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E-commerce Trading using VCG Auction Mechanism in Metaverse

Sanya Singh,A. Pandey,Aastha Kamal,Sujata Swain,M. Gourisaria,Anjan Bandyopadhyay

Published 2024 in 2024 2nd World Conference on Communication & Computing (WCONF)

ABSTRACT

The emergence of the metaverse has completely changed how people communicate, socialize, and do business. The potential for e-commerce trading within the metaverse has increased dramatically as virtual settings get more complex. In this article, we introduce a novel algorithm designed specifically for the optimization of e-commerce trading within the meta-verse. Recognizing the challenges posed by traditional auction mechanisms in virtual environments, we propose the integration of the Vickrey-Clarke-Groves (VCG) auction mechanism as a pivotal solution. The VCG auction, renowned for its fairness and efficiency, emerges as a cornerstone in our endeavor to enhance resource allocation in metaverse-based e-commerce platforms.

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