Metaplex is an NFT Protocol on the Solana Blockchain
It is comprised of three programs: The Metaplex contract, the auction contract and the vault contract.
Metaplex is a set of programs on the Solana Blockchain.
Here is a quick summary on how it works:
Create a NFT which links to content via URI on Arweave
Create a New Vault
Move the NFT to the Vault
Create an Auction
Initialize an Auction Manager in the Metaplex Contract.
Assign the Authority of the Vault and Auction to the Auction Manager.
Validate that the Auction Settings which determines who wins what matches what’s in the vault
Start the Auction
Place Bids allows users to place bids.
Cancel Bids allows users to cancel bids.
End Auction ends the auction.
Claim Bids allows the user to claim their winnings.
Redeem Bid moves money from the bidder account to the payment account.
Empty Payment Account moves the winning amount to the creator.