ERGO Auction House: The Portal For Ergo's NFT

By Cryptopeach | Public Thoughts | 10 Jun 2022

Ergo has a strong ecosystem and NFT's weren't left behind. One of the major dapps on Ergo is Ergo's auction house.

The auction house is a portal where every user can manage, create, buy and sell their NFT. The process to interact with it is simple and users only have to connect their wallet to the dapp to start using this tool. Ergo utils was the where to go tool for creating NFT's on Ergo but the auction house came to replace it and give users one platform to manage their digital art.

Users have to remember that to keep legitimacy they have to use only one address to manage their art. This means that if an user uses always the same address to post their art and to interact with it, it proves that the art comes from them and its not someone just trying to pass has the original creator. This will help to create the artist anonymous ID as the address is for now the only way to make sure that the art is original from an author. Wallets let every user create various addresses on the same wallet, so everyone has to pay attention to what address they are using or create an wallet just to manage digital art with only one address associated. The address will be the user signature.

The auction house is a very simple platform to use, the website front page presents right away various auctions going on and users can bid and buy their NFT right away. Another thing that everyone can do after connectimg their wallet is create their own art work, it's as simple as clicking on the menu and clicking the "plus" sign, this will trigger another menu that asks if the user wants to start a new auction or to create artwork. The artwork can be created as an image, video or sound, this is very important because there's a range of artists that an NFT market needs to cover and by making it so easy to create an NFT with image, video or sound, every artist can be integrated on the Ergo platform.

If the user already owns some digital art or created just now their art, they can create a new auction. After that they can define the price they want to start the bid and the price they want to make for buying the art in an instant. Users can define a bid starting price of 20 Ergo, for example, and ask for a buy now price of 40 Ergo, this way people can bid their way up and when the timer ends they get the NFT for the last price they bidded or buy it right away. The auction house also allows artist to earn from royalties, meaning that everytime someone buys their NFT, they get a percentage of the selling price. Every artist can benefit from the success of their art using the royalties system, it's not just a one time sell event, it's a lifetime of royalties if the artist art gains traction.

The fee for using the auction house is 2% which means that 2% of the price an user sells their artwork will go to the auction house fund. This is important to keep the auction house running. Every smart-contract on the auction house has been reviewed and can be reviewed by every user as it's open-sourced, the code is online for everyone to see.

The NFT marketplace is very important on the blockchain space has it provides ways for artists to make money, aswell as ticketing systems that can be used to prove that someone has something legitimate.

This is just another very successfull dapp on the Ergo ecosystem and many more are already working or are on the way. Ergo has potential to become a major player on the blockchain industry and the work done by the community as been tremendous.

If you want to start using Ergo's auction house follow this link:

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