Our team wanted to bring a new market style to the Splinterlands ecosystem. A market style that not only was more exciting than just buying cards with your hard earned Dark Energy Crystals (DEC), but also has the potential to give players the opportunity to make some really great deals for themselves! We believe that utilizing blockchain technologies, provably fair Penny Auctions coming to the Splinterlands ecosystem will fill all of these gaps, while still allowing players the transparency that is needed with any auction style market.
Penny Auctions put a twist on traditional auctions. Our penny auctions are timed auctions in which users will cast small bids of DEC. All of our auctions will start at the low price of $0.01 USD. Bids will cost 20 DEC each, and will also bringing the purchase price of the card up by one cent. At the end of the auction, whoever the last person was to bid has the option to buy the card for the current bid price. This means if only one person bids on an auction before time expires, the total cost of the card will be the bid cost of 20 DEC plus the .02 cent ending price. Users will have 24 hours to claim winnings and pay the bid price in DEC.After the 24 hour time limit has expired we will offer the card to the next bidder in line for the last bid price. If after three people do not respond and 72 hours have elapsed, the auction winnings will be forfeited and the card will be relisted.