KuCoin Labs Enriches NFT Ecosystem by Incubating NFT Liquidity Solution BidShop.io
KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has officially announced its co-incubation with Republic Capital in BidShop.io, a startup that creates additional liquidity streams for NFT holders.
BidShop.io introduces game theory factors into the traditional NFT auction process, which has the effect of creating additional liquidity streams above floor price for holders of non-fungible tokens. On the buyer side of the equation, the solution also allows bidders to acquire rare NFTs at a fraction of the price.
The startup uses an innovation known as reverse auctions to put more power into the hands of NFT owners and furnish buyers with greater prospects of success. With reverse auctions, all bid values are encrypted and invisible to other bidders. This is a big technological challenge when implementing encryption on EVM blockchain and keeping the process completely trustless.
“The reason why we love BidShop.io is not only the unique technology but the true gamification of the NFT space, adding more liquidity and providing more people with a chance of acquiring NFTs with true value. KuCoin Labs is advising Bidshop.io from various aspects, such as business strategy, fundraising, marketing orientations as well as go-to-market strategies, etc.” stated Lou Yu, Head of KuCoin Labs.
In the future, KuCoin Labs will further explore potential and diversified collaborations with BidShop.io to vastly improve the NFT ecosystem.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 700 digital assets. Currently, it provides Spot trading, Margin trading, P2P fiat trading, Futures trading, staking, and lending to its 20 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B Round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap. In 2021 Forbes named KuCoin one of the Best Crypto Exchanges. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts. For more information, please, visit https://www.kucoin.com.
About KuCoin Labs
Since its launch in May 2018, the KuCoin investment and incubation program has brought together a group of crypto experts for in-depth market research, analysis, investment, and incubation in the crypto industry. KuCoin Labs has diversified investments into early-stage projects to help project owners achieve sustainable growth and success in the decentralized world.
For more information, please visit https://www.kucoin.com/land/kucoinlabs
BidShop.io is the first NFT marketplace built on a reverse auction mechanism that provides a gamified experience for users while addressing market failures in the NFT space. Buyers can purchase valuable NFTs for a fraction of the price while sellers can create additional liquidity streams above the floor price of their NFTs. BidShop's auction mechanism is fully decentralized and built on one-of-a-kind technology, encrypting bidding values on EVM networks while remaining completely trustless.
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