AuctionContract
In a ContestContract providers compete for money that has been contributed to a fund. By contrast, an AuctionContract is for times when buyers compete to purchase a limited set of items – which could be NFTs, digital content, concert tickets, limited spots in a course or on a trip, or any other valuable things.
An AuctionContract can be initialized to allow a certain number N of winners, and then people bid on the items. The price increases after every M bids (typically M = N). Once N accounts have bid, the N+1st account making its (newest and highest) bid would refund the address that made the 1st (now oldest and lowest) bid. That account could then receive a notification and they (or their automated agent) could come back and bid again, this time a larger amount. In this way, the auction would continue until the endTime specified at the beginning. The final N highest bidders become the winners of the auction.
AuctionContract instances are meant to help with price discovery. Imagine you are an instructor who wants to open a new section of your class, where you and your assistants can service up to 20 students. But how much should you charge?
The SubscriptionContract also works with AuctionContract for price discovery. Imagine opening up a new yoga class, with 20 spots and having people bid on those spots. When the class starts, the winners have access to the class. You don’t leave money on the table, and you also don’t end up with a class that’s only half full.
AuctionContract also works great with selling NFTs, including those powered by our NFT contracts.
Learn about SalesContract and other ways raise money from people around the world:
You can check out the code here: