From Monday 1 February we have introduced a new exchange method among Bitmonds collectors, with the aim of making the market easier and faster.
It is still early to draw conclusions, but from the first data collected in these days, the number of exchanges made is much higher than the average of the previous period.
Let’s find out now what are the main innovations introduced!
Where does this news come from?
The previous market logic, based on a Negotiation, was introduced with the aim of making Bitmonds collectors interact with each other and create an active community. Fundamental element in a new collecting project, even more so if in a recent sector such as the digital one.
Although valid in theory, in practice it has proved to be a model that is currently too complex for users from all over the world to interact. For differences in language, habits or simply in time zones.
So we decided to bring everything back to a simpler and more usual scenario (Ebay), introducing a Buy It Now logic.
It is not excluded that we can return in the future to integrate a negotiation logic, but probably in a simplified form.
What are the main news?
The most clear advantage consists in allowing the owner of a Bitmonds to promote its sale in the Marketplace, clearly indicating the desired sale price.
Another important change is that you can configure your own Paypal/me (which is different from your PayPal account) as a payment method. In this case, the Buyer would be directed directly to a payment form preset on the sale price. Making it all immediate.
The security level of the transaction remains as high as before, because when the Buyer confirms the purchase, he can pay safely as the Bitmonds is blocked and can only be transferred to his account.
After verifying receipt of the payment, the Seller can virtually “send” the Bitmonds to the Buyer through a simplified procedure, directly by accessing the details of that sale in the Message Center.
Not in all countries of the world where Bitmonds project is present, there is the possibility of having a PayPal account and therefore a PayPal/me link. It is not mandatory, it is possible to configure any type of payment method (it will be up to the Buyer to decide whether to proceed after viewing those accepted by the Seller). What we recommend, if you choose this route, is to enter as many details as the Buyer needs to complete the payment without further questions.
This freedom has a small side effect, that is, not being able to receive a payment confirmation, we could not automatically move the Bitmonds sold. It is still the responsibility of the Seller. But we are evaluating possible future solutions for this too 😉
The mechanism at the moment is exactly that of a purchase of a product on Ebay. That doesn’t sound bad to us as a starting point.
Let’s now see some small rules that have been introduced.
The rules of the game
Before you can place your Bitmonds on the Marketplace, you need to complete some preliminary operations:
- Successfully pass the KYC procedure
- Set at least one spoken language, for possible contact between collectors
- Configure at least one payment method accepted for the sale of your Bitmonds
Some rules have also been introduced to ensure greater visibility, on a rotating basis, on the Marketplace and prevent it from becoming a place for some people to “forget” their entire collection for months, without ever visiting the portal.
We have included a counter (a Bitmonds can stay on the Marketplace for a maximum of 72 hours) and a maximum percentage of Bitmonds from your collection that can be put on sale at the same time (20% with a minimum of 3 Bitmonds guaranteed to everyone).
These are common logics for the sector, Sorare for example has a 48 hour counter.
The goal is clear, a collecting project requires an “active” approach, driven by passion and a participatory presence on the portal and in Bitmonds’ world.
We have also introduced a logic of “defense” of the intrinsic value of a Bitmonds digital asset. It is not possible to promote from an official channel such as the Marketplace the sale of a Bitmonds at a price lower than 33% of the Recommended Value by our algorithm. (with a minimum of 10 euros, equal to the generation price of a new Bitmonds)
Why? The story of a project like Cryptokitties teaches it.
Bitmonds presented themselves to the world as a digital alternative to a concept of wearable luxury collectibles. Those who have understood the project will also understand the logic of defense of its value.
We also remember that the Marketplace, which many of you remember and have often asked us to reintroduce, required a sale at the Recommended Value. Without freedom downwards or upwards. The 33% rule seems to us a good compromise and the best for the long-term future we have in mind.
A final rule concerns the purchase. Since when a Buyer buys a Bitmonds, before its payment, it is still bound to him, it is possible to do so for a maximum of 5 Bitmonds at the same time. This rule is automatically removed upon completion of the KYC procedure.
When we have to intervene to unblock a situation in which one of the two parties has not respected the logic of the sale, we will do so, also taking measures towards a collector for which an incorrect behavior emerges.
News does not end here!
Many have asked us this, because in the community of Bitmonds collectors it seems to have assumed great importance. This is the colored number that you see on the top right of the Bitmonds card from Monday.
What does it represent? The order of generation of that single Bitmonds compared to those of its same color and name. Thanks for the advice, we loved it and here it is.
Furthermore, a new button is now present in the details sheet of each Bitmonds, which allows access to the owner’s personal page.
It is thus possible to see both its Bitmonds for sale and all the others.
There is also a contact button, which allows you to ask the owner if perhaps he is willing to sell a Bitmonds that is not currently on the Marketplace. In this way it is still possible to make a negotiation, which can then be finalized by the Seller by entering the Bitmonds on the Marketplace at the agreed price.
Each collector can decide from their My Bitmonds page, whether or not to make their collection public (even their My Bitmonds url can be shared). Not making your collection public is a way of saying that you don’t want to receive contacts for your Bitmonds.
Overall we are convinced that the new tool is a big step forward for the project, both compared to the previous version based on a Negotiation, because it now makes a sale faster, and compared to the previous version of the Marketplace that some will remember, because it allows more freedom in the definition of the sale price and immediate payment (before the Seller saw a credit after 1-2 days and our manual check).
We have already identified small improvements that we are already working on and will be communicated to you.
We have also started the scouting of possible payment solutions (worldwide), which would allow to give the payment receipt and thus link the automatic movement of Bitmonds between Seller and Buyer. It will take time for this.
The Message Center now takes on even more the role of a control panel for a Bitmonds collector, where you can not only monitor, but also make the payment of a purchase or the movement of a sold Bitmonds.
For this episode, that’s it!