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NFT AUCTION FLOW_ DIAGRAM, Auction - Coggle Diagram
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Auction
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OnChain
Advantage
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Buyers and Sellers have a greater sense of ownership over the bidding process and can inspect the smart contracts that calculate fees and handle settlement.
Disadvantage
Need to maintain auction Mechanism time to time.. like(last hour or last minute bid) extending auction time peroid is good short-term solution but for one time or two time
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For Ethereum Blockchain > for making a single bid need to pay 20$ to 150$ as a gas fees(whether the bid is winner or loser)
it more difficult to offer bidders the option to bid and settle in fiat currency due to cryptocurrency volatility.
OffChain
Advantage
- Far more accessible for bidders
- No Blockchain Experience Required
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5.Followed by Mintable, rarible and others
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