Categories: Ethereum

0x Powered Emoon First to Bring Off-Chain English Auctions to Ethereum; Breakthrough for NFT Trading

Click here to view original web page at cryptocoinspy.com

Yet another first-of-its-kind innovation has gone live on the Ethereum network: off-chain English auctions where users bid for non-fungible tokens (NFTs) with either ERC20-compliant tokens or ERC721-compliant assets.

The solution – devised by 0x-powered peer-to-peer marketplace Emoon – was unveiled in an announcement published earlier on Monday. It is considered a rather significant breakthrough for the budding NFT space, mainly because the running of any auctions has – up until now – been of the Dutch variety (i.e., the asking price is reduced until a buyer is found).

By figuring out a way to enable the running of an English auction – whereby bidders can view one another’s bids (i.e., making bidding wars possible) – or a sealed auction, Emoon has empowered NFT sellers with the ability to take the highest offer.

Not only are these auction formats “much more familiar to users,” Emoon’s announcement explains, they also “adhere to philosophical approaches to auctions that enable healthy markets.”

What’s more, this auction process is conducted off-chain, meaning that bidders are not required to pay gas fees on a bid that may not even be accepted. It is only when the seller accepts a bid (i.e., ending the auction), that an order is sent to a 0x smart contract, which then brokers the transaction and perform the asset swap.

So, what does this all mean for Emoon users looking to buy or sell crypto assets? Plenty, in fact. By being able to bid with either an ERC20- or ERC721-compliant token, users could theoretically purchase, for instance, a Gods Unchained Card (GODS) with a payment denominated in anything from CryptoKitties (CK), to Dai (DAI) stablecoins, to Decentraland-native MANA tokens.

The announcement signals yet more progress made by the Emoon team, who, last November, announced that its Emoon Market peer-to-peer marketplace would henceforth use the 0x protocol for all on-chain transactions. One of the main drivers behind the migration by Emoon was the ability for them to tap into 0x’s shared liquidity pool; financially benefitting those using the Emoon marketplace to buy virtual assets.

NFT marketplace @efolioapp is using 0x protocol for gas efficient English auctions, no gas required ⛽️https://t.co/pSKSGTwVag

— 0x (@0xProject) February 4, 2019

The solution […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: decentral eth ether trading

Recent Posts

  • Altcoins

Denarius – A true cryptocurrency in a sea of ICOs

In a sea of altcoins, Denarius is by far one of the more interesting, innovative blockchain projects released yet. With… Read More

6 mins ago
  • Bitcoin Business

Donald Trump’s bitcoin takedown signals global currency war

US President Donald Trump’s tweet attacking bitcoin ( BTC-USD ) highlights his increasing interest in controlling global currency markets —… Read More

6 hours ago
  • Bitcoin Business

Iran Legalizes Crypto-Mining As “Official Industry”

After weeks of uncertainty, the Iranian government’s Economic Commission has approved a mechanism of cryptocurrency mining in the country, according… Read More

6 hours ago
  • Bitcoin Business

Bullish For Bitcoin? Trump Turns Up Pressure on Federal Reserve to Cut Interest Rates

President Trump is continuing to pressure the Federal Reserve for dragging its feet on interest rate cuts. For some, such… Read More

6 hours ago
  • Bitcoin Business

Blockchain Center’s grand opening attracts local, international leaders

Pictured (l-r) are Eryka Gemma, Nick Spanos, Miami Mayor Francis Suarez, and Scott Spiegel. (Photo credit: World Red Eye) Blockchain… Read More

6 hours ago
  • Bitcoin Business

Bitcoin buyers beware

by Mike Connon As advisors, we typically advise families to take a patient, long-term approach to investing in the market,… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More