Introducing the LaunchVerse Sealed-bid NFT Auction
What are sealed-bid auctions?
A sealed-bid auction is a type of auction process in which all bidders simultaneously submit sealed bids to the auctioneer so that no bidder knows how much the other auction participants have bid, according to Investopedia. Traditionally, a sealed bid refers to a written bid placed in a sealed envelope. The sealed bid is not opened until the stated date, at which time all bids are opened together.
Sealed-bid auctions — LaunchVerse edition
LaunchVerse sealed-bid auctions are conducted on the BSC network, with some differences from the traditional sealed bid auction. Thanks to the smart contract’s contingency and automatic execution features, LaunchVerse was able to innovate and build a sealed-bid auction on the blockchain.
In LaunchVerse sealed-bid auctions, users can bid as many times as they want. As LaunchVerse also displays their ranking based on the probability of their bids going through, participants also have the options to adjust (or increase their bidding amount) to maximize their chance of winning the NFTs.
Then, the final result of a sealed-bid auction is revealed when the pool time runs out.
The smart contract automatically fills up bid orders from the highest bid price ratio all the way down until all the NFTs in the pool are sold. Powered by Polygon’s Chainlink, the Blockchain Oracles technology guarantees a transparent Whitelisting process, and all suitable users are randomly picked based on a prefixed set of rules.
How to join seal-bid auctions on LaunchVerse?
- Go to https://rada.network/en/launchverse
- You will see the auction pool in the top section. Go to any active pool (that should replace the Secret Pool once it is live)
- You will see the similar following page for any project
- You will need to interact with your MetaMask and pay gas fee to interact with the smart contract.
- Place your bid for the NFT. Make sure to check the important information that will be displayed.
- You can always adjust your bid to maximize your chance of winning. Placing another bid is also allowed.
Why join the RADA ecosystem?
Why RADA?
RADA is a professional investor’s community — aspiring to be a fair community in terms of opportunity sharing and promoting only healthy blockchain investment for all investors in the community. RADA’s vision is to build a global community that connects Vietnam to the world and truly empowers a whole new generational industry of technology booming out of Vietnam and into the world with the backing from the RADA Community.
Want to earn RIR? Learn more about it here.
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