Auction House is a customized NFT auction marketplace to provide NFT holders with various types of auctions to sell their art. Powered by Rarible protocol and Ethereum Blockchain, the platform ensures a high degree of decentralization and an enhanced level of security.
I have come across various auction marketplaces like Christie's and Sotheby but haven't found many that prioritize on user-privacy and decentralization. Additionally, not many digital and the decentralized auction marketplaces that have already been developed provide the sellers with multiple types of auctions. Timed auctions are ubuqitous but may not be ideal in all scenarios. Thus, I have started building Auction House and primarily focussing on security, decentralization and providing sellers with different choices of auctions to sell art.
What it does?
With Auction House, users can do the following:
- "Lazy" Mint an NFT, and list it on Rarible
- Put their NFT for Auction (Timed, Reserved, Open, Vickery)
- View the NFTs mint by the owners
- Create a sell/exchange order on Rarible
- Buy an NFT
- Transfer your NFT
How I built it?
Auction House is built with a suite of efficient and state-of-the-art technologies including:
- Rarible protocol for minting, and transferring NFTs
- Ethereum Blockchain for Auction marketplace logic
- ReactJS web framework for front-end development
- Metamask Wallet to hold user's private keys
- InterPlanetary File System (IPFS) for NFT metadata storage
- web3.js npm package for Ethereum Blockchain Interaction
Challenges I ran into:
At the initial stages, it was a bit difficult to integrate Rarible APIs and SDK onto the platform. However, when asked for assistance, the organizers were extremely supportive and helpful to connect me with the Rarible team to help solve my issues.
Also, this is my first time leveraging ReactJS Framework for front-end development. Therefore, I was subjected to a great learning curve from the traditional HTML development model towards a more efficient Single Page Application (SPA) development model.
Accomplishments that I am proud of:
This hackathon has been particularly exciting to me for the following reasons:
- This was the first time I learned and developed building NFT focussed applications
- It was great to develop a customized auction marketplace to provide the sellers with different types of auctions
- Understanding the fundamental concepts of NFTs, Lazy Minting and order books was worthwhile
- Providing the end-users with an intuitive and easy-to-use frontend user interface
What's next for Auction House
The next important goal of Auction House is to educate and promote the concepts of NFTs and Auctions in my geographical region. In India, cryptocurrencies are gradually being encouraged and adopted, thus, I feel it is a perfect time to educate and promote the value and use-cases of NFTs. Further, I will keep developing and working on this prototype to build a Minimum Viable Prototype and apply for development grants to take the project into production stages.