@zoralabs/auction-house

Zora Coldies

This repository contains the contracts that compose Zora Coldies.

The contracts aim to provide an open system for anyone to perform a coldie auction, with special emphasis given to the role of curators.

Further documentation is available at zora.engineering

Table of Contents

• Architecture
  • Create Auction
  • Cancel Auction
  • Set Auction Approval
  • Create Bid
  • End Auction
• Local Development
  • Install Dependencies
  • Compile Contracts
  • Run Tests

Architecture

This protocol allows a holder of a Zora NFT to create and perform a permissionless coldie auction. It also acknowledges the role of curators in auctions, and optionally allows the auction creator to dedicate a portion of the winnings from the auction to a curator of their choice.

Note that if a curator is specified, the curator decides when to start the auction. Additionally, the curator is able to cancel an auction before it begins.

The protocol's general architecture is shown below. Note that once this protocol's architecture is finalized, the administrative functions will be removed.

Create Auction

At any time, the holder of a token can create an auction. When an auction is created, the token is moved out of their wallet and held in escrow by the auction. The owner can retrieve the token at any time, so long as the auction has not begun.

Name	Type	Description
tokenId	uint256	The tokenID to use in the auction
duration	uint256	The length of time, in seconds, that the auction should run for once the reserve price is hit.
reservePrice	uint256	The minimum price for the first bid, starting the auction.
creator	address	The address of the current token holder, the creator of the auction
curator	address	The address of the curator for this auction
curatorFeePercentage	uint8	The percentage of the winning bid to share with the curator
auctionCurrency	address	The currency to perform this auction in, or 0x0 for ETH

Cancel Auction

If an auction has not started yet, the curator or the creator of the auction may cancel the auction, and remove it from the registry. This action returns the token to the previous holder.

Name	Type	Description
tokenId	uint256	The tokenID to cancel the auction for

Set Auction Approval

If a created auction specifies a curator to start the auction, the curator must approve it in order for it to start. This is to allow curators to specifically choose which auctions they are willing to curate and perform.

Name	Type	Description
tokenId	uint256	The tokenID for the auction approval
approved	bool	The approval state to set on the auction

Create Bid

If an auction is approved, anyone is able to bid. The first bid must be greater than the reserve price. Once the first bid is successfully placed, other bidders may continue to place bids up until the auction's duration has passed.

If a bid is placed in the final 15 minutes of the auction, the auction is extended for another 15 minutes.

Name	Type	Description
tokenId	uint256	The tokenID to place a bid on
amount	uint256	The amount of currency to bid. If the bid is in ETH, this must match the sent ETH value

End Auction

Once the auction is no longer receiving bids, Anyone may finalize the auction. This action transfers the NFT to the winner, places the winning bid on the piece, and pays out the auction creator and curator.

Name	Type	Description
tokenId	uint256	The tokenID for the ending auction

Local Development

The following assumes node >= 12

Install Dependencies

yarn

Compile Contracts

npx hardhat compile

Run Tests

npx hardhat test