Auctionity is an NFT trading platform based on the Ethereum blockchain that allows users to participate in NFT, collectibles, and ERC-721 auctions. Users can create auctions, bid on them, and buy goods in real-time globally on this decentralized platform. The auctions are fast, safe, and reliable while guaranteeing the payment and delivery of the NFTs. Auctionity is among the first applications which allows users to auction their Non-Fungible Tokens (NFTs) using the blockchain technology. It was founded in 2017 by Tristan Colombet to revolutionize the auction world by leveraging the power of blockchain technology.
A community runs Auctionity, and everyone earns money by promoting the auctions. Members of the community, Auctioneers, run live auctions making money while at the same time having fun. They do the marketing by creating a video or describing the auction. A seller starts an auction and offers a community reward of between 1% and 50% of the auction’s sale price. When the sale is complete, the Auctioneer gets 50% of the community reward. The rest of the prize is shared among referrers who market the auction by sharing it with other users. Some sellers don’t prefer their auctions to others, so they do not offer any community reward. They then receive the total sale price of the auction.
This platform is based on the Ethereum blockchain.
It is open to anyone to join and conduct their auctions. To create an auction on the platform, the user must open the Auctionity’s website and click the visit or access the saleroom. They then click the seller icon and MetaMask. This browser extension allows them to create a unique and secure digital wallet for transacting on the Ethereum network. The user then clicks logs in and is prompted by Metamask to sign a transaction logging into Auctionity. They then create an auction and select the app best suited for the collectibles they have from the provided list of games and apps. The user clearly describes the item in the auction, outlines the starting price, bid increment, and the community reward percentage.
Bidding of the auctions is straightforward; the user clicks the bidder button then selects the new deposit button. They enter the amount of ETH they would like to deposit and then sign the transaction with Metamask. The platform sends a message to confirm the success of the deposit. The user then searches for items in the search bar. Once the user finds an item they want to bid on, they enter ETH amount to offer and then click bid.
Once you open the Auctionity website, there are essential features listed:
Auctonity uses DRT as the native cryptocurrency. Users with more DRT are more likely to be selected as the Auctioneers for an item.
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