Ebizauctions
Wednesday, April 30th, 2008
Wired - The Anti-EBay Launches
http://blog.wired.com/business/2008/04/the-anti-ebay-l.html
The Anti-EBay Launches
by betsy schiffman april 29, 2008 4:06:13 pm 
james chong, bob lee and albert loh old saying a market break and they pounced on it. fasten to a year ago, when ebay’s core auction business was showing signs of predilection, chong, lee and loh (all last charles schwab execs) were plotting a new business site that would contender ebay. they talked to hoards of ebay users, and today they’ve launched their babe in arms: wigix (the “want it, got it exchange”).
Wigix aims to be everything that eBay is not. Although it’s also a commerce site, the fee structure and rating system stray from eBay conventions. For one thing: Wigix doesn’t charge a fee for anything sold for less than $25; and it charges a flat fee of $1.50 to both the buyer and seller for anything valued between $25 and $100.
Also, Wigix isn’t an auction-based system, which Chong hopes will reduce the risk of fraud. Users can use the site to keep track of all their “non-financial assets” and just like a stock market, the valuations of those goods adjust in real-time according to recent transactions.
Another major distinction between eBay and Wigix: While eBay recently revoked feedback privileges for sellers (the company said too many sellers abused the rating system for retaliatory purposes), Wigix lets buyers and sellers rate each other after a transaction.
The Oakland-based company has raised “significant” funding from Draper Fisher Jurvetson, a VC firm that, incidentally, backed Skype, which was sold off to eBay.
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