> For the complete documentation index, see [llms.txt](https://walterdog.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://walterdog.gitbook.io/whitepaper/features/nft-auction.md).

# NFT Auction

**What is a  Nft Auction ?**\
As the name suggests, users can place bids on certain items that are rare or valuable exactly as in a real-world auction house, but through Nft's.<br>

<figure><img src="/files/iE4A9cEbsNi7UmIzdnhY" alt="" width="563"><figcaption></figcaption></figure>

**Introducing Walter House  and how does it work?**\
\
The fundamentals of Walter Dog House will be recognizable to anyone who are familiar with how auctions operate on the real world. However, the Walter Dog House platform is completely decentralized, meaning there is no owner or central organization sitting between buyer and seller.\
Artists and developers can upload their creations, and the Walter Dog house's smart contract will then assume ownership of the asset being auctioned. \
\
**The procedure is as follows.**<br>

**1.**  *Seller launches an auction.*\
\
**2.** *Seller gives Walter House contract ownership of the asset and starts the auction*\
\
**3**. *Bidders bid on the item*\
\
**4**. *Walter House contract will hold the bidders asset, when the bidder is outbid his asset is  available for him to withdraw*  \
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**5.** *If the reserve price is reached at the end of the auction, the item is given to the winning bidder, and the top bidder's asset is withdrawable by the seller and if the target is not reached the funds and asset will be automatically refunded*


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