Turning the “Online Auctioneer Tables” Using Incentive Markets

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How have auctions changed over the past 50 years? Aside from going online in the form of household names like <a href="https://www.ebay.com/" target="_blank">eBay</a> and <a href="https://www.christies.com/" target="_blank">Christie’s</a>, the basic mechanics of today’s auctions have stayed more or less the same — a seller puts an item on offer and potential buyers place their bids. Whoever places the highest bid at the end of the day purchases the item for that amount. <strong>There are limitations, though, on the effectiveness of today’s auctions.</strong> Sellers, for instance, often list their items in an auction and can only hope that the most interested parties find them. Buyers, in turn, need to seek out the right auction for whatever it is they’re looking to buy. When these two incentives align, auctions are mutually beneficial for buyers and sellers alike. At <a href="http://ncent.io" target="_blank">nCent</a>, though, we think that <strong>tapping into the potential of under-appreciated incentives can revolutionize the world of online auctions</strong>.