Auction is an exciting way to sell NFT within your community or friends.
You can start auction during the NFT creating or later if you pull "on-sale" switcher to off position; by default, it's placed at "on".
How do auctions work exactly?
At Funrise works "sell to the highest bidder" timed auction type.
One week is the longest you can list an item for on a Timed Auction.
Making a bid on this kind of auction is like making an offer on a fixed-price listing. The seller can choose to accept it at any time, but the buyer will need $USDC$ USDC to place a bid.
Seller may cancel an auction at any time.
For auction participants apply the following rules:
- bids are debited from the wallet
- if another participant outbid the bid, the money would be returned to the wallet
- notification that the bid has been outbid will be sent by SMS to the account's phone number, which was used during registration
- if the auction is still live, you can place another bid higher than the current bid by clicking on “Bid again.”
Prepare your NFT for an Auction
What is the start price?
The starting price essentially defines the minimal first bid. The first bid cannot be lower than the starting price.
What is a reserve price?
A reserve price is the minimum amount of $USDC$ USDC you’d be willing to accept for an NFT.
If you don't receive bids equal to or greater than your reserve price, the auction will end without a sale.
If the reserve price is met and the seller hasn't accepted the bid manually, the auction is resolved automatically, and the item will go to a buyer.
The seller can always choose to accept a bid below the reserve price at any time during or after the auction.
Please note that the seller cannot change the reserve price once an auction starts.
You cannot create semi-fungible (multi-copy) NFTs for auction on Funrise. An auction is created for one copy only.
How to start an auction after NFT minting
If you decide to put existing NFT for auction sale, the following steps will guide you.
First of all, go to the Profile page. Tap at the edit icon at NFT.
After you start the auction, it will take some time to launch
If you need to edit NFT or details after the auction was launched, go again to edit.
Accept bid, and NFT will be sold to the last bidder
if you don't want to sell
Cancel bid, and auction will be ended.