MonkeyBids is a decentralized auction house which holds auctions for both physical and digital goods. Operated by Monkey Kingdom, this Solana based platform will use its own native token called BID. BID, a Solana SPL token, will allow users of MonkeyBids to undergo a seamless and effective bidding experience for a variety of online auctions. The only way to generate BID is by staking the NFTs from Monkey Kingdom’s Genesis Collection (Monkey Kingdom & Diamond Baepes).
MonkeyBids offers various types of auctions, including English, Dutch, Reverse, and a reimagined version of a Penny auction called the Degen Auction. Additional auction types may be integrated onto the platform at a later stage. All of which will bring about transparency during the entire auction process.
The community is able to participate in certain key aspects of MonkeyBids. This includes deciding on operational strategies and the overall direction of its development. In the future, the community can also decide on the fee structure and duration of auctions.
Items that can be found on MonkeyBids include a variety of luxury goods such as watches, rare sneakers, fine wine, physical artworks, NFTs and other valuable collectibles.