GhostMarket has launched NFT auctions on Phantasma, enabling users to buy and sell non-fungible tokens through a range of different mechanisms. Implemented and tested in collaboration with Phantasma core developers, the new functionality includes three new auction methods to suit the various needs of NFT users.
To commemorate the launch, the GhostMarket team will auction the first of 52 GHOST Genesis NFTs. These tokens will grant the owner a 100% discount on GhostMarket trading fees for life.
The news follows the launch of the GhostMarket uMint NFT factory in January, which enabled users to create their own NFTs. When minting an NFT, users can also define royalty fees which will be distributed to the creator during any future resales. This provides a mechanism to establish new revenue streams for artists, musicians, and other creators.
NFT trades on GhostMarket can be processed through one of four auction mechanisms: Fixed, Classic, Dutch, and Reserve.
Fixed auctions represent the vanilla fixed price trading experience already supported by the platform. Users can list an NFT and a sale price, then define a duration for the listing. Previously limited to 30 days, the new update allows fixed auctions to be extended to up to 365 days, or simply set to never expire at all. These listings can be cancelled at any time.
Classic auctions follow traditional auction mechanics, starting from a base price and accepting increasing bids from prospective buyers. The duration for the auction can last up to 30 days, and a 5 or 10 minute extension period can be selected by the seller, which is activated in the event of a last minute bid.
Dutch auctions operate in the opposite manner. The NFT seller begins with a starting price and an ending price, and the auction starts from the highest price. The auctioned item’s price will be gradually decreased across the duration (up to 30 days) until a buyer is found. The first bid wins the auction, creating a “game of chicken” between potential purchasers who compete to buy the NFT at the lowest possible price.
Finally, Reserve auctions allow sellers to define a minimum starting price they would accept for the NFT. No start/end dates or durations are applied—instead, the first bid that exceeds the minimum will trigger a Classic auction with a 24-hour duration.
The full announcement can be read at the following link: