July 02, 2022

NFT Auction

What is NFT Auction?

NFT auction is an online platform that allows you to trade NFTs (Non-Fungible Tokens) both at a fixed price and in ascending order per lot.

What is NFT Auction?

Understanding NFT Auction

Typically, the auction process involves the seller listing an item and bidding for it by potential buyers, with the item going to the highest bidder. When placing the seller, the characteristics of the lot must be indicated – a description and characteristics of the lot, a link to the seller (whether it be a website or a social network), what type of auction will be held for this lot, the starting cost of the lot (in some moments, the price of a step / bid), launch date and end of the auction, other points.

As soon as the seller has submitted his lot for sale and the auction has officially started, he cannot change anything and waits for the end of the auction. Applicants make their offers in the form of bids for the lot – the highest bidder takes the lot. We also allow the option when the lot is put up for auction at a fixed price, then there are no bids, and the buyer simply buys the lot at the declared price.

By their type, auctions can be open and closed. When open, any user who wants to fight for the lot can participate. When closed, the user receives a pass to the auction in advance.

By type, auctions are divided into 2 main varieties. An English auction is a classic type in which there is a starting price and the winner is determined by the higher amount offered per lot. Dutch auction – on the contrary, they start not with the minimum, but with the maximum declared value, which decreases after a certain period of time, until the applicant wants to buy out the offered lot at the current price at this point in time.

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In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet. 

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Damir Yalalov
Damir Yalalov

Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet. 

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