Auction Assets

Auctions run on assets which are under any auction. AuctionX supports multiple types of assets which can be auctioned. Listed below are the categories of auction assets.

• Digital assets

• RWAs - Real world assets

• Tokens

For each category there could be multiple parameters which affect how the auction for a particular asset is handled. The RWAs would be real world collectibles. Each asset can be either a brand new asset which could be bought off-the-shelf (online/offline) OR it could be a pre-owned collectible. Some examples of brand new assets are mobile phones, smart watches, laptops, shoes etc. Some examples of pre-owned assets are artwork, luxury goods, celebrity merchandise, antique assets etc.

Asset Delivery Mechanism - For pre-owned assets, it is extremely important to establish the genuinity of the asset both in terms of ownership and present-day quality of the product. AuctionX enables owners of pre-owned real-world collectibles, such as watches, bags, and other tangible assets, to represent them as digital assets on a blockchain network. This process is known as on-chain real-world asset tokenization. By using AuctionX asset tokenization framework, owners can create auctions for their digital representations of real-world collectibles on the blockchain network. These auctions can be conducted securely and transparently using smart contracts, which automatically execute the auction rules.

Winners of the auction can redeem the real-world collectibles by burning the corresponding NFTs (Non-Fungible Tokens), which represent the ownership rights to the assets. This ensures that only the rightful owner of the NFT can redeem the real-world collectible associated with it. Also, AuctionX establishes the provenance of the product, to validate the origin and originality of the asset.

Overall, AuctionX brings real-world collectibles onto the blockchain, providing owners with an efficient way to represent their assets and conduct auctions in a secure and transparent manner, while also enabling buyers to easily verify the authenticity and ownership of the assets they purchase. - For brand new assets, asset tokenization is not needed. The asset will be bought AFTER a winner has won the asset. The asset would always be bought from legitimate sources/sellers. Proof of the purchase and delivery to the winner would be put on blockchain to maintain permanent records + create provenance. - For digital assets, the owners of the NFTs would be transferred. If the digital assets are not in form of NFT's - then they would be tokenized and then the ownership would be transferred. When an item is listed for auction on AuctionX, a unique token is minted to represent that item. This token contains metadata about the item, such as its description, provenance, and ownership history. As the auction progresses and the item is transferred to the winning bidder, the ownership of the token is updated on the blockchain, providing a permanent and transparent record of the item's journey through the auction process.