Web3 Innovations introduces innovative “open outcry” NFT auction

Addressing speculative concerns in the NFT space, SocialFi platform Match aims to create a sustainable landscape through its decentralized auction model, which combines fairness, dynamic pricing and random allocation.

For many in the cryptocurrency community, non-fungible tokens (NFTs) are often associated with bubbles or hype. This reaction stems from the failure of countless NFT projects during the last bull market.

The bottom prices of once-popular blue-chip NFTs, such as Bored Ape Yacht Club (BAYC), Pudgy Penguins and AZUKI, have continued to fall. The trading volume of the entire NFT market has also plummeted from a peak of US$2.2 billion to less than US$600 million - a painful decline.

The core problem with the failure of many NFT projects is the lack of practical application cases to ensure their long-term sustainability. For example, many PFP (avatar) projects struggle to provide sufficient value after the initial craze. Some projects tried to transform and innovate, such as Yuga Labs developing a yacht game to enhance the practicality of BAYC, but most of them ended in failure.

It is clear that the Web3 space needs a new approach that combines successful experience from multiple dimensions to launch a reimagined version of NFT that provides users with on-chain identities and increases the value of social interactions.

Create a truly value-based social network
Match is a value-based social network that provides an alternative to the speculative model of static digital assets to address the challenges facing the NFT space. Rather than relying solely on market fluctuations, Match integrates NFTs into a broader ecosystem, building a more sustainable model that emphasizes utility, social interaction, and long-term growth.

As a social finance (SocialFi) platform, Match combines the power of Web3 finance, artificial intelligence, and the meme token economy to create a more sustainable and attractive NFT ecosystem. Unlike traditional NFTs, which have repeatedly failed due to lack of practicality, the platform is committed to providing practical application scenarios through its innovative staking model.

Users earn RFG native tokens by holding and using Match NFTs, which serve as platform incentives, unlock features, and enhance social interaction. This staking model transforms NFTs into a structure similar to RFG token “miners” that can generate both short-term gains for users and long-term investment potential.

The platform is designed so that NFTs can play a key role in driving users to participate in various social activities. Users can obtain additional rewards by participating in tasks and scenarios, which makes NFT a dynamic interactive tool rather than a static digital asset.

In addition, by integrating artificial intelligence and big data into its system, Match further enhances the user experience by optimizing investment strategies and promoting the acquisition of high-quality projects.

Decentralized version of the British auction model
Match provides participants with fair access to the ecosystem through its innovative NFT auction approach. Unlike traditional NFT sales, Match uses a decentralized British auction model, also known as an "open outcry rising auction," to ensure fairness and inclusivity through random blind auctions. This model adds a layer of unpredictability to decentralized NFT auctions, ensuring fairness among users through random distribution.

The second Match NFT auction will begin on September 13th at 10am and end at 10pm.

This auction aims to distribute 40,500 Match NFTs in 10 rounds, with 4,050 per round. The starting price of each round is determined by the final bid of the previous round and can be adjusted according to market demand. For example, if the final bid in the first round is $100, the starting bid in the next round will also be $100.

The random algorithm will adjust the price based on market demand and the number of participants. Some participants with the highest bids will receive two NFTs, while the remaining participants will receive one NFT based on the bid amount. The final price of each round is determined by the bids in the last round. If the bid is too low, participants will be refunded and any difference above the bid will also be refunded, ensuring the fairness of the pricing mechanism.

A combination of randomness and rarity
Match also introduces an NFT-type blind box mechanism, an algorithm that adds a second layer of randomness, creating a more engaging experience for participants.

After the auction ends, users will be notified whether they have won an NFT, but they will not know which type (alpha, beta or gamma) until they "open" it. The probabilities of different types of NFT are 50%, 30% and 20% respectively. This binary random algorithm ensures fairness, giving every participant a chance to win rare NFTs while ensuring distribution is fair and unpredictable.

In addition, the Match platform limits each user to participate in a maximum of two rounds, and can only obtain a maximum of four NFTs in total. This rule is intended to prevent any single player or “whale” from monopolizing the market and hoarding NFTs.

To further ensure fairness, Match implements identity verification by linking the user’s on-chain wallet address and Telegram account. The system prevents individuals from using multiple accounts to hoard NFTs for sale, thereby unfairly increasing the odds of winning.

With its innovative concept, Match aims to create a value-oriented ecosystem and get rid of NFT speculation. As the industry seeks to grow sustainably, platforms like Match can play a key role in transforming the NFT sector into a more vibrant and sustainable environment.