This article is reproduced from news BTC’s special report on cross. The following is the original translation:
Auction is one of the oldest ways to transfer property rights. Since human beings have the liquidity demand for surplus value, there has been this way of auction. When it comes to picking up leaks, what the collection community knows is “mingchenghua doucai chicken jar Cup”. Its inheritance process seems to be a history of “picking big leaks”.
The “mingchenghua doucai chicken jar Cup” first appeared at the Hong Kong auction in the 1950s and was sold for only HK $1000. In the “Qiu’s” special shooting in November 1980, the chicken jar cup was traded for HK $5.28 million. On April 8, 2014, the “mingchenghua doucai chicken jar Cup” broke the world auction record of Chinese porcelain with a transaction price of HK $281.24 million at the spring auction of important Chinese porcelain and crafts by Sotheby’s in Hong Kong.
In contrast, the transaction price of art is directly proportional to the trading line. The more formal the trading line is, the more it can protect the rights and interests of buyers. The more formal the trading line is, the more it can help art realize its due value.
Cross came to the NFT market with such demand. The blind box mechanism is one of the ways for cross to help art realize value faster and better.
Gametheory in cross
In cross, the “game theory” method is adopted, which is often called game theory. Due to the blind shooting mechanism, no one knows the other party’s bid. The “turn shot” mode in corss is more “safe and stable”.
When players get NFT and don’t open the blind box, they still maintain a sense of mystery. They transfer the NFT + blind box for auction, which further stimulates the sales and value of NFT and obtains the happiness of “price difference”. By analogy, any NFT that gets shot can be passed down in this way, and the value of NFT will soar, so as to carry out a good cycle of internal economic market, and make the “product” lasting. This is the core gametheory of NFT auction on cross platform
Think it’s just a simple speculation? Then you’re very wrong.
If I put aside the value of the art itself and just hope to be profitable in this grand auction, what I should do is: “make the most comprehensive assumptions.” like a trader, I must set up an executable trading plan, rather than decide whether to buy or sell BTC with the news that the telegraph group first jumped into my eyes.
So how should I make my plan? It is observed that players can obtain profits in addition to the value of the art itself in two ways.
Plan 1: I won the rewarded blind box, and my total bid is < 0.5btc + the value of art
Plan 2: I sold the price of all the boxes I got in the auction + the value of the art > the cost of my auction box
There is no other way.
First analyze how to make a profit through plan 1
In the initial auction, everyone hoped to obtain a blind box with a value of 0.5btc, but there were four blind boxes. Therefore, from an economic point of view, the maximum value of each box was no more than 0.5/4btc, and the value of each box was about 0.125 BTC. Everyone would bid near this value, and the probability of people who were too lower than this price to obtain the box was very slim, Like a black swan. In other words, everyone will bid slightly higher than 0.125btc, but how much higher depends on their courage.
My strategy is to have at least one box in the first round of auction. Because next, boxes will only become more and more expensive. With the reduction of boxes, you can no longer buy boxes at a price close to 0.125 BTC.
Here we can make a hypothesis. If I am lucky enough to shoot two boxes, should I open them or keep them? I think I should keep it. At least I hope the other boxes are empty when they are opened. Since the Mystery Box of cross has just progressed to phase 2, I think few people really understand what price they should offer, so it is very promising to shoot three or even four boxes. Therefore, players should use all means to let other bidders sell their boxes at a low price.
I can add 0.1 after the bid with the common method in the transaction to beat other bidders with a weak advantage. Of course, there are other ways, but they can’t be made public until the end of the auction.
Let’s look at how to profit from plan 2
The first part is also boring, that is, you have to get a box in the first round of auction, because you can’t buy a box at a lower price anymore. Of course, if you are willing to take risks, you can choose to open an empty box and enter the second round of auction to become one of the three people who own the box.
Next is the luck part. You need to wait for another person to open an empty box, so there are only two boxes at present. You can sell the box to another person at the price of 1 / 2 0.5btc. He faces a very high risk. One side is 0 and the other is 0.5btc, so he is more willing to collect all the boxes at a price close to 0.5btc, unless he is a “madman”. And you can earn all the premium.
It sounds smart, but it actually takes a lot of risk. Imagine that every time a box is opened, the box in your hand may become worthless. The lowest risk way is to sell the box when it is still four.
Well, does that sound much more interesting?
The first round of auction and the first person to open the blind box will certainly become the focus of the whole audience. This is a war with only numbers and decimal points. It is a duel between smart people and smart people. Whether it’s a black swan or a gray rhinoceros.
SO LET’S BID！
Cross, a decentralized NFT issuance and trading platform built by cybervein foundation, is also the most abundant issuance and trading platform of NFT. NFT includes encrypted works of art, data pass, training model and data financial derivatives. Previously, cross has held the first blind box game Mystery Box on February 26 and March 26, 2021 respectively.
Cross (cycross. IO), as the largest platform for NFT issuance and transaction generation on the heco chain, is securely stored through IPFs, chainlink, etc. Cross has a strict copyright maintenance plan to ensure that the copyright of works of art is legally protected. At the same time, cross is committed to the exploration and support of artists. Artists can contact below:
Email: [email protected]
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