Scarce.city was started by Chris Tramount and Aryan Jabbari with the help of honorary founder Chiefmonkey who seeded the artist community and had the original idea for the Lightning Auctions.
“We believe that Bitcoin’s finest goods should be sold according to the network’s properties of pseudonymous, borderless, permissionless, trust minimized, and verifiable authenticity and supply.”
Scarce.city’s first major product was Lightning Auctions, which keeps auction participants accountable by collateralizing their bids through instant, low fee Lightning Network payments.
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Deposit a small percentage of your bid as collateral and just top it off for additional bids**.**
Bid deposits capped at 500K sats in case you want to ape in while staying within your Lightning comfort zone**.**
The winning bidder has 4 hours to pay their bid. If they don't, they lose their collateral and the next highest bidder has a chance to pay their high bid**.**
Once the item is paid for, deposits are refunded to the remaining participants.
- Bids placed in the final 10 minutes of the auction reset the countdown to 10 minutes
- Auction can't end with a pending bid
- On**-**chain bid deposits no longer accepted
For additional info, please consider checking out Scarce.city FAQ.