Solana-based decentralized auction platform MonkeyBids has partnered with illiquid asset valuation tool Lithium Finance to improve the accuracy and transparency of pricing for both digital and physical assets.
Different benchmarks for value may be used for illiquid assets like digital artworks or NFTs that blend virtual and physical assets in light of the proliferation of virtual assets. Therefore, Web3 auction platform MonkeyBids, which is focused on fostering the “collector economy,” has announced a partnership with financial services firm Lithium Finance.
Lithium offers decentralized approaches to valuation based on collective intelligence and machine learning, as opposed to the centralized methods used by conventional auction houses. Through the use of crypto-economics, Lithium incentivizes and collects community opinion to disclose market expectations on illiquid assets like rare NFT.
MonkeyBids, a Lithium strategic partner, will provide customers with a decentralized auction experience through a novel valuation approach, allowing them to more rapidly understand the state of the market and the worth of their collections in the dynamic Web3 era.
MonkeyBids CEO & Co-Founder, Kelvin Ho stated:
“Lithium is aggregating the community sentiment before every auction starts. This gives us and our collectors the confidence to understand how much does the community desire the auction item.”
According to MonkeyBids, the two organizations could host events in the near future where the public might help determine the value of goods up for sale and place bids on them. The person who correctly predicted the final transaction amount and guess the closest will get a significant award.