The radical marketplace is built to auction land use right. The market lowers the bar for metaverse players by creating a better use right market. You can bid to lease land for a reasonable price here.
For general Metaverse players who want to host events or display artwork, there is currently no way for them to just build on top of land without owning it. Many Metaverse separate ownership from use rights, but there is no efficient market for players to obtain this utilization right, making it difficult for users to build in the Metaverse. This is a big obstacle for Metaverse to accumulate value. The Radical Market is a use right market where players can easily access the utilization right of land. Inspired by the book Radical Market by Eric A. Posner & E Glen Weyl, we use Herberge Tax rules to determine the prices of every single land and make sure there is no monopoly over the utilization rights of lands. The highest bidder always gets the use right, meaning every single person that can optimize the land’s profits always gets to use the land for instance.
How it's made
When the user goes to our webpage, we run the smart contract function and show all the land parcels owned by the DAO address. Not only do we show the market price of the land parcels, we show the rent price as well, which is far less than the market price in order to lower the bar for people to get an entrance into the metaverse. If the user is interested in one of the parcels, he/she can click on one of the parcels and bid for it. The bid price must be higher than the current MAD price. If no one has bid on it before, we show the floor price 0.01 eth. If it's an effective bid, we call the bid function from our own smart contract and set the user as the operator of that land parcel. During the bid time period, the current MAD price will become the bid price. If someone else come and bid for a higher price, we will give the original bidder a grace period to bid a higher price or after this grace period the other one will become the operator of the land parcel.