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Updates per Kenny and Shawn

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ddawson
2023-02-14 11:33:22 -08:00
parent d9f1ebf04a
commit e4fd096068
1 changed files with 10 additions and 10 deletions
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content/concepts/tokens/nftoken-auctions.md
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@@ -24,9 +24,9 @@ Run the auction in brokered mode, as an auction with a reserve.
![Auction in Brokered Mode with a Reserve](img/nft-auction1.png "Auction in Brokered Mode with a Reserve")
1. The Seller creates the NFT, then sets the auction reserve price using `NFTokenCreateOffer`, specifying the broker account as the destination.
1. Buyers make bids using `NFTokenCreateOffer`, setting the broker account as the destination.
1. The Broker selects the winning bid, completes the sale using `NFTokenAcceptOffer`, collecting the broker fee. Then the Broker cancels any losing bids using `NFTokenCancelOffer`.
1. The seller creates the NFT, then sets the auction reserve price using `NFTokenCreateOffer`, specifying the broker account as the destination.
1. The bidders make offers using `NFTokenCreateOffer`, setting the broker account as the destination.
1. The broker selects the winning bid, completes the sale using `NFTokenAcceptOffer`, collecting the broker fee. Then the broker cancels any losing bids using `NFTokenCancelOffer`.
**Pros:**
@@ -36,9 +36,9 @@ Run the auction in brokered mode, as an auction with a reserve.
**Cons:**
- There must be implicit trust between the seller and the marketplace that the marketplace will not take more than some previously-agreed-upon rate. If the reserve was 1 XRP and the winning bid was 1000 XRP, there is no on-chain mechanism to prevent the broker from taking 999 XRP as profit, leaving only the reserve profits for the Seller.
- There must be implicit trust between the seller and the broker that the broker will not take more than some previously agreed-upon rate. If the reserve was 1 XRP and the winning bid was 1000 XRP, there is no on-chain mechanism to prevent the broker from taking 999 XRP as profit, leaving only the reserve profits for the seller.
A major mitigating factor of this downside is that if this behavior were to happen, Brokers would lose their entire market share, which sellers should understand.
A major mitigating factor of this downside is that if this behavior were to happen, brokers would lose their entire market share, which sellers should understand.
## Run the Auction in Brokered Mode, without a Reserve.
@@ -46,12 +46,12 @@ This is the most complex workflow of the three.
![Auction in Brokered Mode without a Reserve](img/nft-auction2.png "Auction in Brokered Mode without a Reserve")
1. The seller creates an NFT using NFTokenMint.
1. The bidders make bids using NFTokenCreateOffer, setting the broker as the destination.
1. The broker selects the winning bid, subtracts the amount to be collected as a fee, then requests theseller sign a sell off for this amount via NFTokenCreateOffer.
1. The seller creates an NFT using `NFTokenMint`.
1. The bidders make offers using `NFTokenCreateOffer`, setting the broker as the destination.
1. The broker selects the winning bid, subtracts the amount to be collected as a fee, then requests the seller sign a sell off for this amount via `NFTokenCreateOffer`.
1. The seller signs the requested offer, setting the broker as the destination.
1. The broker completes the sale using NFTokenAcceptOffer, and receives the broker fee.
1. The broker cancels any remaining bids using NFTokenCancelOffer.
1. The broker completes the sale using `NFTokenAcceptOffer`, and receives the broker fee.
1. The broker cancels any remaining bids using `NFTokenCancelOffer`.
**Pros:**