This paper presents a real-time implementation of a multiagent-based game theory reverse auction model for microgrid market operations featuring conventional and renewable distributed energy resources (DER). Studies were conducted on a grid connected microgrid consisting of a synchronous generator, two inverter-based generation units, and a combined load. The multiagent-based platform was applied to monitor, control, and perform the reverse auction process of DERs. A competitive game-theory reverse auction model was investigated to schedule the DER unit commitment with an hour-ahead market approach for the 24 h of the day. The proposed methodology was realistically implemented and operated at the Florida International University smart grid test system. The investigation shows that the proposed algorithm and the industrial hardware-based infrastructure can be implemented in the existing electric utility grid as new assets of the system are added.