Auctionity is a blockchain-based auction platform for non-fungible tokens (NFTs). It allows users to bid on and sell digital assets in real-time on a global, decentralized network. They can choose e.g. between CryptoKitties, Etheremons and (soon) MLB Crypto Baseball assets and get ready to sell and bid.
How is Auctionity different from other auction platforms?
Other solutions, such as OpenSea or RareBits, already allow users to bid on digital assets in a blockchain-based environment. So why is Auctionity different? Currently, all auctions offered by these platforms are Dutch auctions. The price starts high and then gradually goes down until someone gets in and buys the asset. This tends to bring down the price of an asset rather than give it value.
Bringing ascending English auctions to the blockchain world
Auctionity's solution required almost a year of development to enable traditional, ascending English auctions. This matters because people are more used to ascending auctions and also because when prices go up, the final sell price tends to end up being higher (whereas with Dutch auctions, the price will never get higher than the starting price).
Auctionity works on the Ethereum blockchain, where users deposit their NFT for example, and in combination with its own private blockchain to allow multiple bids without the hassle of having to pay a gas fee for every action. Auctionity’s private blockchain is much faster as well, allowing for a real-time bidding experience. This solution is the only one on the market allowing users to participate in ascending English auctions and to bid several times without gas fees.
Beyond the different form of auctions, making the Auctionity platform blockchain-based has allowed us to create a trustless environment where the seller is guaranteed to be paid and the buyer is guaranteed to obtain the item he won at auction. This is done through a process making it impossible for users to bid if they don’t have enough funds. On the other hand, the seller can only sell an asset that he actually owns. He will have to transfer it to the Auctionity smart contract so that it can go directly to the buyer when it is sold.
Auctions made social
Auctionity was also built as a social platform where the community can get involved and be rewarded for it! Through a community reward program, users are invited to promote auctions to gain a percentage of the final sell price. The seller decides which percentage (0 to 50%) of the auction end price he is willing to share with the community: the higher the percentage, the bigger the incentive for the community to help promote the auction. Promotion can take the form of users sharing a link to an auction and encouraging other people to participate. Or they could choose to host a live auction through video livestream and become an auctioneer for a day. Auctionity makes auctions go viral and allows users to really put their asset in the spotlight.
All these aspects put together make the Auctionity platform a ground-breaking solution with the aim to revolutionize the auction world. We are only starting to see the endless possibilities being created around non-fungible tokens and Auctionity intends to be part of the development of this universe. Because of this, Auctionity is proud to sponsor Blockconf.io, the NFT blockchain developer conference being held in Croatia on 14th and 15th December 2018. If you'd like to grab the last few tickets at a 50% discount, use the code “auctionity” at checkout!