The NFT market is currently mainly focused on PFP (profile picture) projects, which have a high degree of asset homogeneity and are suitable for public market trading. However, the existing transparent trading model for high-end artworks RWA (such as shares of Picasso paintings, top-tier antiques) is ineffective.
High-end art trading places a strong emphasis on privacy. Buyers do not want the whole world to know how much they paid for what artwork, as this relates to wealth security and tax privacy. The Dusk network can build an 'on-chain dark room' for high-end artworks.
In this market, the ownership of artworks is tokenized, but the identity of the holders and their holdings are kept confidential. More importantly, Dusk supports a privacy auction mechanism. In traditional English auctions, bids are public, which can lead to winner's curse or collusion to lower prices.
In the privacy auction of @Dusk , bidders submit encrypted bids, and a zero-knowledge proof circuit is responsible for comparing prices and determining the winner. All participants do not know the opponents' bids until the auction ends. This mechanism can more accurately discover the price of scarce assets. Dusk allows high-end art trading to enjoy the convenience of blockchain certification while retaining the privacy and prestige of traditional auction houses.
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