Scarce City is a marketplace that uses Bitcoin technology to sell Bitcoin goods for Bitcoin.
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.
Our first major product is Lightning Auctions which keeps auction participants accountable by collateralizing their bids through instant, anonymous, low fee Lightning Network payments.
Here's how it works:
1. 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 ;)
2. The winning bidder has 24 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
3. Once the item is paid for, deposits are refunded to the remaining participants
HOT ZONE RULES
-Bids placed in the final 15 minutes of the auction reset the countdown to 15 minutes
-Auction can't end with a pending bid
-Onchain bid deposits no longer accepted
Open a Lightning channel with us
Secondary Market Sales
Once an auction is complete, we automatically begin accepting offers to purchase the item from the auction winner (or subsequent owner). For any secondary market sale made through Scarce City, 10% of proceeds go to the artist and Scarce City takes 5% in exchange for facilitating the transaction, coordinating shipping and payment, and updating any record of ownership.
We'll be auctioning several special works of Bitcoin art made by real Bitcoin artists in the coming months. We’ll also be using Bitcoin tech to offer new types of sales soon.
Follow us on Twitter and sign up for our mailing list 👇 to stay tuned.
If you’re a Bitcoin creator or someone who’s just passionate about Bitcoin culture, DMs and emails (firstname.lastname@example.org) are always welcomed.