An auction is a type of sale that allows multiple buyers to place bids on an asset. The auction starts at a fixed price buyers can place bids at a higher price. At the end of the auction, the highest bidder wins. You can identify auctions because they are marked as “Auction” and display the Bid button.
Here’s how it works:
- Auctions are active for a limited period of time. The start and end times are in EST.
- Bids start at a predetermined amount and increase in increments of 5%.
- Single assets are sold to the highest bidder in a specified time.
- All bids are displayed publicly and show the bidder’s username and the bid amount.
- If a bid is placed within the last two minutes of the auction, the time extends automatically by 5 minutes.
Before you begin
- Verify that at least one payment method is linked to your account.
- Navigate to the asset you want to place a bid on.
- When an auction is Live, click Bid. You will see the remaining time the action is open.
- Enter your bid amount, and then select your payment method.
Click the Bid button.