INS Auction Documentation (Initial NFT Selling)
Welcome to the world of INS Auction, an innovative approach to selling NFTs (Non-Fungible Tokens). The INS Auction is designed for flexibility and control, providing unique solutions for Operators, Participants, and Users.
How It Works:
After purchasing, the token does not go directly to the buyer, and the funds are not transferred to the contract operator. This innovative method opens up new possibilities, especially in the context of pre-sales of exclusive access tokens to games, maps, shortcuts, etc., before they officially hit the market. Particularly recommended for ERC-1155 tokens, allowing the transmission of a larger quantity of tokens with a lower risk of selling out during the auction.
INS Auctions are marked with a red label and a purchase button named 'Place an order.' These markings help easily distinguish between different auctions.
Roles of Key Participants:
- Operator: The person creating the auction.
- Participant (Bidder): The person participating in the auction.
- User: Someone unrelated to the auction, who has not purchased any tokens.
- The auction status changes to 'Ended' after all tokens are sold.
- Retrieving purchased tokens or receiving refunds is done through a finalization process, which must be completed by each auction participant.
- The auction allows setting a limit for participants, determining whether they can participate multiple times in purchasing a specific auction.
- The Operator has the right to cancel the auction before it starts.
In the next steps, we explain the Contract methods directly on the blockchain explorer