DA.Auction

Inspiration

Crypto is on track to disrupt a variety of different businesses, yet outdated auction houses still can charge on average 12.5% commission to sell a piece of artwork. Now that these prestigious auction houses have validated the NFT space, we seek to ignite the revolution in the auction space.

What it does

We have created a novel, exotic auction format. Instead of the auction house collecting a 12% commission, DA Auction distributes that commissions amongst the bidders in an "All-Win" auction. Please see attached Litepaper for further details.

How we built it

The auction is based on the metaplex repository. We changed the already existing code base to allow for this new type of auction.

Challenges we ran into

We started knowing essentially nothing about NFT's or coding Solana. As you may assume, it was a breeze from there. Joking aside, there were many late nights and long weekends trying to familiarize ourselves with all things Solana, rust, and metaplex.

Accomplishments that we're proud of

We are extremely excited to have the alpha version completed, and look forward to stress testing it in the wild.

What we learned

Just enough to create a new program, and add testing with python client.

What's next for DA.Auction

Thanks to metaplex, the auction itself is decentralized. Now we must work on the automation and curation. We plan on forming a DAO of artists and art collectors to vote on pieces and collections to auction. For this we need a voting system that relays the voting results into the auction queue.

Built With

• anchor
• javascript
• metaplex
• python
• react
• rust