Guides to Blockchain Related Apps

11. Auctionity NFTs Auction Application


Overview

Auctionity is an Ethereum based blockchain application for auctioning Non-Fungible Tokens (NFTs) or cryptocollectibles. Auctionity transacts in Ether (ETH), Ethereum blockchain’s native cryptocurrency token. Users can use Auctionity application to create auctions, buy or sell NFTs in real time. CryptoKitties are example of auctioned cryptocollectibles on Auctionity.


Image 1: Auctionity Auction Main Page

Users is not charged transaction fees by the Auctionity application, but users will need to pay small amount of gas fees for creation of smart contract because the application is running on the Ethereum blockchain. All users will need to pay gas fee for doing things on the blockchain, be it send tokens, contract interaction or anything else. The payment is for computation and ETH is always used to pay gas.


Promote auctions & Earn Money

The goal of the Auctionity Team is to revolutionize the auction global market with blockchain technology and interactive platform that works with the community to provide awareness for users to earn money by referring/promoting auctions on a user-friendly auction application while having fun at the same time animating auction sales.


As of April 2019, before a user can share an auction to earn money, he/she will need to use a personal computer (PC) desktop to create an Auctionity account and have Metamask installed or use a hardware wallet, only then can he/she be able to retrieve a referral link to share with others. Auctionity is not supported on mobile phone yet but the development team informed that they are working on it to allow users to use the auction application anywhere.


Payment Withdrawal

After an auction successfully ended, seller will be issued with a voucher from Auctionity that can be used on the Ethereum blockchain to recover his/her gains. The seller will need to pay an amount of gas costs before he/she can complete the withdrawal though.


Bidding Deposit Requirement

Users are required to place a deposit in ETH before they can submit a bid, this is to create a system of mutual trust between the bidders and the sellers. The deposits will only be locked temporary and users can retrieve them anytime they want, before, after bidding or when someone placed a higher bid than the user that made the deposit.


Visit Official Link of Auctionity Blockchain Based NFTs Auction Application


NEXT: 12. Read Livepeer Blockchain Based Video Streaming Application Guide