Today, at 12pm EST, Moloyo will be coming out of it’s private beta, which it has been in for the past two weeks, and opening it’s doors to the general public. Our already registered users will be receiving 5 free bids in their account, and the first 100 newly registered users today will receive 3 free bids. Of course, I wish we could give them more, but unlike other penny auction sites, our bids have to always be represented by $0.75 in the master account, otherwise our math is off. Thus all of the bids today are coming out of our own pockets.
The site is setup with three distinct characteristics; it’s a penny auction, a social network, and a basic auction site. Not only are users able to bid, but they are also able to sell items. All that we require is that the seller has a verified paypal address, which Moloyo verifies with a custom app through Paypal.
How it works
For the opportunity to win an item at auction, you need to be the winning bidder at the end of the auction. Bids cost $0.75 per bid, but the bid only increases $0.10 each time a bid is placed. Users buy bids which they can then use to bid on and win items put up for auction – by other users! Users can list and sell their items just like any other auction site, but the unique part is their items typically sell for only a fraction of what they’re worth, but they still make a profit much higher than what they set out to sell that item for in the first place.
Social Features
As a registered user on Moloyo, you are not only joining a auction site, you’re also joining a social network. You can be friends with users, follow users, follow items and even favorite items to save for future use. You can also private message other users, view your history, and leave feedback.
Features:
• Fast-paced auction shopping experience
• Ability to list and sell your items at auction, anytime
• Profiles and storefronts, friendships, follow items, and many more social features
• Real-time statistics on your auction – coming soon
• Items sell for only a fraction of their worth
• Sellers often make more money from their item than if they were to sell it anywhere else
• Winning bidders are only responsible to pay the final auction price
• Sellers receive money from both their final auction price value, along with the bid money from their auction
• Ability to set a reserve on your auction
• Sellers first need verified Paypal accounts in order to list an item for auction as added security.
Sellers are always able to place a reserve on their auction. The seller types in what they would like to receive for their item, then our Moloyo Reserve Calculator determines the seller’s Moloyo Reserve for that item. To put it simply, the Moloyo Reserve is a mere fraction of what the seller would like to get, but since we’re using a penny auction model, we are able to always assure the seller that their Moloyo Reserve is equivalent to the reserve they typed in. During a live auction, if the item at least meets it’s reserve (it is much more likely that it will end with a higher ending auction price than just it’s reserve) then this will be a sale. If the auction doesn’t meet it’s reserve, then the seller doesn’t sell the item, and the bidders get their bids back. Moloyo takes 7% of every successful auction, but this fee is taken out prior, not after, the seller receives their money. So in essence, regarding a successful auction, Moloyo is paid it’s fee yet the seller still receives all the bid money earned during the auction.
Check out http://moloyo.com and learn more about this new site.