Sunday, December 4, 2011

Penny Auction Raises $1 Million!

Here is some interesting news that I wanted to share with you all - looks like penny auctions are going truly global. The site sold.sg is a Singapore based penny auction site that raised $1 Million in funding! This is a huge amount for a penny auction which isn't based in US or Europe. Read the news item.

This means penny auctions might soon become more and more mainstream. Of course there is a certain need for regulation in terms of false advertising, bots, untimely shipment, etc. These issues should evolve and become better over time as more and more people join these sites and demand better quality.

What are your thoughts about this?

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