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Create an auction

So far, you've seen how to start a sale pact that uses a specific type of sale contract. Depending on the type of sale contract you attach to the pact, you need to set the appropriate parameters to handle the mechanics of the sale, including when the sale starts and ends and a starting or minimum price. In this example, the sale is a conventional auction that starts with a low price and allows potential buyers to submit bids.

To create a conventional auction for a non-fungible token:

  1. Open and unlock the Chainweaver desktop or web application.

  2. Select Testnet as the network to connect to the Kadena test network.

  3. Click Contracts, then click Module Explorer.

  4. Under Deployed Contracts, search for the marmalade-sale contracts.

  5. Select the marmalade-sale.conventional-auction contract, then click View.

  6. Under Functions, select create-auction, then click Call.

    • Set the sale-id to the pact identifier for the sale pact. For this example, the sale-id is M1uFQ7OCI7kw_-93UglWzVMy0DGO1uUllyCnJR5eo6w.

    • Set the token-id to the token identifier that you have for sale. For this example, the token-id is t:jEDZtohdLCkbsbFTlVrgVOQOYckgSLHHWQsXKry8jO0.

    • Set the start-time to an integer that represents when you want the auction to start. You can use the marmalade-v2.util-v1 contract to look up the current time (curr-time) or convert a time (to-timestamp) to an integer. For example, the to-timestamp function converts the input (time "2024-04-29T00:00:00Z") to 1714348800.0 For this example, the start time is 1714348800.

    • Set the end-time to an integer that represents when you want the auction to end. For this example, the end time is 1714608000.

    • Set the reserve-prince to lowest bid you are willing to accept. For this example, the start time is 5.0.

    For example:

    (marmalade-sale.conventional-auction.create-auction "M1uFQ7OCI7kw_-93UglWzVMy0DGO1uUllyCnJR5eo6w" "t:jEDZtohdLCkbsbFTlVrgVOQOYckgSLHHWQsXKry8jO0" 1714348800 1714608000 5.0)
    (marmalade-sale.conventional-auction.create-auction "M1uFQ7OCI7kw_-93UglWzVMy0DGO1uUllyCnJR5eo6w" "t:jEDZtohdLCkbsbFTlVrgVOQOYckgSLHHWQsXKry8jO0" 1714348800 1714608000 5.0)

  7. Click Deploy to display the transaction details Configuration tab.

  8. Select the Transaction Sender and Chain ID, review transaction settings, then click Next.

  9. On the Sign tab, click the Grant Capabilities plus (+) to add the MANAGE_AUCTION capability to the transaction and specify the sale identifier and the token identifier.

In this example, the MANAGE_AUCTION capability looks like this:

pact
(marmalade-sale.conventional-auction.MANAGE_AUCTION "M1uFQ7OCI7kw_-93UglWzVMy0DGO1uUllyCnJR5eo6w" "t:jEDZtohdLCkbsbFTlVrgVOQOYckgSLHHWQsXKry8jO0")
pact
(marmalade-sale.conventional-auction.MANAGE_AUCTION "M1uFQ7OCI7kw_-93UglWzVMy0DGO1uUllyCnJR5eo6w" "t:jEDZtohdLCkbsbFTlVrgVOQOYckgSLHHWQsXKry8jO0")
  1. Select the account to pay for coin.GAS and the account you want to grant the marmalade-sale.conventional-auction.MANAGE_AUCTION capability, then click Next.
  2. On the Preview tab, review the transaction details and verify that the Raw Response is true, then click Submit.

After you submit the transaction, it is queued for processing in the memory pool until validated and added to a block. After the transaction is included in a block, you can view the transaction results in the block explorer and see that the block includes the conventional-auction.AUCTION_CREATED event.

Next steps

You now have a conventional auction prepared to sell your token. After the auction starts, buyers can submit bids by calling the marmalade-sale.conventional-auction.place-bid function. However, it's likely that you'll want to create a frontend using Kadena client libraries to give potential buyers a better user experience. Building an end-to-end experience for buyers and sellers will be covered in a future workshop.