Penny

Inspiration

Penny was inspired by the need for efficient secondary markets in the NFT space. Borrowing ideas from the penny auction, I created a gamified penny auction for NFTs on the Metis blockchain.

For more info see: https://docs.google.com/document/d/19DvCv3Gyk3Iin4ARvcue2urhBEbawax1caYaVUceeM4/edit?usp=sharing

What it does

The smart contract allows you to list NFTs for auction. It supports multiple token types for payments, and multiple types of NFT can be auctioned. For the web demo, all auctions are for ERC-721 and all payments are in Metis tokens. Auctions last 24 hours, and each bid increases the auction price by 0.01 and adds 10 seconds to the length of the auction.

How we built it

The smart contract was written in Solidity and incorporates ERC-20, ERC-721 and ERC-1155 components. The front end was written in Javascript and TailwindCSS for design.

Challenges we ran into

Since there aren't as many extant NFT platforms currently on Metis, I decided to bootstrap the dApp with a test NFT contract that anyone can mint new tokens on to test in the dashboard. I look forward to allowing listings from all the NFT platforms in the mainnet release!

Accomplishments that we're proud of

Designing a penny bidding smart contract in Solidity Learning about layer 2 Learning about game theory concepts such as war of attrition and auction theory

What we learned

I learned that the tooling and framework for Metis makes developing new dapps as smooth as on Ethereum. I look forward to learning even more about Metis!

What's next for Penny

A sleeker front end to support 3rd party NFTs and a vibrant secondary marketplace Integration or development of an NFT bridge to allow NFTs to be auctioned from the Ethereum mainnet!

Built With

• css
• html
• javascript
• solidity
• tailwindcss
• web3js