0x-Based Emoon Implements English Auctions With Gas-Free Bidding
Emoon, a peer-to-peer marketplace for buying and selling crypto assets, is leveraging the 0x (ZRX) protocol for zero-fee NFT auctions, enabling users to sell their in-game assets with ease via English auctions.
— 0x (@0xProject) February 4, 2019
According to a recent announcement, users can now bid for non-fungible tokens with ERC-20 tokens or any ERC-721 asset supported on the site. The seller can choose to create an English or sealed auction, meaning they can then review bids and choose the best offer. All of this occurs off-chain until the seller selects the appropriate bid. This system allows interested parties to bid without paying a gas fee.
According to the team, “English auctions are much more familiar to users and ultimately adhere to philosophical approaches to auctions that enable healthy markets. Additionally, by running the auctions off chain, users don’t have to spend gas on an auction they may not even win.”
Emoon gives the following examples to represent the potential of the new system:
- Bid DAI for a CryptoKitty
- Bid a CryptoKitty for another CryptoKitty
- Bid a Gods Unchained card for a CryptoKitty
- Bid Decentraland MANA for an Etheremon
This news comes a week after BoxSwap, an OTC platform for swapping digital assets and NFTs, announced that it has launched a new wallet designed to provide users with an easy way to swap and manage their NFTs and ERC-20 tokens.
Apart from the auction system, Emoon also features the typical ‘buy it now’ functionality one would expect on an auction marketplace. The platform can also be used to explore blockchain addresses and airdrop assets.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.