If you ever did an auction on Open Sea or other NFT marketplace, you will be already familiar with the process. If not, don’t worry, it’s really easy and straightforward.
Bellow is the flow of how an auction work:
Sellers can cancel an auction at any time. If there are ongoing offers, they will be canceled and the amount returned to the bidders.
Buyers can also cancel their biddings at any time and the value will be returned.
All the auctions have an expiration date. The minimum the seller can set is 1 hour and there’s no maximum.
At the end of auction duration, if there are no offers, the auction ends and the NFT is returned to the seller’s wallet.
If there is an offer, and the auction ends, the buyer or the seller can complete the transaction and get the NFT and the bid value.
- Each bid must be 5% higher than the previous bid
- There’s no limit to the amount you can bid or the amount of times you can do it
- Once a bid is outbidded, the value will be returned to the bidder wallet
- Everytime a new bid is made, it’s added 15 minutes to the duration of the auction
Approval and collect
If there’s an offer to the auction, its always needed a final action to finalize the auction.
The seller can accept the offer, finishing the auction and the NFT will be transferred to the buyer. Or, if the auction already expired, the buyer can also collect the NFT on their wallet and sends the bid value to the seller.
- The Readl marketplace gets a fee of 2% on each sale