Emoon NFT Marketplace Leverages 0x (ZRX) Protocol for No-Fee English Auctions
Emoon, a peer-to-peer platform for buying and selling cryptocurrency assets, will now use 0x (ZRX) protocol for NFT auctions, allowing users to sell their in-game assets easily.
Announcing the news though their twitter handle, 0x said that the NFT marketplace would use their protocol for gas-efficient English auctions, with zero fees. The tweet read:
— 0x (@0xProject) February 4, 2019
Emoon will allow users to bid for non-fungible tokens using their ERC20 tokens (or supported ERC721 assets).
Sellers will also have the opportunity to review all the bids and select their best offer, with all operations happening off-chain until a seller accepts a bid.
The architecture of the system is designed to minimize gas costs associated with on-chain transactions, allowing users to bid without actually paying any gas.
According to an official blog post by Emoon, the platform will demonstrate how auctions and smart contracts can work efficiently. The post read:
“Ultimately, we hope that the English auction experience on Emoon serves to validate this important use case for the Ethereum ecosystem, demonstrating how auctions and smart contracts can come together efficiently. The number of use cases that potentially fall out of this functionality is vast, tying into the vision of radical markets proposed by Posner and Weyl.”
How the Platform Works
According to Emoon, users can navigate to the Cryptokitties category and see all kitties that are up for auction. Once they create a 0x signed order, they are accepting to trade their asset for a given item.
At this point, they can bid on the CryptoKitty with another ERC721 asset or ERC20 token.