Introducing Auctions: A Dynamic Way to Bid on NFTs
Bidding on NFTs 2.0 on the LUKSO marketplace
We are excited to announce a new feature on our NFT marketplace: Auctions. With Auctions, bidding on NFTs becomes more dynamic and interactive. The feature adds new functionalities to our marketplace gives users new ways to trade digital assets. The value of digital collectibles are based on market demand, which is sometimes hard to measure. Now, on UniversalPage, you can let buyers compete to find the best price for your digital assets!
Each bid must be at least 5% more than the previous bid
To ensure fair bidding, each bid must be at least 5% more than the previous bid. This prevents bidders from making small incremental bids that might not reflect the true value of the NFT. By requiring each bid to be at least 5% more than the previous bid, we ensure that the price of the NFT stays within a reasonable range.
Auction end time is extended by 5 minutes each time there is a bid
With Auctions, each time there is a bid, the auction end time is extended by 5 minutes. This gives bidders more time to consider their options and make a bid that truly reflects the value of the NFT.
Non-highest bids can be cancelled/reclaimed by bidders
We understand that sometimes bidders may change their minds about a bid they’ve placed. With Auctions, non-highest bids can be cancelled or reclaimed by bidders. This feature adds an extra layer of flexibility to the bidding process, ensuring that bidders can adjust their bids as needed.
Each bid can be topped off by the same bidder
Auction bidders can also top off their bids by adding more LYX to the previous value to push the bid to the top. This feature allows bidders to make strategic moves in a competitive auction environment.
Highest bid can be cancelled/reclaimed only by top bidder after 1 minute of auction ending
The highest bid can only be cancelled or reclaimed by the top bidder after 1 minute of the auction ending. This prevents the top bidder from manipulating the auction process to their advantage.
Seller can accept top bid at any time to sell the item
Once a top bid has been placed, the seller can accept the bid at any time to sell the item. This provides the seller with the flexibility to end the auction early if they receive a bid that they’re happy with.
Seller can cancel at any time
Sellers also have the ability to cancel the auction at any time if they change their minds about selling the item. This ensures that the seller remains in control of the auction process.
All bidders must reclaim their cancelled bids manually
If a bidder cancels or reclaims a bid, they must manually reclaim their cancelled bids.
We believe that Auctions is an exciting addition to our NFT marketplace. The new features add greater flexibility to the auction process, giving bidders and sellers more control and ensuring that the process remains fair and transparent.
Test Auctions Today on L16
While mainnet is around the corner, the L16 testnet is still running and you can already test out these features on our test environment. You will be able to create auctions or place your bids on mainnet very soon!