In the Unlockd Marketplace you will be able to get awesome NFTs at a reduced price.
Any user can list an NFT in the Marketplace.
As a part of the Liquidation Process, Unlockd allows third parties to participate in the health of the overall protocol by acting in their own interest (to receive the discounted NFT) and as a result, ensure loans are sufficiently collateralized.
Users who have an active loan against collateral can put such NFT for sale or auction. The final buyer will not only keep the NFT, which will remain deposited as collateral in the protocol, but will also inherit the outstanding debt against it.
Each of the asset types listed above can be acquired through two different mechanics:
The auction starts with a specified starting bid, and participants can place bids higher than the current highest bid during the designated bidding period. At the end of the auction, the participant with the highest bid becomes the winner and is obligated to purchase the NFT at the price of their final bid. The settlement and transfer process then takes place then, and the ownership (of the NFT and, if applicable, of the outstanding debt) is transferred to the buyer.
In addition to the traditional bidding mechanism, a buyout option is provided for participants who are willing to pay a specific price to secure the item immediately. The buyout price is set by the seller (if it's a voluntary auction) or set to the loan debt (if it's a liquidation auction), and is usually higher than the starting bid or the current bid at the time.
When a participant chooses the buyout option, they agree to purchase the item or NFT at the predetermined price without engaging in a bidding war. This option allows individuals who value the item highly or wish to secure it promptly to bypass the competitive bidding process and guarantee ownership.
Voluntary listings in the marketplace can also be set without an auction, and just a buyout price for instant selling, like typical marketplaces.