# About NewAuction

NewAuction is the very definition of a decentralized project and would be mainly focusing on NFT auction. The reason for us to create NewAuction is because having a centralized NFT trading platform that works like Amazon or Ebay in the crypto world is already obsolete. &#x20;

NewAuction would be the new form of Auction platform that is mainly for NFT auctions. Unlike some of the famous NFT platform out there that would charge both sellers and buyers high amount of fees and with a poorly designed complicated systems; we decided to KISS, keep it simply, stupid!

In NewAuction, we would only have a simple and neat platform that carries out the NFT auction. Sellers are free to list their NFT products and set the time frame, and there would be no listing fee. While the buyers are free to place their bid in the given time frame and whoever has the highest bid would win. And we also have a tier system to reduce the fees for our long-term believers. Then when the auction ends, the seller and buyer each only need to pay 1.5% of the total auction price, for a total 3% fee to the platform. For this 3%, 1% would go to the team, 1% would go to the foundation for platform development and marketing, while the last 1% would be used to buy back and burn the native token $NEAU.

Everything would be transparent, clean, easy and inexpensive. This is also thanks to the low gas fee in BSC, that everyone can have an easy and affordable platform to use. NEAU is a NFT platform that is built for the people, as we understand that not everyone is looking for quick money or just to flip an expensive NFT art. Most of us truly believe in decentralization and the concept of NFT, but the gas fee and entry price just barred lots of us in the ETH chain. NEAU is here to fix this problem, and it would be the first NFT auction platform built by and for the community in the BSC chain. Together we can shape the future of the NFT world, and to make this more accessible to everyone.\\
