By
Temitope Olatunji
April 24th, 2024
MonkeyBids plans to provide consumers with a decentralized auction experience as a strategic partner to Lithium.
Solana-based decentralized auction platform MonkeyBids and illiquid asset valuation tool Lithium Finance recently announced that they have reached a partnership agreement to enhance consumer valuations. Pursuant to the collaboration between both platforms, consumers will become privy to more transparent and reliable digital and physical collectibles valuations. A joint press release states:
“With the rise of virtual assets, illiquid assets, such as digital artworks or NFTs that combine virtual and tangible assets, may have different standards for their value. Given this, MonkeyBids, a Web3 auction platform dedicated to promoting the “collector economy,” announced a cooperation agreement with Lithium Finance.”
Analysis of MonkeyBids, Lithium Projected Working Relationship
The press release also states that MonkeyBids will provide consumers with a decentralized auction experience as Lithium’s strategic partner. The decentralized auction platform plans to achieve this through a new valuation method that will aid consumers in quickly grasping market conditions. Additionally, the targeted beneficiaries of this scheme will also become more aware of the value of their collections in the Web3 space.
Lithium deploys collective intelligence and machine learning to value assets, which differs from the centralized valuation method of traditional auction houses. The illiquid asset valuation tool uses incentives in addition to aggregating opinions from the community. This is to disclose market anticipation on a number of illiquid assets, including rare non-fungible tokens (NFTs) through cryptoeconomics.
Weighing in on what Lithium brings to the table via the partnership with his platform, MonkeyBids CEO and co-founder Kelvin Ho explained:
“Lithium is aggregating the community sentiment before every auction starts. This gives us and our collectors the confidence to understand how much does the community desire the auction item.”
In addition, MonkeyBids also revealed that both platforms might conduct future events to facilitate public participation. At the core of such projected events will be the opportunity for the general participants to assess and bid on auctioned items. According to MonkeyBids, the participant who comes closest to guessing the result and the final transaction amount will receive a huge reward.
MonkeyBids
MonkeyBids is a decentralized auction platform based on Solana that combines Web2 and Web3 elements in its application. The purpose of this is to reportedly promote the economic circle of the collector, thus rendering every commodity as a collectible. In addition, MonkeyBids also wants all participants to become unique collectors.
The MonkeyBids operations team has incubated the Solana NFT project called Monkey Kingdom. This consists of 3 collections of Monkey King Sun Wukong-inspired NFTs, generated algorithmically. They include the Genesis (Gen 1 & 2) which comprises 2,222 and 2,221 pixels on the Solana protocol, and the male Wukongs and the female Diamond Baepes; the Monkey Legends. Furthermore, Gen 3 constitutes 10,000 male and female avatars designed to support several new experiences. These avatars are fully customizable and ready for the evolving metaverse.