Moloyo.com is an exciting auction site that is the first of it's kind; 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.
Confused? That's quite okay, that's why we're here.
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. Seem tricky? Really, it's not. Let's simplify it.
For example, let's say an item is currently $1.00, which is the highest bid thus far. I'm going to use 1 bid and place it on the item. Now the item is $1.10, and it cost me $0.75 to place that bid. Now, I'm the highest bidder - if the time runs out, I win. But, let's say you then place 1 bid, well now you're the highest bidder, as the price is now $1.20, but it cost you $0.75 just like it cost me. So at this point, the seller has just netted $1.50, my $0.75 along with your $0.75. Each auction is set to last 24 hours, but sometimes when a bid is placed, time is added - learn more about the timer here. The auction continues like this example above until it's time has run out, which finally determines who the winning bidder is.
To sell on Moloyo, you must have a verified Paypal account. After you've registered on Moloyo as a user, your profile sidebar provides a link to become a verified seller.
Fill out the quick three step process and voila, you're officially a seller on Moloyo, and can begin selling your items at auction immediately.
To start a new auction, simply click the link in your profile's sidebar. You will be guided through the auction listing process which only takes a few minutes.
Sellers are given the opportunity to put a reserve on their auction item. If the item doesn't reach that reserve, the item doesn't sell, and all the bids spent by bidders are returned. It's only once a reserve has been met or surpassed that the item will actually sell at auction. Our reserve calculator takes your reserve and determines the Moloyo reserve of that item.
Once you sell an item, you will be notified via your email as well as a notification on your profile page. Take the time to talk to the winning bidder, make sure you two are in agreement with the final price.
You will be notified when you have been paid by the winning bidder by both Moloyo and Paypal. Once payment is received, Moloyo will deposit the bid money the seller earned on their item. It's up to the seller to send the item.