With the introduction of our new auction contract there are many more features available. Some may seem obvious, while others may be less so. This article will walk you through how to set up an auction and explain exactly what each option does.

1. Click Sell

First, navigate to the main page for the piece you're looking to sell. Make sure you're logged in and you should see a "Sell" button:

2. Permissions

If this is your first time setting an auction you'll need to give permissions to the auction contract to move the Art once a bidder as won. This only needs to be done once, you won't need to do it again on any future auctions. More info on this here

3. Sell Options

Here you will see your 3 options:

  • Auction - Create an auction timer that triggers once a minimum bid has been reached. Optional Buy Now price 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, except only a specific buyer can purchase it.

Select Auction:

4. Auction Settings

Set a Reserve Price as well as the Auction Countdown Timer length. You also have the option to add a Buy Now Price (must be at least 25% higher than the Reserve Price)

As a reminder an auctions 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 and 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 winners 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.)

5. Review Auction Settings

After you click review you'll see a summary page with all your details. Once you've reviewed click "Confirm". This will require a gas fee to the Ethereum network to set up the auction.

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 on your auction!

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