TopBidder is an unprecedented auction protocol based on Ethereum smart contracts and created by the artist CryptoZR with the assistance of their studio in December 2020.
The protocol adopts the radical market theory to implement a nonpermanent ownership over the crypto asset issuance mechanism,transforming NFT art into the Vickrey Commons.
The TopBidder protocol improves the Ethereum ERC721 non-fungible token standard by adding a native bidding mechanism. Anyone can automatically acquire ownership of the NFT as long as the bid is 10% higher than the previous highest bidder.
This makes any NFT based on the TopBidder protocol have a natural automatic pricing mechanism, enabling trades without dependence on third-party NFT trading platforms, thereby achieving asset pricing autonomy.
The TopBidder protocol avoids a situation where artworks cannot circulate due to collectors’ reluctance to sell or loss of private keys. Only the highest bidder can own the artwork, making these artworks free on the blockchain and redefining the concept of a “collection”.
At the same time, the protocol stipulates that half of the differential profit generated by each price increase is automatically distributed to the artist’s wallet address, achieving a permanent fixed percentage royalty for the artist on their artworks.
The remaining 30% serves as economic compensation for the previous high bidder and will be returned along with their original bid money.
The final 20% is distributed as profit to the owners of TopBidder protocol tokens.
The TopBidder auction protocol itself is the artwork created by the artist CryptoZR, not the NFTs issued within the platform.
The artist has proposed new rules to the underlying logic of the art market and created a new form of art creation – blockchain protocol type artworks.
艺术家对艺术品市场的底层逻辑提出了新的规则，同时创造了一种新的艺术创作形态 —— 加密货币协议形态的艺术品。