KuCoin Labs, the incubation and investment branch of the KuCoin ecosystem, and Republic Capital announced a joint incubation in BidShop.io, a startup to generate additional liquidity streams for NFT holders, Coin Journal learned from a press release.
Introducing game theory to NFT auctions
The startup brings game theory elements to the conventional NFT auction process. As a result, additional liquidity streams are created above the floor price for NFT holders. The solution lets bidders obtain rare NFTs at a very low price on the buyer side of the equation.
Giving holders more power
BidShop.io applies a novel approach known as reverse auctions to give NFT owners more power and improve buyers’ success prospects. With this approach, the bidders cannot see any bid values because the latter are encrypted.
In terms of ensuring a trustless process and implementing encryption on the EVM blockchain, the technological challenge isn’t to be underestimated.
KuCoin Labs Head Lou Yu said:
We love BidShop.io because of true NFT space gamification and unique technology, both of which increase liquidity and give more people a chance to acquire truly valuable NFTs. KuCoin Labs consults Bidshop.io on various aspects, such as go-to-market strategies, business strategy, fundraising, and marketing orientations.
KuCoin Labs plans to continue exploring diverse potential collaborations with BidShop.io to perfect the NFT ecosystem in the future.