New Social Networking Site Incorporates Penny Auctions

  • SumoMe

tagvillage

Have you bid on TagVillage’s penny auction “bazaar?”

TagVillage.com, which from what I can gather is a new social networking site with a bit of a twist. It doesn’t look like their social networking feature is up yet, where users can “Connect with friends, relatives, and business associates on this amazing new social platform that interacts with other major social media.” However, a few members told us that they just rolled out with their form of penny auctions last night.

According to TagVillage’s about page, they’re a TX corporation (I checked the TX SOS, they are), with 26 stockholders.

TagVillage’s mission statement “We will work tirelessly to create an extremely useful platform where our members connect, earn, and share. We will become the single greatest source of financial blessings for great Causes throughout the world.”

In light of this, they have a “tithing by-law” which states that they tithe 10% of gross revenue each week.

According to their tithing reports they’ve donated to the following charities:

Operation Blessing Intl., Phoenix House, Rhummy Wara, Samaritan’s Purse, School on Wheels, Seeds of Help Foundation Guatemala, TornadoRelief.org, Springs Rescue Mission, Steven Spring Foundation, Zac’s Legacy Foundation, Women for Women, VRX, United Way, JDRF, HandsON Tokyo, HelpAge INdia, Easter Seals, Global Volunteers. The Climate Project, Brain Injury Association, CAN, DYNA, American Red Cross, American Cancer Society, Assisi Animal Refuge, ADRA, Convoy of Hope and other organizations.

Donations to date, according to their site are $12,225, $5,290 pending, they already have 14,901 villagers. There seems to be a revenue referral model involved so much of the info found online are affiliate earning videos, etc.

Tagvillage’s Penny Auctions Tagvillage penny auction bazaar

What may be particularly interesting to penny auction bidders is tagvillage’s “Bazaar” which allows members to list their own penny auctions.

I bought a few bids to test it out, but to my surprise a message popped up that said “It appears you do not have enough Credits to buy bids. You can get Credits: get credits,” though on the item pages there is no minimum bid requirement stated anywhere.

There are two types of community penny auctions offered on tagvillage:

Item Auctions and Tag Auctions. Item Auctions seem to me more of a reverse penny auction, where items decrease in price  with each bid until the auction reaches 0.10 in tagvillage credits. Tag Auction items, similar to the traditional penny auction, start at 0 and the price goes up with each bid, but it does look like they have reserves aka target prices tags are a form of advertising.

Credits are $1 each.

Tagvillage  states to offer a buy it now feature on every auction, unlike the buy it now feature many of us penny auction bidders are used to: Tagvillage’s buy it now let’s the user who chooses to buy the item win it and all other bidders will receive a complete refund and the auction will end.

Tagvillage’s buy it now example:

Global Value Price:   100.00 tagvillage Credits
Discount:     60.00 tagvillage Credits (Your Bids x Bid Price of 0.50 tagvillage Credits each)
Buy It Now Price:     40.00 tagvillage Credits

Active items include an iPad, Amazon.com & eBay.com gift cards.

Have you bid on Tagvillage? Let us know about your penny auction experiences. Please join our forum!

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7 comments… add one
  • Lee Hardy September 5, 2011, 2:28 pm

    Awesome site! Best auction format I have ever seen! 5 stars*****

    Reply
  • ryan fletcher September 5, 2011, 2:50 pm

    Very nice write up Amanda and I hope you like our site. We are still very new with the PA community but I think with amazing write ups like yours we can really get the word out. Tagvillage’s integrity is unquestionable so we have the ability to be huge. Thanks Amanda

    Reply
  • Helene Courtney September 5, 2011, 3:09 pm

    Am really proud to be one of tagvillage’s first day members. Tagvillage is such an amazing concept and the best part is it tithes to charity. My brother won $1000 on the site and the same amount was donated to Arohanui Hospice. I have won $489 on the site and hope soon i can say i won a Laptop in a auction. I can really imagine this site going viral 😀

    Reply
  • Russell Milelr September 5, 2011, 3:11 pm

    Great write up. For more information on tagvillage (the non penny auction info) here is a squidoo lens that helps explain what tagvillage is all about, it’s mission, how it works etc.
    http://www.squidoo.com/tagvillage-the-internet-evolution

    Reply
  • Alisa Borek September 5, 2011, 4:57 pm

    Great review…

    I would add that you can join Free, refer others, and make a hefty commission when your referrals bid and win auctions. You will get paid for your referral’s activity and also get 5% of retail of any items they win!

    Incredible company filled with people of integrity and true genius. I highly recommend checking it out. Free to Join and always will be.

    Blessings,
    Alisa

    Reply
  • Maxine Stephenson September 5, 2011, 5:15 pm

    Loving Tagvillage! My referral won a brand new Kindle yesterday for $4.50 which includes shipping and taxes and she’d never placed a bid on anything in her life before. I got commission because my referral won, plus we both got “activity points” for participating, which convert to credits.
    The bids are actually only 50c each and the winner gets all their bids returned! Everyone wins, not just the winner of the actual item.

    Reply
  • ryan fletcher September 5, 2011, 5:48 pm

    Amanda, as far as when you went to buy bids and the pop up told you to buy credits. You must purchase credits first, then you can convert those credits into bids. Remeber, we have a whole other side of Tagvillage that involves keyword trading and that is where the credits come into play. Each credit is worth $1.00 and 1 credit gets you 2 bids. So bids are $.50 a piece. And there is no minimum bid amount but at the very least it will take you two bids to win. A way that we prevent sniping is when the auction hits the targeted price of .10 cents, a 30 second timer will go off and basically the last person to bid before the counter hits 0 wins. But, the only way you can participate in the final 30 second timer is if you have placed an original bid before the product hit it’s targeted price. Let me ask you a question Amanda, how many PA sites just buy a generic auction script? I’m just wondering because Tagvillage actually developed their format which is pretty cool.

    Reply

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