Auction Sale
Discover how to launch, manage, and succeed in ArbiPegs auctions.
Auction begins from the starting price and everyone can place bids over a set period of time. The highest/last bid during that period will win your NFT.
To find out how to list your NFTs in the auction, read our how-to-sell guide here.
Cancellation
The auction is only cancellable when it has no bids.
Bids are not cancellable.
End Time
When the ending countdown goes to 0, the auction ends. The item can be collected by the winner (the last bidder remaining) or the seller.
When a new bid comes in and the countdown is less than 15 minutes, the time will be extended by 15 minutes.
Bid
Each bid must be at least 5% higher than its previous bid.
A certain percentage (currently 5%) of each bid is distributed to its previous bidder, except for the first bid which has no previous bidder.
Once a bid is surpassed by a new bid, it becomes outbid. The remaining 95% of the bid, plus 5% of the new bid, will be paid back to the bidder immediately.
Collect
After an auction ends with valid bids, either the seller or the bidder needs to click Collect button on NFT’s detail page to finish the transfer of NFT and payment to each other.
Start an Auction
For sellers, it’s now simpler to start an Auction.
Step 1 - Set Start Price & End Date
Step 2 - Approval
After the List button is clicked, you will be guided to finish an approval operation.
For new people to blockchain or NFTs in general, Approval is like giving ArbiPegs permission to transfer your NFT to someone else or list it on our Marketplace. Don’t worry, no real transfer will happen at this moment. When someone paid money for your NFT, the contract of tofuNFT would then transfer your NFT to the buyer immediately so the trade could be finished.
Approval is a one-time-only operation for each NFT collection.
Step 3 - Start Auction
After the approval, you will be prompted by your wallet to finish a signing. After that, your item will be listed on ArbiPegs in a few seconds.
The signing takes no fee and is used to verify that you are the owner of the listing NFT.
It’s only possible to stop The auction cancellable when it has no bids.
Step 4 - Auction Ends with Bids
Once an auction ends, the last bid wins. However, the auction item (your NFT) and the bid payment will not be transferred to each other automatically. Either you or the bidder has to click the Collect button which is in the notifications modal to trigger the transfer. For example, if the bidder did the collection, then you would receive the bid payment.
To open the notifications model press the bell icon.
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