Monkey Kindom launches Web3 auction house MonkeyBids for virtual & physical goods

Monkey Kindom launches Web3 auction house MonkeyBids for virtual & physical goods

After launching the first-ever cross-chain non-fungible token (NFT) breeding and minting event in April 2022, Monkey Kingdom is introducing another breakthrough with a Web3 auction house, MonkeyBids. MonkeyBids is a decentralized auction house built on the Solana blockchain that provides low entry barriers for auctions of virtual assets and physical luxury goods. Monkey Kingdom is the first Asian PFP NFT project to gain mainstream recognition.

Supported by the traceability and transparency of blockchain technology, MonkeyBids aims to reinvent the way auctions are conducted. Monkey Kingdom is calling it the Degen Auction – place your bid if you’re degen enough!

Monkey Kingdom is developing MonkeyBids after being the first Asian NFT collection to have two digital pieces auctioned off by leading contemporary art auction houses Sotheby’s and three pieces auctioned off by Phillips. This decentralized application (dApp) intends to provide users with a Web3 auctioning experience whereby its on-chain program is driven by algorithms that mimic traditional auction house processes. The exception is that the auction items can now change ownership instantly, and the entire transaction history will be publicly visible on the blockchain. MonkeyBids will bring about transparency during the whole auction process, including publicly displaying a bidder’s wallet address and the total number of bidders on all auctions, providing bidders with a complete picture for decision-making purposes. The community will also be able to participate in certain vital aspects of MonkeyBids. This includes deciding on operational strategies and the overall direction of its development. In the future, the community can also decide on the fee structure and duration of auctions. MonkeyBids will reward its early supporters by granting them access to exclusive auctions of some of the most coveted and limited edition items.

“Online penny auctions have long been identified as a possible form of an internet scam due to the underlying way in which they have been designed,” said Alice Wong, CEO of Monkey Kingdom. “Penny auction sites are in a privileged position to win auctions they host by outbidding all other participants at the very last moment and simultaneously profit from all the service fees collected from the participation of all bidders. Furthermore, no one knows whether the winner is the auction host or a bot programmed to outbid everybody. This is where MonkeyBids’ Degen Auction comes in. Decentralizing penny auctions provide transparency to transactions and ensures that there’s no foul play. We foresee increasing applications of blockchain technology within businesses in the future. By integrating digital certificates as NFTs to represent actual physical goods, we can easily trace the ownership history of auctioned items in the future. Such applications can already be seen in the Aura Blockchain development by LVMH and Cartier.”

MonkeyBids have partnered with Japanese brands and creators to auction off luxury goods, e.g., watches, wine, and physical and digital artworks. MonkeyBids will feature other auction styles, along with Degen Auction, including Dutch, English, Reverse auctions, and more. Auctions will be conducted round the clock alleviating problems associated with bidders missing out due to time zone differences. MonkeyBids will also release a brand new SPL token integral to the operations of the auction house. Users can use this token to bid on auction items, enjoying lightning-fast transactions with minimal transaction fees on Solana. Monkey Kingdom will release more information on the specifics of this token in the coming weeks.

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