Zignaly has released ZigBids, an NFT auctioning tool intended to upend the market for nonfungible tokens.
On Tuesday, September 20, Zignaly, a social investing platform and marketplace, announced the introduction of its ZIGBids solution.
The company said in the document that ZIGBids is intended to upend the DeFi ecosystem, beginning with nonfungible tokens (NFTs).
Zig Coin serves as ZIGBids’ fuel. Users might place bids using ZIGBids’ auctioning tools to get access to their preferred products (NFTs).
The researchers described how the highly scalable and effective Polygon network enables “wallet connect” features with ZIGBids. Users merely need to move their tokens to ZIGBids from their ZIG-funded Polygon Metamask wallet in order to start bidding on their preferred collections at a tiny increase in ZIG per bid.
Zignaly’s co-founder and CEO, Bartolome R. Bordallo, said
“Polygon was the perfect choice of chain to deploy ZIGBids on. It’s highly scalable, robust, and on its’ way to becoming the gold standard for Web3, expanding to Defi, GameFi, NFTs, and far beyond, which aligns so well with what Zignaly plans to do with ZIGBids.”
The group clarified that ZIGBids is not bound to a particular asset class. The ability to conduct auctions for any cryptocurrency, including the ZIGPad slot, previously minted NFTs, NFT whitelist spots, and more, makes this tool useful for a variety of tasks.
A few months after Zignaly Raffles debuted, ZIGBids also went live. A communal investment platform called Zignaly allows consumers to invest alongside the best cryptocurrency traders in exchange for a cut of their winnings.
The platform provides investors searching for fully-fledged Portfolio Management services, staking vaults, IDO participation via the ZIGPad, NFT raffles, and a new Bridge solution with a variety of features.
According to the team, Polygon was chosen because of its expanding product lineup, which enables developers to easily access key scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability.