Step by step example auctions on Authic. Buyer & seller scenario seperately explained.
At the start of the auction, a countdown timer is started, indicating the time remaining.
Bidding is available at amounts equal to or above the starting bid price. Bids placed during an auction cannot be canceled. If a bidder is outbid, their bid is returned to their balance instantly.
The user with the highest valid bid will be the user who purchases the digital asset (NFT art).
Auctions from a seller’s perspective:
Configuration of auction parameters:
Start time, end time, and (optionally) starting bid price (in $ETH).
After the auction configuration:
The artwork will display a timer counting down to the auction start. No bids can be placed during this time.
Your followers are notified of the Scheduled Auction.
Auction starts at scheduled time and now displays a timer counting down to the auction end time. Bidding is available for bids that at least match the starting bid price (if one was configured).
You receive notifications as bids are placed.
The auction will close automatically. You and the buyer are notified to complete settlement.
Unless the buyer completes the settlement:
You can settle the auction through your notifications page or via your Dashboard. The $ETH and digital asset (NFT art) will then be traded automatically.
Auctions from a buyer’s perspective:
You will be notified that an artist or collector you follow has scheduled an upcoming auction.
Bids are not available on the work until the auction starts, nor is it open to offers during this interim.
At the time of the auction start, the work is available for bidding. If the seller has set a starting bid price, your bid must be equal to or above the starting price.
The funds used to bid are instantly refunded, which you can use to bid again immediately.
Auctions end automatically. You and the seller are notified that the auction needs to be settled.
Unless the seller completes the settlement:
You can settle the auction through your notifications page or your Dashboard. The $ETH and digital asset (NFT art) will then be traded automatically.