Auction House

A subsidiary addition to the marketplace

The Auction House is poised as the go-to platform for the community to offer their NFTs, bits or in collection, to a varied audience to bid for the NFTs

The Auction house allows the interested collectors to bid to purchase an NFT that is listed and opened to other interested buyers on the market for a limited time. The highest bidder stands the chance of claiming the NFT. This helps owners and holders of NFT sell their assets for a more reasonable price.

How It Works;

  1. Unlike Fixed Price trading, Auctioning requires a fee of 5%.

  2. The seller sets the minimum price the NFT will be offered to interested buyers, interested collectors bid on an amount they are willing to purchase the NFT, which is higher than the minimum price of the listed NFT.

  3. The auction would last for a while, after the time duration elapses, the item would either be sold to the highest bidder or returned to the original owner if no one bid to buy above the minimum price or no interest was shown by collectors in the NFT.

  4. During the bidding process the NFT gets locked. An attempt to unlock the NFT during the bidding process will incur some fees on the owner.

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