Zignaly has introduced ZigBids, an NFT auctioning tool designed to disrupt the nonfungible token market.
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Zignaly, a social investing platform and marketplace, announced the launch of its ZIGBids solution on Tuesday, September 20th.
According to the document shared with Coinjournal, the team said ZIGBids is designed to disrupt the DeFi ecosystem, starting with nonfungible tokens (NFTs).
ZIGBids is powered by Zig Coin. The auctioning features of ZIGBids would enable users to lace bids to secure access to their favourite products (NFTs).
The team explained that ZIGBids supports ‘wallet connect’ capabilities on the highly scalable and efficient Polygon network. Users only have to connect their ZIG-funded Polygon Metamask wallet to ZIGBids, transfer their tokens, and start bidding on their favourite collections at a negligible raise in ZIG per bid.
Bartolome R. Bordallo, the Co-Founder and CEO, Zignaly commented that;
“Polygon was the perfect choice of chain to deploy ZIGBids on. It’s highly scalable, robust, and on its’ way to becoming the gold standard for Web3, expanding to Defi, GameFi, NFTs, and far beyond, which aligns so well with what Zignaly plans to do with ZIGBids.”
The team explained that ZIGBids is not compelled to a single asset class. Users can leverage this tool for various functions as it has the capabilities to run auctions for any and everything crypto, including, the ZIGPad slot, pre-minted NFTs, NFT whitelist slots, and more.
The launch of ZIGBids comes a few months after Zignaly launched Zignaly Raffles. Zignaly is a social investment platform that lets users invest together with the top cryptocurrency traders while paying a portion of their profits.Â
The platform offers a wide range of features designed to provide services to investors looking for full-fledged Portfolio Management services, staking vaults, IDO participation via the ZIGPad, NFT raffles, and a new Bridge solution.
The team explained that it chose Polygon because of its growing suite of products, which makes it easy for developers to access major scaling solutions, including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability.