Auction House? 🪙

Auction House? 🪙
Posted 2 days ago #1476079 I was chatting with someone (heya Player!) in the main chat and we though adding an Auction House might be a fun way to round out the current Wolvden economy. Functionally it would be sort of a mix between the current Trade Center and the Raffle Hub. Instead of like with Raffles, where the person with the most entries only has the statistically highest chance of winning, in an Auction the person with the highest Bid number will win the Auction by default (based on how IRL auctions work). Someone hosting an auction may set a minimum value for the Auction to be successful (similar to the Minimum Participants/Minimum Entries function of the Raffle Hub) Like in the Raffle Hub, the host may set how much SC/GC to pay for a Bid, or allow items to be given in exchange for a Bids. Like in the Trade Center, a buyout can be set to automatically buy the item(s), either in SC, GC, or Bid Amount (eg. offering items totaling 500 Bids in value can be used to buyout the Auction) Unlike in the Trade Center, the Auction winner is determined by the person holding the most Bids and offers cannot be individually selected by the Auction host. Unlike in Raffles, if the Auction is successful, people who entered but did not win the Auction have their items and currency refunded, only the winner pays. For fairness and simplicity it's probably best to only have a Winner Takes All mode in Auctions, since non winners are intended to be refunded. The main difference between the Auction House and the Trade Center would be that it would allow for a better balance in cost and lessen the impact of buyout undercutting and price gouging seen currently in the TC. Having a minimum cost independent of the host's acceptance allows for easier purchase of an item at lower than asking price (more chance for great deals). As for the host, they can set a buyout value they are truly happy with, resting assured they would still get some value from the auction even if the buyout value isn't reached and are at less risk of other sellers undercutting their sale. It will also be simplified compared to the "offer" system of the TC as what items bidders can offer in exchange for a bid is restricted (similar to the Raffle entry exchange) and the value is predetermined, so no on the fly mental math required. Also, bidding wars are just fun to have sometimes	ℳ𝓊𝓃𝒸𝒽𝓀𝒾𝓃🦦🏳️‍⚧ #152458

Posted 2 days ago

#1476079

I was chatting with someone (heya Player!) in the main chat and we though adding an Auction House might be a fun way to round out the current Wolvden economy.

Functionally it would be sort of a mix between the current Trade Center and the Raffle Hub.
Instead of like with Raffles, where the person with the most entries only has the statistically highest chance of winning, in an Auction the person with the highest Bid number will win the Auction by default (based on how IRL auctions work).
Someone hosting an auction may set a minimum value for the Auction to be successful (similar to the Minimum Participants/Minimum Entries function of the Raffle Hub)
Like in the Raffle Hub, the host may set how much SC/GC to pay for a Bid, or allow items to be given in exchange for a Bids.
Like in the Trade Center, a buyout can be set to automatically buy the item(s), either in SC, GC, or Bid Amount (eg. offering items totaling 500 Bids in value can be used to buyout the Auction)
Unlike in the Trade Center, the Auction winner is determined by the person holding the most Bids and offers cannot be individually selected by the Auction host.
Unlike in Raffles, if the Auction is successful, people who entered but did not win the Auction have their items and currency refunded, only the winner pays.
For fairness and simplicity it's probably best to only have a Winner Takes All mode in Auctions, since non winners are intended to be refunded.

The main difference between the Auction House and the Trade Center would be that it would allow for a better balance in cost and lessen the impact of buyout undercutting and price gouging seen currently in the TC.
Having a minimum cost independent of the host's acceptance allows for easier purchase of an item at lower than asking price (more chance for great deals). As for the host, they can set a buyout value they are truly happy with, resting assured they would still get some value from the auction even if the buyout value isn't reached and are at less risk of other sellers undercutting their sale.

It will also be simplified compared to the "offer" system of the TC as what items bidders can offer in exchange for a bid is restricted (similar to the Raffle entry exchange) and the value is predetermined, so no on the fly mental math required.

Also, bidding wars are just fun to have sometimes

ℳ𝓊𝓃𝒸𝒽𝓀𝒾𝓃🦦🏳️‍⚧
#152458

Auction House? 🪙

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