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Auctionity Intends To Tokenize Real Lots Of Auctions

13:43 20/03/2019
Auctionity To Use Blockchain To Sell Real Items

Auctionity, the blockchain-based project of classic English auctions with bids raising, has released a commercial video which reveals the company's intention to use a distributed ledger in auctions to sell real items.


The Auctionity project was created by the team of the French startup Domraider. According to Tristan Colombet, the head of the parent company, blockchain auctions can be carried out not only for the realization of digital lots but for any item that was tokenized. He noted that the goal of the team is to combine online auctions and real ones in one process so that participants can bid regardless of their location. Buyers can use a smartphone for bidding and pay with cryptocurrency or fiat money.


The Auctionity platform now allows for auctions with non-fungible tokens (NFT) as lots. The team notes that it is planned to promote the platform and expand its functionality in order to popularize blockchain auctions among the general public.


Earlier, the developers have updated the visual design of the platform for more active participation of users from around the world. Besides, the Auctionity project joined the Non-Fungible Alliance under the leadership of 0xcert, to work with other companies to contribute to the development of NFT assets.


As previously reported, the French courts intend to introduce a blockchain system for registering the legal status of companies and recording changes in a decentralized ledger.

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