Auctions will begin with a starting bid of a set amount. Users must place a bid at least 10% higher than the previous offer in order to become the current highest bidder.
Once you place a bid, you will receive an email confirming your bid. If another user bids higher than you, you will receive an additional email stating you’ve been outbid and will be given a chance to bid again.
Be sure to check how many NFTs are being sold in the auction - it could be for a 1-of-1 NFT where there is only one winner, or there could be multiple winners.
Auctions last until the countdown timer reaches zero - there is no other way to end an auction. If a bid is placed in the last five minutes of the auction, the auction timer is reset back to five minutes to allow for anyone else to beat that bid. This five-minute extension will continue until no more bids have been placed.
During the last five minutes of an auction, it is recommended that active bidders refresh the auction page frequently in order to get the most up-to-date information about the sale in progress.
Any additional costs (applicable taxes, shipping costs, etc.) will be added to the winning bid at the end of the auction and charged to the user.
Why didn’t I win the auction?:
If the winning bidder's card gets rejected for whatever reason, our auction system will automatically award the NFT to the next highest bidder and run their bid instead. This may take time to be accurately reflected on the auction leaderboard.
How do I edit my payment method?:
This is how to change the payment information stored for auctions in our system:
- Click the user dropdown in the right-hand corner of the screen.
- Click "My Profile."
- Scroll down to the section labeled "CREDIT CARD INFORMATION."
- From here, you should be able to edit/delete the card on file in order to update it to a new one.