Hong Kong — MonkeyBids, a decentralized auction platform based on Solana, announced a cooperation agreement with Lithium Finance, an illiquid asset valuation tool, to provide consumers with more transparent and reliable valuations of both digital and physical collectibles.
With the rise of virtual assets, illiquid assets, such as digital artworks or NFTs that combine virtual and tangible assets, may have different standards for their value. Given this, MonkeyBids, a Web3 auction platform dedicated to promoting the “collector economy,” announced a cooperation agreement with Lithium Finance.
Different from the centralized valuation method of traditional auction houses, Lithium uses collective intelligence and machine learning to value assets. Lithium designates those who ask for valuation as “Price Seekers ” and those who provide value estimates as “Price Experts”. “Price Experts ” will need to indicate their confidence toward their answer by staking $LITH tokens, and they will receive native tokens as a reward if their response is accepted.
As a strategic partner of Lithium, MonkeyBids will bring consumers a decentralized auction experience through a new valuation method, helping them to quickly grasp the market conditions and the value of their collections in the ever-changing Web3 world.
MonkeyBids said that the two parties might hold events in the future to allow the public to participate in the valuation and bidding of auction items. The one with the closest guessing result and the final transaction amount will win a huge prize.
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Based on Solana, a decentralized auction platform combining Web2 and Web3, the purpose is to promote the “collector’s economic circle,” where every commodity is a collectible, and everyone can become a unique collector. Our operations team has incubated the Solana NFT project Monkey Kingdom.
About Lithium Finance:
Lithium Finance is the first decentralized NFT valuation protocol powered by collective intelligence and machine learning. The protocol aims to redefine how NFTs are being valued by incentivizing the community to provide honest assessment to reveal market sentiments.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Veracity Reporter journalist was involved in the writing and production of this article.