Why 24hr Reserve Auctions?

New sales mechanics for buyer and sellers on KnownOrigin

KnownOrigin has now had offers and buy-now functionality for many years. However, a frequently-made request has been for more advanced auction mechanics. Well, say hello to 24hr Reserve Auctions — a method first pioneered by a popular crypto artist and subsequently formalized by SuperRare.

This is the first of an entirely new set of features now available on KnownOrigin’s primary and secondary marketplace.

With the launch of our new suite of smart contracts we have implemented our own take on the popular 24hr reserve auction sales mechanic. We have tried to create a simple, non-custodial and GAS efficient version of the now well-established and loved sales flow.

All actions are traceable on-chain and verifiable, creating rich histories for artworks — something which we believe will be of crucial importance for crypto historians of the future.

Not only that, he introduced the idea of collector royalties using our collectives feature, committing a portion of future royalties from his upcoming series to the original buyers of work from this existing collection. This is a powerful and innovative composable feature that we hope others will explore and make use of in the future.

Read more about this on our journal article about the drop.

More information on how collectives and collabs work on KO

Make sure to join Discord and let know what you think. 🙏

James 🐝

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