What is Sealed Art?

Sealed Art is a marketplace for 1/1 NFTs that aims to improve the experience of bidding on NFTs by introducing:

It was also designed with artist discoverability in mind.

The Core Contract System

  • Users can deposit funds

  • Users can bid on NFTs by signing a message with max amount and sending it to a server

  • At the end of the auction server will pick the highest bid, sign it as well, and publish it so auction can be settled on-chain

  • Users can withdraw amounts that are not in active bids by getting a signed message from the server

  • If server is down, users can withdraw on their own through a 2-step process that lasts 2 days

Delayed Withdrawal Mechanism A standout feature of Sealed Art's platform is the delayed withdrawal mechanism. This feature is designed to prevent bid manipulation, a scenario where a user might bid on a piece and then withdraw their funds, making the bids unfulfillable.

While the platform anticipates that users will normally withdraw instantly using signed messages from the server, the delayed withdrawal is a safeguard, an assurance that funds can be retrieved even in the unlikely event of severe server issues.

Risks and Trust With innovation comes certain risks. The introduction of a trusted server, which selects the winning bid, brings concerns such as the potential leaking of private bid amounts or the selection of suboptimal bids.

However, Sealed Art mitigates these risks by ensuring the server never takes custody of ETH or NFTs. Additionally, the server provides signed messages confirming bid reception, which can serve as cryptographic evidence in cases of disputes or incorrect bid selection.

Sealed Bids and Hidden Funding Transactions Addressing the challenge of private bids potentially revealing the maximum value, Sealed Art innovatively introduces hidden funding transactions. These transactions are designed to appear as regular ETH transfers between any address and a custom-made address that mimics a regular one.

This clever approach ensures that the true maximum bid value remains concealed, adding an extra layer of privacy and security to the bidding process on the platform.

Sealed Art is a blend of innovation with user convenience. With commitment to enhancing the bidding experience, while ensuring security and trust, it aims to set a new standard in the ever-changing world of NFTs.

Last updated