Wigix has launched a beta version of its site that it says combines NASDAQ-style trading with a community-driven marketplace. Sellers can list their item for any price, and buyers have the option to pay the listed price or offer an alternative price - both parties can accept or reject the bid.
According to the company press release, "Bid/Ask markets give power to both buyers and sellers, while providing complete transparency throughout the process and reducing or eliminating common problems currently plaguing online auctions, such as shilling and sniping."
There are no listing fees on Wigix, there is one fee per trade, and trading occurs in real-time.
Wigix CEO James Chong, a former Charles Schwab executive, said, "Wigix applies lessons from modern financial markets and integrates them with community and social networking technologies to bring greatly enhanced features and functions to buyers, sellers and owners at a dramatically lower cost."
Formal launch of the site is planned for late summer early fall 2008.
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Wigix has launched a beta version of its site that it says combines NASDAQ-style trading with a community-driven marketplace. Sellers can list their item for any price, and buyers have the option to pay the listed price or offer an alternative price - both parties can accept or reject the bid. 