KuCoin Labs Incubates NFT Liquidity Solution BidShop.io

Twitter icon  •  Published vor 1 Jahr  •  Hassan Maishera

KuCoin Labs announced on Monday, September 19th, that it has incubated BidShop.io, a startup that creates additional liquidity streams for NFT holders.

KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, announced via a press release its co-incubation with Republic Capital in BidShop.io, a startup that creates additional liquidity streams for NFT holders.

According to the KuCoin Labs team, BidShop.io introduces game theory factors into the traditional NFT auction process. This can create additional liquidity streams above the floor price for holders of non-fungible tokens. For buyers, Bidshop also allows bidders to acquire rare NFTs at a fraction of the price.

While commenting on this latest development,  Lou Yu, Head of KuCoin Labs said;

“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.”

KuCoin Labs explained that BidShop 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. 

By leveraging reverse auctions, all bid values are encrypted and invisible to other bidders. KuCoin Labs believes that this is a big technological challenge when implementing encryption on EVM blockchain and keeping the process completely trustless.

The team further revealed that in the future, it intends to further explore potential and diversified collaborations with BidShop.io to vastly improve the NFT ecosystem.

KuCoin is one of the leading crypto exchanges in the world and has been around since 2017. The Seychelles-based exchange has a user-oriented platform focused on inclusiveness and community action reach and allows users to trade over 700 digital assets. 

Currently, KuCoin provides Spot trading, Margin trading, P2P fiat trading, Futures trading, staking, and lending to its 20 million users in 207 countries and regions. The low KuCoin fees make it one of the most attractive cryptocurrency exchanges in the world.

KuCoin Labs was launched in May 2018 and is the investment and incubation arm of KuCoin. KuCoin Labs comprises cryptocurrency experts tasked with handing out in-depth market research, analysis, investment, and incubation. Over the last four years, KuCoin Labs has diversified investments into early-stage projects to help project owners achieve sustainable growth and success in the decentralized world.

Meanwhile, BidShop.io is the first NFT marketplace built on a reverse auction mechanism that provides a gamified experience for users while addressing market failures in the NFT space.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.