Monkey Kingdom