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How do I set up an auction?
How do I set up an auction?

Setting up an auction and how they work

A
Written by Async Art
Updated over a week ago

This article will walk you through how to set up an auction and explain exactly how the different options work.

Step 1

Log into your Async account and navigate to the Async page of the artwork you would like to sell. Click the "Sell" button beside the artwork.

Step 2

If this is your first time setting up an auction on Async, you'll need to grant permissions to the auction contract to move the NFT once a bidder has won.

Note: This step only needs to be completed once and will not be necessary for any future auctions.

See also: Why do I need to grant contract permission?

Step 3

Select between the sale options:

  • Auction - this sets an auction timer that triggers once a minimum bid has been reached. You can also select an optional Buy Now price that will override the auction if hit.

  • Buy Now - choose a set price to sell your piece. Anyone can purchase it at any time for this price.

  • Private Sale - This is the same as setting a Buy Now price, except only a specific buyer can purchase it.

Step 4 (if you selected Auction)

  1. Set a Reserve Price.

  2. Choose the Auction Countdown Timer length.

  3. Optional: Add a Buy Now price (Note: this must be at least 25% higher than the Reserve Price)

Click 'Review'.

The auction works as follows:

  1. There's a minimum price a bidder needs to bid (Reserve Price) in order to trigger the start of an auction.

  2. Once the Reserve Price has been met the Auction Countdown Timer will start and that bid is LOCKED. The bidder cannot remove it after the Auction Countdown Timer has started. The only way their bid can be returned is if someone else bids higher or someone purchases the piece at the full Buy Now Price before the Auction ends

  3. If someone else comes in and bids a higher amount before the timer has ended the timer will reset to the full amount. For instance, if you set the timer for 24 hours, the countdown would reset to a full 24 hours when the new bid came in.

  4. This continues until the countdown fully runs out. At that point, the highest bidder is the owner.

  5. The final step is to settle the auction. This will transfer the NFT from the auction contract to the auction winner's wallet. Either the seller or the buyer can pay to settle the auction.

Note: the NFT will transfer to the winner of the auction regardless of who settles the auction. It can only go to their address now.

Step 5 (if you selected Auction)

Review the details of your auction then click "Confirm" to begin the auction.

Note: setting up an auction will require a gas fee to the Ethereum network.

See also: What is gas?

You're done!

That's it. You've successfully set up a decentralized auction fully running on smart contracts on the Ethereum network.

Good luck with your auction!

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