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Bidding Contract Operation Auction is the most suitable transaction method for NFT asset circulation. AUCTPOOL – A decentralized auction platform for various NFT. www.auctpool.finance Overview AUCTPOOL is a decentralized auction platform. Users can independently generate NFT, set up Lot Pool, and participate in various NFT asset auction transactions based on bidding contract operation. Auction is used to make NFT asset trading a wealth appreciation activity that everyone can participate in. Catalogue Overview ......................................................................................................... 1 Catalogue ....................................................................................................... 1 Background .................................................................................................... 3 AUCTION ORIGIN .................................................................................................................. 3 THE EVOLUTIONARY HISTORY OF AUCTION .............................................................................. 4 NEW ERA: DECENTRALIZED NFT AUCTION ................................................................................ 5 AUCTPOOL Platform ..................................................................................... 6 Bidding Contract............................................................................................ 7 AUCTPOOL WHITER PAPER 1 ENGLISH BIDDING CONTRACT................................................................................................. 8 DUTCH BIDDING CONTRACT ................................................................................................. 10 SEALED FIRST-PRICE BIDDING CONTRACT ............................................................................. 11 VICKERY BIDDING CONTRACT............................................................................................... 12 NFT Auction ................................................................................................. 13 FORMATIVE NFT FROM ORIGINAL DIGITAL LOTS ...................................................................... 14 TOKEN MODEL OF ENTITY LOTS ............................................................................................ 14 INCLUSION OF EXTERNAL NFT .............................................................................................. 15 Lot Pool ........................................................................................................ 16 CHARACTERS IN A LOT POOL ............................................................................................... 16 SET UP A NEW POOL ........................................................................................................... 17 ADD LOTS TO THE POOL ...................................................................................................... 17 BIDDING PROCESS IN POOL ................................................................................................. 17 ART POOL ......................................................................................................................... 18 POOL MATRIX .................................................................................................................... 19 AUCTION INDEX DERIVATIVES .............................................................................................. 19 Economic Model .......................................................................................... 20 DISTRIBUTION OF TOKENS ................................................................................................... 20 BIDDING MINING ................................................................................................................. 21 EQUITIES OF AUCT HOLDER ................................................................................................. 24 COMMUNITY INSPIRATION .................................................................................................... 25 LOCKED POSITION OF TEAM ................................................................................................. 25 AUCTMAN Community ................................................................................ 26 COMMUNITY MEMBERS ....................................................................................................... 26 COMMUNITY GOVERNANCE .................................................................................................. 28 Schedule Planning....................................................................................... 31 Reference ..................................................................................................... 32 AUCTPOOL WHITER PAPER 2 Background The word auction comes from Latin augere and means "increase". That is, to continuously increase the price in a bidding in order to win the auction lots. Auction Origin Herodotus, an ancient Greek historian, pointed out in his book that the auction can be traced back to ancient Babylon in the 5th century BC, while the real commercial auction started in ancient Rome. As early as the 2nd century A.D., shops engaged in auction appeared in Rome to auction tapestries, palaces, statues and other commodities. After the military victory of the Roman Empire, Roman soldiers often inserted spears into the ground and auctioned off the trophies. Auction in Roman period is the first peak in the development of auction industry in human history. Its characteristics include three aspects: The range of auction lots is wide, the types of auction are diverse, and the auction activities have laws to abide by, which has constructed the outline, established the mode, created the standard and laid a broad and solid foundation for modern auction. AUCTPOOL WHITER PAPER 3 The Evolutionary History of Auction In human history, auction, as an ancient way of transferring property rights, has been continuously developing and evolving: From the 17th to the 18th centuries, auctions revived again in Europe; In November 1660, old ships and scrap ships were auctioned in Britain; In February 1689, there was another auction of paintings and manuscripts; In 1739, real estate was auctioned for the first time; etc. Auction agency began to appear in large numbers. In 1744 and 1766, Sotheby's and Christie's, the world's two largest auction houses, were established in London respectively. Candle Auction Auction House Online Auction In the 17th century, art was auctioned In the 21st century, Sotheby's Art Auction has been upgraded through by candlelight in some pubs in Auction Site in Britain. Auction houses the internet. In 2019, eBay had Q1 England. Auctions began to revive in are representatives of the auction transactions reaching 22.6 billion US Europe in the 17th to 18th centuries. business for more than 200 years. dollars. In contemporary society, auction has evolved into a kind of financial activity based on rigorous and complicated economic theories and with extremely wide application scenarios: More complex auction theories and auction methods have been created and applied (William Vickrey, founder of the Vickrey Auction Rule, won the 1996 Nobel Prize in Economics). The scope of auction business not only covers traditional projects such as antiques, works of art and rare collectibles, but also extends to various fields such as: used cars, large commodities trading and even international carbon emissions trading. AUCTPOOL WHITER PAPER 4 The combination with the Internet has made various auction businesses grow by leaps and bounds around the world: The auction business of websites like eBay serves sellers and buyers all over the world every day... New era: Decentralized NFT Auction In the era of blockchain, as a financial business with a long history, auction will surely undergo deep evolution again with the help of new technologies, and NFT is an excellent combination of auction and decentralized finance. NFT and Lot have innate commonness: Non-Fungible NFT and lots have Non-Fungible attributes, which are different from each other and cannot be replaced or split (As a lot, bulk commodities as a whole also have Non- Fungible attributes). Scarcity Lots and NFT generally have unique characteristics, so they also have certain scarcity. Price Uncertainty NFT and lots cannot be priced simply by cost accounting of raw materials and labor costs. The price is uncertain and there is a high premium space. Therefore, auction is the most suitable transaction way for NFT, and NFT is the inevitable form of lots in the era of blockchain. Based on the blockchain technology, we can generate NFT from an auction lot, calibrate its value with tokens, carry out chain auction quickly, safely and with low consumption. AUCTPOOL WHITER PAPER 5 AUCTPOOL Platform AUCTPOOL is a decentralized NFT auction platform based on the Ethernet network. Its composition is as follows: Bidding Contract: Bidding rules and strategies of various major auction patterns are written into smart contracts to form bidding contracts that can be independently executed or assembled. NFT Lot: Users can issue an NFT for each lot on AUCTPOOL, and then make a deal on the platform. Lot Pool: The platform cooperates with individuals and institutions that provide NFT lots to form lot pool that execute specific bidding contracts and conduct NFT transactions of specific categories. AUCTPOOL WHITER PAPER 6 Bidding Contract Auction has a deeper meaning in economics. Its theoretical basis comes from the core ideas of information economics and game theory,
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