On Metaplex

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.

Vault

Mint

Auction

Metaplex

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.