Have you ever tried to purchase a ticket for a hot event that you were waiting for a loooong time and you finally got a really frustrating buying experience?
Or maybe a cool NFT collection where minting was impossible, gas fees skyrocket and you ended without NFT and paying for a failed transaction.
What you probably recall is tremendous frustration after spending so much time on web reservation systems… until one minute after launch you were told that the event was sold out.
And even worst, just saw some minutes later all the tickets are being sold in second market for a double price.
Today, common ticket sales, mints and bidding processes leave a lot of value that its not being collected by the participants. From bots to gas wars, time sensitive mints and tickets sales create a lot of incentives problems as well as bad user experiences.
- Time sensitive and first runner problem: Why should you get a ticket only if you are a front runner? Why it so difficult to mint a token when a new collection is created? Most of today mints, ticket sales and auctions are time sensitive for their user. Sometimes, you could even get a sold out in just seconds or miss a mint that you were expecting for months in just a one minute time window.
- Bot participation: Just wonder why tickets are sold out in no time? Bots. On hot events, bots can usually take more than 40% of the ticket sales. This tickets go immediately to re-sale marketplaces, creating revenue for scalpers and resellers.
- Gas wars: If you have participated of hot minting process, you know there is a high chance you pay transaction fees for a transaction that fails. As hotter as it gets, gas wars gets bigger and bigger, being sometimes de miners who get a high profit due to gas wars.
- Value on the table: Many times, people will have paid a much higher price than the ticket price if they could just get one. For every event organizer who is looking to maximize profits, geting the most value from each participant is key to optimize results. And as an individual, not having a ticket even if you were wishing to pay more it kind of sucks. So from both sides, fixed prices many time causes a high value cost of opportunity.
We are Fairbid and we came to Infinite Hackathon to revolutionize the way digital assets are sold through a blind bidding system.
What it does
We propose a new bidding system in which we try to disincentive bots and scalpers, avoid first runner problems and maximize value for the auctioneer while giving the opportunity to participants to increase their probability of getting their desirable result through bids.
How does Fairbid works?
Fairbid uses a blind “modified dutch auction” system, in which each participant can make his own bid depending on how much is his desire to pay for the mint/ticket.
With Fairbid, instead of paying the fixed price or the final price of a dutch auction, each participant can bid the maximum amount (or range) that they will be happy to paid for the NFT. Bids are blind, as they don’t know how much other people are bidding.
We invite you to visit our landing page to know much more about our project! link
or our whitepaper for further documentation: link
How we built it