Auction Mechanism
First-price auction mechanism for NFT sales
Limited Developer Support
All assets represented in this library are community built, which means limited support from the Agoric OpCo development team. Please use components, APIs, and front-ends with caution.
Summary
This is a smart contract for a modified version of the Baseball Card Store Dapp which uses a first-price auction mechanism. The auction for any individual card starts at the moment the first bid is offered and lasts for a fixed amount of time. At the end of the auction, the highest bidder should win the card and pay the amount of their bid (i.e., first price auction).
Details
This version of the Baseball Card Store features a new user purchase flow:
User navigates to dapp-card-store UI
User connects wallet
User selects a card to purchase
User is prompted with information about the card selected
User is shown the current bid (if any) for the card, the amount of time remaining on the auction (if applicable), and the history of bids and timestamps for the card
If no auction is already in progress, user is notified that an auction will begin at the moment they place a bid and the duration of the auction
User may make a bid for the card in IST by selecting the correct purse and providing an amount
User is given a visual confirmation of their bid starting or updating the auction
At the completion of the auction, winning bidder receives the card in exchange for the IST bid and all other bidders have IST returned
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