🧊Putting A Digital Art Object Up For Auction

The tokenized NFT resource is automatically uploaded to the database after it is added by the seller. There are two options in uploading NFT: it might be moderated and confirmed by the OAZIZ moderator or it can be uploaded automatically with no moderator interaction. Putting a NFT up for sale works in 4 steps:

1. The user uploads an image in PNG, JPG, WEBP, MP4, or MP3 format to the IPFS.

2. The user specifies all object metadata.

3. The user specifies the "Shared content with metadata" field. Going on the experience of the Open Sea platform, this is a field for inserting a hyperlink or text that becomes available to the new owner after the object is purchased. The corresponding UX can be found in Figma and in the description of the modules.

4. The user sets the auction parameters in a separate phase and on a separate page. The settings for a classic type auction with a minimum price are set when you put something up for sale and not at the time of token creation. This is because two different processes are indirectly connected.

Putting the purchased token up for an auction

After the purchase of a token its owner is free to do whatever he wants. For example, he can easily put the token up for an auction. There are a few steps to put the purchased token up for an auction:

1. The user enters the section of tokens he/ she owns in a personal account.

2. The user elects the desired token to be auctioned.

3. The user sets the auction parameters and the title and description parameters (the content is automatically taken from the purchased lot and can be edited) without making any changes to the previously created token (image, metadata).

4. The user clicks "Save draft".

5. The system creates a record in the database, when the user clicks on the "Put to Auction" button.

6. The system creates a new auction, puts NFTs in it, and allows other users to bid on the lot.

7. The system opens a page with a token for the user. When the auction ends and there is a winner, the system sends a request to Oracle for the NEFT transfer method on the SOL network.

8. Oracle sends the NFT by invoking a smart contract and specifying the address of the buyer of the NFT on the platform as the address of the new owner.