Introducing Partition Markets, an awesome auction house on Ethereum, built on top of Partition Core. This is web3 infrastructure for game developers. Read through the Core introductory post for the necessary background, as in this post we'll assume an understanding of these fundamentals and dive right into the functionality that Markets unlocks.

Markets makes it possible to auction off the fungible tokens from the specific ERC20 clone attached to each Core NFT. There is a pool for each NFT, and the pool contains however many fungible tokens (FTs) the NFT owner (or delegate) chooses to provide, and specifies the auction mode and settings. At any time FTs can be added to the pool or withdrawn by the NFT owner (or delegate), and settings can be updated. Because the unique ERC20 clone for each NFT does not exist until spawned by the owner, Markets will accept a transfer of the NFT along with initial configuration data in order to spawn the clone itself and set up the auction before transferring it back to the owner. Alternatively, if the owner decides to spawn the clone independently, they can then create the pool and set up the auction directly.

There are three possible auction modes. Flat price, where every token costs the same; continuous early bird, where tokens linearly increase in price as they are bought; and last price dutch, in which the price per token decrease from an initial high linearly over time, and will refund each buyer the difference between what they paid and the final price after the auction has ended. For insight into why dutch auction refunds are desirable, take a look at https://a16zcrypto.com/how-auction-theory-informs-implementations/.

All tokens are paid for in ETH, and this ETH collects to Markets, and can be withdrawn to the NFT owner (or delegate) at any time (or in the case of a dutch auction, after all the tokens have been bought) by anyone.

The functionality described above has been implemented, and the contract code is available on GitHub. This code is close to final, but will be optimized and further tested before deployment to mainnet. Once that happens, NFT holders will be able to list FTs for auction on partition.gg. Initially the flat price auction will be supported, followed by the other modes. Follow us on Twitter for updates.

Introducing Partition Markets, an awesome auction house on Ethereum, built on top of Partition Core. This is web3 infrastructure for game developers. Read through the Core introductory post for the necessary background, as in this post we'll assume an understanding of these fundamentals and dive right into the functionality that Markets unlocks.

Markets makes it possible to auction off the fungible tokens from the specific ERC20 clone attached to each Core NFT. There is a pool for each NFT, and the pool contains however many fungible tokens (FTs) the NFT owner (or delegate) chooses to provide, and specifies the auction mode and settings. At any time FTs can be added to the pool or withdrawn by the NFT owner (or delegate), and settings can be updated. Because the unique ERC20 clone for each NFT does not exist until spawned by the owner, Markets will accept a transfer of the NFT along with initial configuration data in order to spawn the clone itself and set up the auction before transferring it back to the owner. Alternatively, if the owner decides to spawn the clone independently, they can then create the pool and set up the auction directly.

There are three possible auction modes. Flat price, where every token costs the same; continuous early bird, where tokens linearly increase in price as they are bought; and last price dutch, in which the price per token decrease from an initial high linearly over time, and will refund each buyer the difference between what they paid and the final price after the auction has ended. For insight into why dutch auction refunds are desirable, take a look at https://a16zcrypto.com/how-auction-theory-informs-implementations/.

All tokens are paid for in ETH, and this ETH collects to Markets, and can be withdrawn to the NFT owner (or delegate) at any time (or in the case of a dutch auction, after all the tokens have been bought) by anyone.

The functionality described above has been implemented, and the contract code is available on GitHub. This code is close to final, but will be optimized and further tested before deployment to mainnet. Once that happens, NFT holders will be able to list FTs for auction on partition.gg. Initially the flat price auction will be supported, followed by the other modes. Follow us on Twitter for updates.