The development of the blockchain ecosystem is constantly finding new applications thanks to the NFTs (Non-Fungible Tokens), whose market is in full expansion.
Auctionity’s solution of real-time auctions on the blockchain places the company as one of the upcoming strategic players on this new market.
The promising ERC721/NFT market
The world is about to witness a new economic boom related to digital assets, namely the Non-Fungible Tokens (NFTs).
NFTs are unique and distinctive tokens that you can mainly find on the Ethereum blockchain in the form of ERC721 tokens, giving them individual identities and properties.
Towards the end of 2017 NFTs made a sensational entrance in the blockchain world, notably with the success of cryptokitties (NFT ERC721). It unleashed an unprecedented interest for NFTs, that even went so far as to clog the Ethereum network. Indeed, the cryptokitties market alone generated 12 million dollars in two weeks after its launch, and 25 million dollars in total. Some rare cryptokitties were even sold for 250 ETH.
The strength of NFTs resides in the fact that each token is unique and cannot be mistaken for another one – unlike bitcoins, for example, which are interchangeable with one another.
The NFT market is not exclusive to crypto-collectibles: the properties of these tokens allow applications in the fields of gaming, digital arts, title records, software licenses, advertising, gambling, event ticketing or even hotel booking to name but a few.
Auctionity: blockchain auctions for NFTs
This booming market paves the way for new opportunities and the emergence of a new sector – hence Auctionity chose to position itself as a pioneer in the NFT universe with its auction-dedicated ecosystem.
As a reminder, Auctionity’s goal is to revolutionize the auction world thanks to its unique application of the blockchain technology.
The Auctionity blockchain provides a fast and secure platform on which all auction-related transactions are registered on a dedicated blockchain. This innovating project was made possible thanks to the success of DomRaider– a French Tech startup – via its ICO.
Today, the DomRaider team is refining Auctionity’s strategy by positioning the platform as the first ever 100 % blockchain-based application enabling the auction of Non-Fungible Tokens (NFTs).
The Auctionity project, which is currently in development, has just taken an important step forward with the introduction of payment guarantee – a sign of confidence for the seller. The payment guarantee ensures the seller will indeed receive the money linked to the sale of their item on the auction they created.
The next step on Auctionity’s roadmap is to implement delivery guarantee for the buyer. This functionality will indeed ensure the buyer of the delivery of the item he won. . The Auctionity application can be used by anyone, whether to sell NFTs through auctions, to participate in existing auctions, or to promote their own auctions.
Next September anyone will be able to buy and sell NFTs through auctions on the Auctionity Saleroom. Join the Auctionity Club now to stay well informed of the progress of the project.
Club website: https://club.auctionity.com/
DomRaider website: https://www.domraider.com/
Explanatory video: https://www.youtube.com/watch?time_continue=1&v=FXEW_eTkyBQ
Etienne (Product Manager) explains the payment guarantee: https://www.youtube.com/watch?v=y3iBcT33Rcw
Tutorial video: https://www.youtube.com/watch?v=2BeRNqJv2f8&t=20s