KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has officially announced its co-incubation with Republic Capital in BidShop.io, a startup that creates additional liquidity streams for NFT holders.
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BidShop.io introduces game theory factors into the traditional NFT auction process, which has the effect of creating additional liquidity streams above floor price for holders of non-fungible tokens. On the buyer side of the equation, the solution also allows bidders to acquire rare NFTs at a fraction of the price.
The startup uses an innovation known as reverse auctions to put more power into the hands of NFT owners and furnish buyers with greater prospects of success. With reverse auctions, all bid values are encrypted and invisible to other bidders. This is a big technological challenge when implementing encryption on EVM blockchain and keeping the process completely trustless.
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“The reason why we love BidShop.io is not only the unique technology but the true gamification of the NFT space, adding more liquidity and providing more people with a chance of acquiring NFTs with true value. KuCoin Labs is advising Bidshop.io from various aspects, such as business strategy, fundraising, marketing orientations as well as go-to-market strategies, etc.” stated Lou Yu, Head of KuCoin Labs.
In the future, KuCoin Labs will further explore potential and diversified collaborations with BidShop.io to vastly improve the NFT ecosystem.
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