NFT auction designs and ideas

This topic is inspired by Vitalik’s recent blog post on selling at below-market-clearing prices: Alternatives to selling at below-market-clearing prices for achieving fairness (or community sentiment, or fun)

As NFTs have continued to grow in popularity, NFT auctions have grown more frequent and large, pushing up gas prices and pretty much preventing any kind of activity from occurring other than these auctions.

So, along with some of the ideas Vitalik shared in his post shared in the link above, I’d like to discuss NFT auctions on Ethereum, other than the kinds we’ve seen leading to bidding-wars.

(along with cross-chain NFT wrappers to move NFTs to L2s, hopefully, we can eventually explore gas efficient NFTs that further reduce the load on Ethereum :grinning_face_with_smiling_eyes:)

@ayushm2003, do you have ideas you want to start with?

I have one idea I’ve sort of been working on a scratch pad with for the past week