Blockframe introduces fair NFT pricing through anonymous bidding
NFT marketplace Blockframe has allowed users to place anonymous bids on NFTs. While the platform has no scheduled date for the Alpha version launch, it promises to bring a novel approach to the growing blockchain ecosystem.
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Anonymous bidding
In an effort to establish trustworthy NFT prices, Blockframe has adopted sealed bid auctions. This system departs from the common practice of using oracles for pricing. Instead, it encourages multiple bidders to place anonymous collateralized bids, determining a digital collectible’s value. At the heart of this innovation is zero-knowledge (ZK) technology.
Employing zkTrees, a creation by Polymer Labs, Blockframe has pioneered “Bulk Semaphore,” a protocol that establishes NFT prices through mass unidentified membership and signaling. This mechanism allows countless participants to bid in auctions at a stable cost.
Furthermore, according to Blockframe’s CEO, El Tahawy, this tool could also be utilized for anonymous voting within DAOs.
Simplifying NFT creation
At the core of Blockframe’s innovation is the desire to prioritize creators, with the platform being tailored with proprietary features. The new marketplace aims to remove the entry barriers that often come with entering the crypto realm. Simplifying user experience is a priority according to the CEO:
“At Blockframe, we’ve implemented a single sign-on, which means users can sign in with Google, Discord, Twitter, and we would automatically create a wallet for them,”
After setting up a wallet, users can employ the same platform to manage, transfer, and exchange cryptocurrencies. Blockframe ensures that it won’t store or access user private keys.
Implementing automatic royalty contracts
El Tahawy explains that creators can tokenize their collection on the platform, ensuring they claim the deserved royalties. Digital artists and creators can then devise royalty contracts to signify all prospective cash flows. Parameters for this royalty revenue can be customized by the creators themselves.
Upon its debut, NFTs without staked royalties will feature a 0% royalty rate. However, there’s a catch for the top 200 collections: automatic royalty contracts will be applied.
With standardized pricing in sight, Blockframe has ambitious plans. They intend to make sure royalties from newly formed collections are recognized across diverse marketplaces, addressing an ongoing industry challenge.
