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Marketplace

Resell Marketplace

Resell marketplace, designed around DeMonverse, is an in-house platform to buy, sell, and trade your Demons.

Why create our marketplace when there are many already existing?

Finding your desired Demons at different marketplaces and the struggle to find the right deal can be a hustle that we don’t want our customers to face. Resell marketplace will solve all such problems where our customers can see all the Demons available for trade and deal easily.
Keeping everything in one place also reduces the involved risk and takes off the pressure of creating different accounts at various marketplaces.

Technicalities

  • If you sell Demons at our marketplace, you’ll have to pay 5% platform fees and no additional charges.
  • The characteristics (Demon level, name, ratings) will also be transferred to the new owner when the Demons get sold. So, the sellers only have to set a price that justifies their Demon's value.
  • The market’s currency will be $DMZ, i.e., every transaction will occur in $DMZ. It adds another utility to the $DMZ token.

Auction

  • The seller can choose how long the auction will run - 24/48/72hrs.
  • When you put your item on timed auction, you choose the minimum bid, time for your auction.
  • At least the minimum bid is set for the auction.
  • The seller is free to set the price increment for the bid by any value between 5%-12%.
  • The auction cannot be cancelled after making a valid bid.
  • After the auction closes, the winner claims the Demon, while the other bidders claim the bids they placed.

Auction Mechanism

Most of the auction platforms present today offer minimal privileges to both sellers and bidders. On many popular auction platforms, users are incentivized to bid the maximum they are willing to pay by not binding them to that total amount but rather to the previous highest bid plus the increment. These auction mechanisms are designed to limit the bidders to place higher bids and reduce the takes for sellers. DeMons has deployed its own Auction Mechanism to solve this problem, which will provide surplus opportunities for both the sellers and the bidders.

How is our auction model different?

Let’s understand this through an example: We have defined some Key : Value pairs to be used later.
Key
Value
current_Highest_Bid
$430
bid_Increment
$10
highest_Binding_Bid
current_Highest_Bid + bid_Increment
Note: These numbers are fictitious; please don’t consider them as true values.

CASE 1: Using the Conventional Auction Model

You decide to bid $500. But you cannot do so due to certain limitations. By default, the only option is to bid $440 (i.e. current_Highest_Bid + bid_Increment). If someone comes along and bids $450, you now need to bid $460, and the process continues until you bid maximum or bow out.

CASE 2: Using the DeMons Auction Model

You decide to bid $500. However, you are only obligated to pay $440 (i.e. current_Highest_Bid + bid_Increment) if you win the auction. In this case, $440 is the highest_Binding_Bid. If someone comes along and bids $450, you will still be the highest bidder, but the highest_Binding_Bid will be raised to $460.
It’s like asking the platform to automatically bid for you up to a given amount, after which you’ll need to decide to raise your maximum bid or bow out. Any amount over the highest_Binding_Bid will be refunded to you when you claim your Demon.