Most auction organizers currently rely on a centralized model for their online systems, acting as intermediaries and controlling the entire auction process. This results in human intervention in platform management, a lack of transparency and trust, high fees, and single points of failure. To address these issues, we propose a decentralized auction system by leveraging blockchain technology. Our solution builds auction functionalities on Binance Smart Chain, using ERC-721 NFTs for asset representation, IPFS for decentralized storage, and Chainlink oracles for external data verification. This paper presents the first blockchain-based auction solution fully compliant with Vietnam’s legal framework for tangible state-owned assets. We applied this system to auction Vietnam’s state-owned tangible assets, including vehicles and apartment units. Experiments demonstrated high participant satisfaction regarding fairness and legitimacy. Our findings suggest that blockchain-based decentralized auction systems enhance trust and transparency in real-world applications.