Proposal: User should be able to reduce Baazaar listing price for no fee

Currently, the only way to modify the price of an item listing on Baazaar is to remove the listing, then pay the 0.10 GHST fee to make a new listing.

However, as it is hard to do price discovery at this time, oftentimes when an item is listed with intention of selling soon, even if you make the price of the item less GHST than the last identical item sold for, the item can sit for days or weeks going unsold.

When the intention is to lower the item listing price, people may be dissuaded from removing and re-adding their listings due to the 0.1GHST fee, particularly as GHST-USD value increses.

Similar to what OpenSea does, Baazaar should allow user to lower the price of a listing item unlimited times at no fee, perhaps at a minimum decrease increment of .05. Decreasing the price in an increment smaller of .05 or increasing price by any amount would require removing listing and adding it again to pay the 0.1 GHST listing fee as the system currently works.

25 Likes

That’s a pretty good idea. We are preventing sellers from increasing listings to prevent frontrunning / bad UX, but there probably would be no issue with lowering the price. I’ll put this on an internal list of smart contract upgrades we can work on. Thanks for the suggestion! Also open to any other suggestions on this topic.

11 Likes

I agree with this one.

3 Likes

We need to think about bots, who can spam the market lowering floor price. It would cost them 1 ghst only to descend the price. Will work for middle+ prices.
Perhaps we can implement max limit of price reducing per day (2-3). If you need more, please pay 0.1 ghst.

6 Likes

That’s true, we need to consider bots too

1 Like

Curious to understand more of the risk here, why would bots be incentivized the lower the price floor on their own listings? As long as there is some meaningful minimum decrement to lower a listing price for free, e.g. 0.5 GHST minimum decrement, how could that be abused?

For reference, OpenSea allows you to decrease the Buy Now price of a sales listing by just signing a message, no fee, and it does not seem to have had any effect on lowering price floors.

2 Likes

i agree. drop the cost when adjusting price and keeping listed.

1 Like

I don’t know, undercutting should not be free. Also keeps the DAO filled with cash.

4 Likes

not a big deal, but still. Here is a screen from haaunt com discord bot.
Lil pump items were sold to bots and they try to sell faster each other :slight_smile:
image

2 Likes

i like this idea and would like to see it implemented.

1 Like

You had mentioned that you’ve seen some bots undercutting listings. Would this proposal help deal with those bots?

3 Likes

#keepthefee I feel like eliminating the fee will allow for aggressive undercutting by bots.

5 Likes

very good point with the bot situation! #keepthefee

3 Likes

Fee is fine imho, this proposal would reward botters even more. But a system where people can freely offer a certain amount would be more effective. Maybe introduce a reverse baazaar where people offer ghst for items? Can even make it fun and quest-likey, “Fren 0x offers 35ghst for Common ROFL” and you get a small (1/2/3) amount of collectible XP depending on rarity? Bam, more DAO $$$ and people have a fun incentive to trade items.

2 Likes

The reverse baazaar idea is very interesting. I really like it and think it will helps bring a whole new prespective on buy / sell wearable!!

1 Like

I like this idea frens. As well as what was already mentioned, being a recently listed item puts you at an advantage in the bazaar. So i would suggest implementing a scale of the 0.1 GHST listing, 0.01 for first price change of a listing without removal of the listing, 0.02 for second price change, 0.03 for the third, 0.04 for fifth, … and keep that scale until it is 0.1 GHST again. This will eliminate new price changes constantly just to get items to the top of the “recently listed” items in the bazaar, which is the default setting.

0.1 ~ First listing
0.01 ~ First price change
0.02 ~ Second price change
0.03 ~ Third price change
0.04 ~ Fourth price change
0.05 ~ Fifth price change
0.06 ~ Sixth price change
0.07 ~ Seventh price change
0.08 ~ Eighth price change
0.09 ~ Ninth price change
0.01 ~ Tenth price change and all following price changes until removal and relisting of item, in which case scale would restart