use “MIN/rewards” as entry/raffles to auctions/products
these entries go against the cost of the item ( product_cost - entries_revenue = price_floor )
auction stage - price decays over x time → price_floor ( first user to agree to pay current_price pays that price )
100 → 80 ( only 20$ of entries received ) - price floor is reaches - no buyer_found? yes|no → goto 5.
if no buyer is found… repeat entry process from 80 → n.
cycle repeats until buyer is found - first person to agree to the dropping price gets item for that price.
not a single retail outlet that could compete with you - prices sold below cost while never risking margins - always turn a profit, minswap is a rewards engine - with no where to use your rewards… they are useless tickets.
sounds fun, but there are more readily available means of introducing a demand curve to Min as well slowing the supply curve (revenue sharing through locked minadaLP). Also, if you are suggesting auction participants pay in Min, then where does it end up? If it ends up with someone not invested in the protocol, then they will likely cash out for ada or djed. Thus, not solving the problem of incentivizing holding. I like the idea though and perhaps we can revisit it once we manage to stabilize the price through the means readily available, rather than building a whole new platform. Final thought, do we want to expend resources building our own auction platform or rather partner with a platform already specializing in such things - NFT marketplaces for example.
Thank you for your reply Contra!
I had originally built the concept in c# using “karma points” circa 2013 but could not keep up with adwords /user acquisition bids vs wish.com etc - before crypto made this a possibility.
Yes - the MIN would be swapped to ada/fiat to pay for the products. Profit margin from the auction platform would feed the DAO which in turn would rebuy MIN - stabilizing or raising value per share/token.
The model is simple - it leverages a concept from “the prisoners dilemma” psychology principle.
100$ product ( 100$ of entries ) - price starts to drop… ONE buyer will win… first person to agree to the descending price auction wins the product - others lose their entry.
It is in the best interest of all parties to all wait until price drops to the floor - in reality someone will betray/buy the product before that happens, resulting in the following
90$ entries_revenue + 30$ buyer_price - 100$ product_cost = 20% profit margin
This 20$ → direct to DAO as profit.
one user wins a 100$ product for 30$ MIN gains utility Retail revenue funds the DAO DAO income stabilizes MIN
The product math I am explaining here solves a critical flaw from the “penny auction” platforms and does not exist today.
Personally I believe the team should own the platform or hire/fund catalyst style to create the product - as the revenue would feed the dao directly. I have no talent for UX design - the logic and math I can build - but the gamification of the button clicking is where we would need assistance.
it sounds like buckets of fun. but im just not sure how feasible it is in the near terms. It seems to me to be a standalone project. Why do you want to privilege Minswap?
What I am describing is a leveraged rewards capture platform
This could work with any dex / token / farm.
users can buy product with ada OR all entries must be purchased with MIN.
WHY Minswap? true retail utility supports ada adoption minswap team is incredibly gifted with UX design and have the demand ready ( WEN MIN UTILITY etc ).
WHY not a competitor?
Sundae ( doubtful execution, outsourced their own dex, proven lack of integrity )
Ardana ( inexperienced, lack focus )
Wingriders ( could execute, but no public token/demand )
ADAX ( genius work, horrible UX - they build ugly like me, this product lives/dies by UX )
muesli ( functional - but lack the fun element )
awesome, go to catalyst tho, ill vote for ya I dont think minteam can dispel the resources, theyre smol and have a lot on their plate, but i cant speak for them, im just a guy being a dude
Auction products with crypto? Do you mean anyone holding MIN could auction their own stuff? or more like a warehouse auction? Seems like all the overhead that comes with a retail store would be here, too. Shipping fees, quality issues, customer service, etc.
Personally, I’d rather the MinSwap team spend time dealing with Dex related issues, not auction house issues…
Sounds like a good project for someone else though.
fair assessment - definitely a sister project; i’m really hoping there might be shared code / collaboration w/ how to make the swaps of products for min. this could be used with any token / chain - but i’m trying to offer it to minswap first as a revenue driver with a very capable team
I would expect first iteration to be digital goods only - nft, followed by soft services, nft subscriptions to xyz business, final tier being actual physical goods.
Sounds like a very interesting and innovative idea. I could very well imagine having cNFTs for sale in these auctions. The gambling character is always very attractive.
I dont think minteam can dispel the resources, theyre smol and have a lot on their plate, but i cant speak for them, im just a guy being a dude