Emoon, a peer-to-peer marketplace for buying and selling crypto assets, is leveraging the 0x (ZRX) protocol for zero-fee NFT auctions, enabling users to sell their in-game assets with ease via English auctions.
According to a recent announcement, users can now bid for non-fungible tokens with ERC-20 tokens or any ERC-721 asset supported on the site. The seller can choose to create an English or sealed auction, meaning they can then review bids and choose the best offer. All of this occurs off-chain until the seller selects the appropriate bid. This system allows interested parties to bid without paying a gas fee.
According to the team, “English auctions are much more familiar to users and ultimately adhere to philosophical approaches to auctions that enable healthy markets. Additionally, by running the auctions off chain, users don’t have to spend gas on an auction they may not even win.”
Emoon gives the following examples to represent the potential of the new system:
Bid DAI for a CryptoKitty
Bid a CryptoKitty for another CryptoKitty
Bid a Gods Unchained card for a CryptoKitty
Bid Decentraland MANA for an Etheremon