The New Polygon (MATIC) Web3 Subscription Platform Is Jumping on the Trend of Dutch Auctions
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Dutch auctions are becoming more and more popular in the crypto market. They offer fairer conditions for all participants to bid. Particularly when we weigh in the challenges crypto, IEOs and IPOs face today. Namely – crypto whales closing sales quickly by buying everything before anyone else has a chance.
After successfully closing a 500K USD strategic investor round and a 625K USD private sale round, FrontFanz has moved onto a 20-day IEO sale on ExMarkets that started on the 20th of July and is currently on day 5 of the sale and has sold out all previous days. The current sale is held in the style of the very same Dutch auction.
Defining a Dutch Auction
A Dutch auction, also known as clock auction or descending-price auction, is a type of auction where there’s no fixed price. Instead, auction participants are invited to offer their own prices for the desired amount. When all the bids are placed, the auction holders start the auction with the highest price of all bids placed.
To put it into perspective, if a person bids 100 USD for 100 stocks, but the highest price for 100 stocks is 70 USD, then the person would get the 100 stocks for 70 USD. Essentially, a Dutch auction is often looked at as a more democratized type of auction, particularly in the crypto market. As there’s no set price, the Dutch auction allows all interested parties to bid, regardless of their net worth and financial standing.
FrontFanz In a Nutshell – Blockchain, Mission, Vision, and Token Utility
FrontFanz is a censorless subscription content Web3 platform built on the Polygon (MATIC) blockchain. Founded by Rosey Sin and Stacey Carlaa, two well-known figures in social media, FrontFanz is the answer to some content-sharing platform limitations of Web2 that creators face today.
No more one-sided censorship, chargebacks, third-party involvement, delayed or even denied payment. With FrontFanz, content creators can finally express themselves freely, receive fair payment and get in touch with their fanbase like never before.
Even though FrontFanz is quite new, the platform already has over 400 ambassadors that together have more than 32 million followers all around the world. Some of the well-known influencers that have joined FrontFanz are Sonia Amat, Swedish Bella, Ana Espinola, Dalila Ortega, Andrew England, Ruby Alexia, Crystal Foster, Alenee Aisha, Borbala Kreutz, and Jade Filomena.
Since one of the main goals for FrontFanz was to become independent from third parties and their involvement in the payment, the platform was built on the Polygon blockchain. This decentralized blockchain is well-known for acting as the second layer of Ethereum-based blockchains. It’s kind of like a middleman that helps Ethereum handle new projects by offering dedicated tools to increase speed and reduce transaction fees to a minimum.
FrontFanz also has its own token, FANZ, that can be used to access various benefits of the platform. Its main benefits include:
- Voting Power
- In-Platform Purchases
- Platform-Wide Discounts
- Access to FrontFanz MarketPlace
Why You Should Participate in the FrontFanz IEO Sale on ExMarkets
ExMarkets is a next-generation crypto crowdfunding platform that focuses on delivering the tools needed for crypto projects to achieve success. It’s the world’s #1 crypto crowdfunding platform that harnesses the power of the community to deliver capital solutions to promising crypto initiatives.
ExMarkets offers a wide range of services offered, including an IEO launchpad, token listing, and market-making services, staking, ambassadorships and partnerships with leading figures in the industry, and open staking pools.
FrontFanz's first-round private sale, which represents 5% of the total supply and carries a 15-month vesting period, was oversubscribed and sold out in less than 72 hours. As the popularity of FrontFanz keeps growing, the platform organized a 20-day-long public IEO sale on the 20th of July in the Dutch auction style. This gives equal opportunities to all sale participants to get their hands on FANZ tokens for a better price. Keep in mind that the supply is limited, so if you’re interested, join the IEO on ExMarkets!