Daily Auction: Difference between revisions
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(Created page with "Auction resets every day at 16:00 UTC. There are 3 group of auctions, each accepting different Holo-Tags as bidding currency. Auction items may include, any virtual items, virtual currencies, resources, eFGL token, or even NFTs (from the mini-boss prize pool) <h2>Auction Rules</h2> Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value o...") |
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Revision as of 10:56, 23 July 2023
Auction resets every day at 16:00 UTC.
There are 3 group of auctions, each accepting different Holo-Tags as bidding currency.
Auction items may include, any virtual items, virtual currencies, resources, eFGL token, or even NFTs (from the mini-boss prize pool)
Auction Rules
Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism.