Efinity will provide buyers and sellers with a robust suite of tools for creating and filling orders for any token. This functionality facilitates development of third party apps using Efinity to transfer NFTs to other blockchains, from blockchain-based games on other networks to NFT marketplaces and exchange platforms.
Ask Orders can be placed by an owner to sell tokens they own. Placing the order will bind the token to the owner’s account until the order is filled or cancelled.
Bid Orders can be placed on a token ID, or a base ID (which includes all token IDs of the same type).
Tokens don’t need to be listed for sale (or even exist on the network) to receive a bid. In fact, users are encouraged to maintain the highest bid on any token.
Price Discovery
The highest active bid on any Base ID and/or Token ID establishes the best known current price for each fungible or non-fungible token. This price discovery functionality facilitates development of third party apps using Efinity to transfer NFTs to other blockchains, from blockchain-based games on other networks to NFT marketplaces and exchange platforms.
To incentivize price discovery, the highest (un-filled) bid on any token receives a share of fees and earns weight in the Price Discovery Pool over time for any transactions involving that token.
