<\/p>\n
Bounce Finance, which is pioneering new DeFi auction mechanics, debuted the proof of concept for its \u201cmutant English auction\u201d format at 10 am ET Friday.<\/p>\n
The item on offer is a \u201cDiamond Hand\u201d necklace paired with two NFTs which Bounce calls an \u201chomage to the \u2018Hodl\u2019 philosophy\u201d \u2014 a reference to the oft used meme of crypto holders through thick and thin having \u201cdiamond hands.\u201d<\/p>\n
The auction system is not intended to compete with auction houses, CEO Jack Lu told Blockworks.<\/p>\n
\u201cFor a long time we wanted to work with Christie\u2019s and Sotheby\u2019s,\u201d Lu said, adding they proved to be very conservative. \u201cBut I think it\u2019s a good opportunity for us to experiment.\u201d<\/p>\n
Read more:<\/strong> Not just for the highest bidder: \u2018Mutant\u2019 auction seeks to ensure everyone benefits<\/a><\/p>\n The necklace features a lab-created 5.5 carat diamond at its center, cradled by a hand on a 14-carat diamond chain.<\/p>\n From a floor price of 5 ether (about $8,300), bids will increase in 3% intervals until no higher bid is placed within a 24 hours period.<\/p>\n The auction mechanics reward early bidders as subsequent bids not only refund the unsuccessful bidders\u2019 gas fees on the Ethereum<\/a> mainnet, but also generate a small bonus.<\/p>\n The necklace is designed by artist Nahiya Su and produced by FOUNDO, which describes itself as a Web3-native jewelry brand.<\/p>\n The final winner will receive a pair of NFTs \u2014 one embedded in the necklace using a Near-Field Communication chip \u2014 and a second commemorative NFT designed by a Sotheby\u2019s featured surrealist artist called 1dontknows<\/a>.<\/p>\n Bounce\u2019s aim is to apply its research on auction formats to a variety of DeFi use cases including NFTs<\/a>, tokens and advertising space. Currently, four standardized auction formats, which have been audited by Salus Security, are available to developers via an SDK.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bounce Finance, which is pioneering new DeFi auction mechanics, debuted the proof of concept for its \u201cmutant English auction\u201d format at 10 am ET Friday. The item on offer is a \u201cDiamond Hand\u201d necklace paired with two NFTs which Bounce calls an \u201chomage to the \u2018Hodl\u2019 philosophy\u201d \u2014 a reference to the oft used meme […]<\/p>\n","protected":false},"author":2,"featured_media":142748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142747"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142747\/revisions"}],"predecessor-version":[{"id":146539,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142747\/revisions\/146539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142748"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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