KuCoin Labs has further expanded the NFT ecosystem for good by incubating BidShop.io along with Republic Capital. The start-up, BidShop.io, brings in the factor of creating liquidity streams for the holders of non-fungible tokens.
The function of gamifying the NFT sphere is its unique selling point with the potential to create more liquidity above the floor price for the holders. Buyers are not on the ignorant side as they get to acquire a rare NFT at a very small price. BidShop.io deploys reverse auction where the bids are encrypted and kept invisible from other bidders.
As attractive as it sounds, the technology is difficult to implement. A challenge lies in getting the technology live on the EVM blockchain while keeping the process completely trustless. The application of reverse auction is spread throughout the user base. It is not restricted to a single or select user.
Lou Yu, the Head of KuCoin Labs, said that they are fond of the start-up for its unique technology and the gamification of NFT space in a true sense. Lou Yu added that BidShop.io could get more liquidity while providing everyone a chance to get a rare non-fungible token.
The incubation of BidShop.io by KuCoin Labs includes the investment arm going distances by advising BidShop.io on different aspects like marketing, business strategy, and fundraising.
The incubation process will further explore how KuCoin Labs and BidShop.io collaborate for potential development.
KuCoin Labs is the investment arm of KuCoin. It was launched in 2018, bringing together a large group of experts for market research, investment, and analysis. Since its inception, KuCoin Labs has majorly incubated early-stage start-ups to help their founders achieve sustainable growth and remain alive in the long term.
KuCoin is a crypto exchange platform. It began its operations in September 2017. The platform has over 600 cryptocurrencies for users to trade and a trading pair of over 1000. More details about the exchange are available on the KuCoin exchange review.
Headquartered in Seychelles, KuCoin accepts multiple payment methods and supports the exchange of fiat currency to cryptocurrency and cryptocurrency to fiat currency. The trading fee is comparatively low for registered users who can keep track of their activities through the official mobile application on iOS and Android.
The signup process starts by providing basic details like an email address or contact number. Following this, a verification process is initiated, and users can then proceed to complete their registration process.
BidShop.io, despite being a startup, has made its way to the top leagues in the NFT marketplace. Its reverse auction mechanism offers a gamified experience to NFT holders, making it unique for everyone in the NFT ecosystem. The mechanism is entirely decentralized with the support of a one-of-a-kind technology that keeps the bidding values encrypted.