# Auction House System

## What's an Auction?

An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or purchasing the item from the lowest bidder.&#x20;

Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, and many more. In our Case: In-game NFTs

## What's an Auction House?

The Auction house is the place that holds and organizes the Auctions, from the bidding process to the delivery of the goods As this is a constant service it offers, it will have a fee of the 1% of the selling price, this is just to keep the services going.

## Type of Auction

Bidding on an X (12,24,48 hours) amount of time: The bidding process will continue for a period of time, Buyers will be able to put in bids to surpass their opponents&#x20;

Buy Right away: The Buyer will have a Buy Right Away option with a set price by the seller, This price is usually higher than the initial bid

## Parties involved

The Buyer: The Player that buys the In-game NFTs

The Seller: The Player that sells In-game NFTs&#x20;

The Auctioneer: The House involved in the listing, selling, and delivery of the goods&#x20;

## The target of this system

Auction house targets Players that want to sell their In-game NFTs to other Players, IDS will have 0 participation in this market and will not get involved in it.&#x20;