The Problem

There are two major issues with the conventional auction mechanism employed by most of the NFT marketplaces and need a long-overdue to revamp.

1. A conventional market auction is usually designed to benefit only the seller with the mechanism that raises the asset's value as the interest in the asset increases. Due to high demand, the buyer could end up paying way more than the anticipated market value of the product. Although it helps the artist/seller earn more than the anticipated value, it does not favor the buyer. Currently, there is no designed sale engine in the space that benefits both the seller and the buyer at the same time as it follows a conventional approach.

2. The skyrocketing prices of popular NFTs are almost untouchable by retail investors. Most retail investors end up buying cheap NFTs with lower or no rarity. The seller has to bear the discounted cost even if the NFTs are offered at discounts. Currently, no designed pricing model is available that lets buyers buy the product at a discounted price without affecting the seller's share of the sale.

To sum up, currently, there is no designed sale engine in the space that benefits both the seller and the buyer at the same time as it follows a conventional approach. The value of employing a unique buying/selling mechanism for NFT products has yet to be realized and is very limited in the current market platforms.