For NFT-folks on the Ethereum blockchain auctions are absolutely nothing special. On the Tezos blockchain kalamint.io is supporting auctions, but via Hic Et Nunc it was not possible to deal with bids and offers. With objkt.com (and before objkt.bid) this missing feature got realized as a new ‘FA2 independent NFT Marketplace on Tezos‘ (quote via @objktcom) by people of the community (@NFTPROTECTOR on Twitter). The ambition behind this project is to ‘bring you the best auction experience possible‘ (quote via oktu.org)
Highes Bid or Price Drop?
On objkt.com you will find capabilities, which are described in the FAQ as well. But the core functionality is: Auctions.
Via Hic Et Nunc you can sell a minted objkt (artwork) for a certain prize point by swapping a certain amount of editions of a work. On objkt.com you can initiate an auction, list (~ swap) a work for sale or simply wait for offers from interested collectors.
The auctions can be set up as ‘Highest Bid’ or ‘Price Drop’ auction at the moment. For a Highest Bid auction you define the minimum bid and the duration of the bidding phase / auction. The Price Drop auctions are defined through a start and end prize plus duration of the auction. While the auction is live, the prize is dropping from start to end prize (e.g. from 100 to 10 XTZ).
The current version of objkt.com is surprisingly good, it represents a solid auction feature-set and fills the feature-gap of Hic Et Nunc. Note: There is a discord server in the case of questions of feedback, because the FAQ is answering a lot, but potentially not all questions one might have.
It looks promising
objkt.com is enhancing the cleanNFT Toolbox through auctions. It’s a solid tool for the purpose and looks more like a new marketplace than a tool reduced to the auctions use-case. It will be interesting to see, which additions will be made here and how users will adapt to auctions. Kudos to the makers of objkt.com!