A complete guide on launching a virtual auction and getting its max.
So far on Funrise, you were minting and buying NFTs, or not.
If not, and you are new here - let's talk briefly about what we are doing.
Funrise is a digital content exchange where people trade what they know and love — social media content. We are uniting bloggers and their followers to allow everyone to earn an income from selling social media content using NFTs (or "Non-Fungible Tokens," are one-of-a-kind tokens that represent a unique good or asset) and blockchain technology. If you’ve ever thought that bloggers get paid for likes, then on Funrise, they do! You can mint NFTs for your post and video by syncing with TikTok and Instagram quickly and safely.
We take care of all the complexities: creating a crypto wallet, pulling content from social networks, mining NFTs, exchanging funds… You don't have to think about any of it. But if you want to learn more about what blockchain is and how NFTs work, you can read this. We explain complex things in simple language that no one has done before.
Virtual auctions
Virtual Auctions is one of the outstanding features on Funrise, allowing users to buy content from a blogger or celebrity, which is not on sale as an NFT yet. One can create a virtual auction for this content and place their first bid. Then Funrise reaches out to a celebrity, offering to tokenize their content and sell it to the bidder. In this way, virtual auctions are a unique opportunity to obtain content that wasn’t available for purchase before.
Creation and participation in virtual auctions are available to users of a certain level, which is determined by the degree of their activity in the system and the ownership of $FNR tokens.
Go to the Instagram or TikTok app and open a post/video you want to buy as NFT and start virtual auction.
!A virtual auction for a specific post/video can be created only once; even if the author declined the auction, you could not create an auction for this post again.
Inviting celebrity-author to the party
After you have launched a virtual auction and the bids growth, it is time for Funrise to send an invitation to the author. We send the results (bids) to the creator in real-time and suggest claiming or waiting for higher bids. This is a legal stage of a game. If the author claim bids, the auction will be resolved, and the most significant offer will receive NFT. The author will receive money in USDC / FNR.
An author can ignore or refuse the auction at any time.
Virtual auction details
Your price will be the first bid that opens the auction. The next participant must increase your bet to outbid it. For example, you made the first bet of $1, and the next participant must bet more than
$1, for instance, $1.5, the third participant must bet more than $1.5. Each newly arrived bidder must outbid the previous bid by betting more.
Each bid will be on hold in the user's crypto wallet and returned to the account after the auction.
You’ll receive an SMS or email notification if you are outbid. The funds from your original bid will be deposited back into your wallet. If the auction is still live, you can place another bid higher than the current bid by clicking on “Bid again.”
The auction duration is fixed for one month (30 days), or if the author claims bids, it will be resolved earlier. This length helps us to catch very busy people.
How to launch the virtual auction
First of all, go to the Instagram or TikTok app and open a post/video you would like to buy as NFT.
Copy URL and go to the Funrise (app.funrise.io)
Log into your Funrise account and go to the Virtual auction page. Add copied link to the form.
Add the price you are ready to pay for this post - it will be the first bid - and start the auction.
And don’t forget to share this party with your friends.
Most asked question: I can download and save posts and videos for free. So what’s the difference?
The difference is that you download and save and legally own this post/video, and in credentials, you can see the author and owner. It’s just like buying something with an autograph. And you can resale this NFT at any time with a price at your discretion.