Auctions can be an exciting way to sell your NFT.
This guide explains the two types of auctions available on Trophee:
1) Sell to the highest bidder: where the highest bid wins at the end.
2) Sell with a reserve price: where the first bidder who reached the reserve price gets to buy the NFT.
Both "Minimum offer" and "Auction Duration" could be set in any case.
Let's take a closer look so you can make the best choice to sell your NFT on Trophee.
Please note: Premium Auctions need a special pass or the Trophee Premium Membership NFT Card which requires KYC when buying one.
Sell to the highest bidder
Also known as an English auction, Trophee will automatically complete the Sell to the highest bidder auction after the auction duration. The one who offered the highest wins the bid.
During the auction, the highest offer is always posted and bids are normally updated every 10 seconds.
You may cancel an auction at any time, but doing so will require paying a gas fee.
If you are doing a Sell with a reserve price auction you can set both the Minimum Offer and Reserve Price. While the Reserve Price is not yet reached, the auction will continue until the set date of auction expires. If you don't receive any bids equal to or greater than your reserve price until or before the auction expires, you will have the chance to check the offers and decide whether to approve a bid or not.
For example, you set a reserve price of 150,000 $MANGA with a Minimum Offer of 100,000 $MANGA. Auctions can't have a reserve price lower than 100,000 $MANGA, and when someone offered 150,000 $MANGA, the bidder wins the auction.
The seller can always choose to accept a bid below the reserve price at any time during or before the auction expires.
⚠️ Please note that once an auction starts, users are unable to change the reserve price, unless he cancel the auction and start a new one.