Forward Guide: How to Use the Dutch Auction Template

The Forward Factory is known for being the most comprehensive and responsive repository of no-code Web3 adoption toolkits. The latest round of additions to the Marketplace only improves its impressive reputation as the premier library for customizable dApp templates.

The testnet domain of Forward Factory Version 4 (FFV4) is already live, and it provides a preview of the newest templates and latest improvements coming with the full launch of FFV4.

This piece will explore one of the latest additions to the Marketplace, the Dutch Auction template, its use cases, deployment scenarios, and a comprehensive guide to deploying this template successfully.

Also called a descending price auction, a Dutch auction is an auction where bids start at a very high price and gradually reduce until someone places a bid. The first bid above the reserve price (lowest acceptable price) wins the auction.

The Dutch Auction template operates on a similar principle, with the primary difference being that the person deploying the contract has more freedom to set the parameters for the gradual price reduction. One of this template’s most prominent use cases is in NFT sales.

The concept of a moving price exponentially increases the odds of a buyer’s valuation meeting a seller’s expectations. Deployers can set the parameters so that potential buyers can wait to buy listed items at what they consider a fair price instead of NFTs sitting on the market at a fixed price without the flexibility to find common ground.

The Dutch Auction template also saves time, effort and resources, sparing sellers from de-listing and re-listing their collectibles when they don’t receive suitable offers at their original listing price.

Users can deploy the Dutch Auction template in four easy steps, which take less than five minutes to complete. During the setup, users can input initial values such as the NFT contract address, NFT ID, select crypto payment method (native coin or contract address of preferred token), NFT starting price and reserve price (in wei*), and auction duration (in hours).

Users can choose the cryptocurrency they want to receive as payment. It could be the blockchain’s native currency (also used for gas) or any other token or stablecoin (USDT, USDC, DAI, etc.) that is supported on the blockchain where the auction is hosted.

Below is a step-by-step guide to the deployment process for this template:

• Visit the testnet and choose the Dutch Auction template from the Marketplace.

• Connect your wallet and set it to the appropriate network (Ensure it is the wallet with the NFT you wish to sell).
• Customize the template: Drag and drop elements to design your auction.

• Customize the contract: Adjust settings to match your preferences.

• Preview it: See your auction one last time before it goes live.

• Click and deploy: With a simple click, your auction is ready for launch in the Forward Marketplace.

Still need more assistance with setting up and deploying your Dutch Auction template? Check out this video from Forward co-founder, Mitch Rankin, going through the customization and deployment process.

After the auction is set up, users can interact with two different areas, depending on their role in the Dutch Auction — the admin panel and the frontend page.

The admin panel is specifically for the template deployer, the seller. It allows them to approve the auction and authorize NFT transfer to the buyer or cancel the auction.

On the other hand, the frontend page is for the person buying the NFT.

From this page, they can buy the NFT at its current price by clicking the ‘Buy Now’ button and approving the transaction from their wallet.

The Dutch Auction template represents just one of the many powerful tools available in the upcoming Forward Factory Version 4. Its intuitive, AI-assisted customization and deployment functions are some of the upgrades aimed at optimizing the Web3 experience for all.

Whether it’s Bug Bounty Campaigns or hackathons, the Forward project has a lot of big news on the way. As we continue to refine and expand the interface of the Forward Factory Version 4 Marketplace, we invite you to stay tuned for future updates and innovations through our social media channels.

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About Forward — The AI-driven, no-code solution for building and deploying dApps, blockchains, and subnets with ease. Inspired by WordPress’s simplicity, Forward allows seamless deployment on over 800 chains — no technical skills required. Start your blockchain journey at ForwardProtocol.io.