WAX Arena - Gamified NFT Auction System over WAX Blockchain
NFTs (Non Fungible Tokens) are here to stay. They are the present and the future of blockchain gamification. As an artist, I have been looking for a practical solution to give an outlet to my creations. As a developer, I looked for a blockchain that offered a friendly and complete environment for the creation of dApps of any category. And here I found WAX.
I started working on WAX Blockchain as a platform for my video game Rada Quest but soon I was surprised by the versatility and capabilities of that chain. Ideas began to come to me and I started to work on several projects. One of those projects is WAX Arena and I'm here to tell you about it.
What is WAX Arena?
WAX Arena is a gamified auction system over WAX Blockchain.
If there is one thing all blockchains that trade with NFTs have in common it is the existence of auction houses. So why another auction house?
A few months ago I started to think about the application to auctions of some concepts that I knew from other types of gamified applications. Ideas that could transform auctions into something much more exciting, fun... and lucrative for everyone.
To that end I started to develop the smart contract for this dApp and the website that would serve as the user interface. WAX Arena operates from its smart contract in a totally independent way, as you would expect from a dApp. The website is just an iterface to facilitate the user experience.
Any user can configure the auction of their digital assets. Currently NFTs created under the AtomicAssets smart contract (WAX) can be auctioned. Although the WAX Arena smart contract also accepts NFTs from SimpleAssets smart contract, the website is not yet ready for that.
The NFTs must be transferred in deposit to the WAX Arena account and from there the auction is set up with a starting price and a duration period.
The smart contract forces the bids to be increased by a % that is configured as a variable in the smart contract itself. Currently the bids must be increased by at least 20% with respect to the previous one.
The buyer with the highest bid will be the one who wins the auctioned asset.
But there is more...
- Each time a bid is placed, the user who has been outbid receives 10% of the overbids as compensation.
- The author of the asset and the market also receive their commission as a % of the overbidding.
- The rest, up to approximately 85% and depending on the author's % commission, is given to the owner of the asset who created the auction.
This way all participants in the auction get some benefit, whether they win or not. In my opinion, WAX Arena is not only an auction house; it is also a game where participants can opt for the benefits of overbidding or the prize of the auctioned NFT.
Thousands of dollars are moved every day in the NFTs market and I am convinced that the advantages of WAX Arena are stimulating enough to benefit many users who want to move their NFTs or simply trade to earn some WAX tokens.
To participate you only need a WAX Blockchain account and login with WAX Cloud Wallet or Anchor Wallet.