1. How does an Auction work?
Sellers can put the NFT for competitive bidding and get the NFT sold at the best price. Buyers can place the bids they want or at least at 10% higher than a proposal or last bid.
When the lot countdown is less than 6 hours, each new bid extends the countdown by 10 minutes.
2. Can I purchase a non-whitelisted NFT?
Yes, you can buy unverified NFTs at the auction.
3. How long does the Auction last?
You can choose the duration of the auction when placing NFT up for sale.
The following options are available: 1 day, 3 days, 5 days, or 7 days.
When the countdown is less than 6 hours, each new bid will extend the countdown by 10 minutes.
4. What is the minimum price gap between the current and the next bid that can be placed?
A minimum price gap is at least 10% price increase of the NFT price or any higher amount.
5. What happens when my bid is outbid?
You will receive a refund of your bid, plus 5% from the price difference gap of the next bid to your BEP-20 wallet.
The seller put his NFT up for an Auction sale for 10 BNB. Buyer 1 placed a bid with a minimum price difference gap of 10%, and now the NFT price is 11 BNB. Buyer 2 also placed a bid with a minimum difference gap of 10% after Buyer 1, and followingly that NFT now costs 12.1 BNB. In the case Buyer 1 got outbid will get the crypto he used to place a bid back, plus 5% (0.055 BNB) from 1.1 BNB (the amount by which the NTF price was increased from the previous price).
6. The selling price was higher than I received in fact. What happened?
At the moment of the deal completion, commissions are charged to the Seller.
That is why the amount of crypto the Seller receives is slightly less than the price he charged for the NFT on the sale.
7. I made the last bid on the Auction. When will I receive an NFT?
When the auction ends, the last bidder has to manually gain the NFT (or the seller has to withdraw the NFT from the auction) to complete the deal.
Once the NFT is received by the buyer, the seller will receive his profit.
8. What additional profit I can get via the Auction?
Each participant earns 5% from the price difference gap between his and the next bid.
9. Can I cancel the Auction I launched?
The auction creator can cancel the auction only if no bids have been placed yet.