How To Trade Digital Assets

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How To Trade Digital Assets

Simple Examples Showing How To Trade Digital Assets

Protokol NFT set comes with full trading capabilities built-in and tracked on the digital ledger. In the following section we are going to explain the basic trading process supported with code examples. 
STEP 1. Auction Creation And Cancellation
We can open a new auction by using the NFTAuction Transaction Type. Auction can set the following fields:
startAmount - minimal starting amount
expiration - set in block height (when we stop accepting bid for our items)
nftIds - list of owned items we want to auction
Only an auction owner can cancel an auction.
How To Create An Auction
examples/nft-auction.ts at develop · protokol/examples
GitHub
NFTAuction Runnable Example
Initialization
import { Builders } from "@protokol/nft-exchange-crypto";
NFTAuction - Builder
new Builders.NFTAuctionBuilder()
        .NFTAuctionAsset({
            startAmount: Utils.BigNumber.make("1000"),
            expiration: {
                blockHeight: 1000000,
            },
            nftIds: ["77c0cc9bbb26c69c95e7bd12ca7e2590ea70417eaf8f593905fd30b440ec8458"],
        })
        .nonce("1")
        .sign("SENDER_PASSPHRASE");
How To Cancel An Auction
examples/nft-auction-cancel.ts at develop · protokol/examples
GitHub
NFTAuctionCancel Runnable Example
To cancel an auction we need to specify auctionId and be owners of the specific auction.
NFTAuctionCancel - Builder
new Builders.NFTAuctionCancelBuilder()
        .NFTAuctionCancelAsset({
            auctionId: "58dc9625ff7190dc3ff2dbf541a2bb2c8a85366f2cbe95d21ec9b8970f41d086",
        })
        .nonce("1")
        .sign("SENDER_PASSPHRASE");
​
STEP 2. Biding On Auction Items
We can create a bid for NFT items being available for sale via NFTAuctions (Step 1). To bid on a specific auction we need to define the following fields:
bidAmount (our bidAmount) - needs to be higher that auction start Amount
auctionId - id of auction we are bidding for.
When a bid is issued, the users balance is locked for the duration of this bid. The user can always check their locked balance on the wallet endpoint via exchange endpoints. 
How To Create A Bid
examples/nft-bid.ts at develop · protokol/examples
GitHub
NFTBid Runnable Example
NFTBid - Builder
new Builders.NFTBidBuilder()
        .NFTBidAsset({
            bidAmount: Utils.BigNumber.make("1100"),
            auctionId: "717ce9f6dff858c4972b067a1fce8ea72fb1c4ac60c4a75cc8e9993dbbe7541a",
        })
        .nonce("1")
        .sign("SENDER_PASSPHRASE");
How To Cancel A Bid
examples/nft-bid-cancel.ts at develop · protokol/examples
GitHub
NFTBidCancel Runnable Example
To cancel a bid we need to specify a bidId and be owners of the specific bid.
NFTBidCancel - Builder
new Builders.NFTBidCancelBuilder()
        .NFTBidCancelAsset({
            bidId: "c67beef6edc35f81334e8bf825dbc735e8d579f8297509d74980756b9b9ff8fe",
        })
        .nonce("1")
        .sign("SENDER_PASSPHRASE");
STEP 3. Accepting A Trade
We can accept a trade by specifying the sub-transactions related to closing a specific trade. These transactions are:
auctionId - id of a NFTAuction Transaction (Step 1)
bidId - id of a NFTBid Transaction (Step 2)
Both IDs correspond with the seller request and bidder offerings. The seller is responsible for which bid he is willing to accept. 
When a trade is accepted all other bids are canceled, and locked balances are returned to the bidders.
How to Accept A Trade
examples/nft-accept-trade.ts at develop · protokol/examples
GitHub
NFTAcceptTrade Runnable Example
NFTAcceptTrade - Builder
new Builders.NftAcceptTradeBuilder()
        .NFTAcceptTradeAsset({
            auctionId: "d8177d5c2a3eee46aea48fa5a8ce7c58c43c71909ac6cf9568e11065dc1f544a",
            bidId: "032383b3f5c541c117c3409fdb1545e7b34deb0f6922ef7a42c40867d24402d8",
        })
        .nonce("1")
        .sign("SENDER_PASSPHRASE");

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Outline

STEP 1. Auction Creation And Cancellation

How To Create An Auction

How To Cancel An Auction

STEP 2. Biding On Auction Items

How To Create A Bid

How To Cancel A Bid

STEP 3. Accepting A Trade

How to Accept A Trade