Bringing you two new ways to buy & sell NFTs on NeftyBlocks.
We are beyond excited to bring you two new ways to buy & sell NFTs on NeftyBlocks. You can now create English auctions and Dutch auctions. You can easily create an auction by clicking the drop-down at the top right of your NFTs (image below).
You can schedule a starting date and choose a preferred payment method (WAXP, NEFTY & more on the way). Then, it is up to you to decide which type of auction you will use to sell your NFT!
Two types of auctions.
- English auction: Ascending price auction. The price of the auctioned NFT increases as bidders try to outbid each other. The highest bidder wins when the auction timer runs out!
- Dutch auction: Descending price auction. The price of the auctioned NFT decreases periodically. The first person to bid wins the auction!
Let’s go over the mechanics.
1. English auctions
In an English auction, bidding starts at the initial price. Interested buyers place competing bids to try to win the auction. When the timer runs out, the highest bidder wins and claims the NFT.
As a seller, you can add a ‘buy now’ price to English auctions. By paying the buy now price instead of bidding, you automatically win the auction. No waiting and no bidding wars!
2. Dutch Auctions
You can also start a Dutch auction. In a Dutch auction, the initial price of the auction decreases periodically until either a buyer is found or the bottom price is reached. Dutch auctions are a price discovery process. The seller starts with the highest asking price. The price is lowered until it reaches a price point that is interesting to buyers. It is up to you to decide how much and how quickly the price of your auction goes down. The first to bid wins the auction and claims the NFT!
Create your auctions
Start creating an auction at the top-right drop-down menu of your collected NFTs. Use the following options to create and manage an auction.
Do you want to time your auctions? Done deal! You can easily schedule a start time for auctions using the auction scheduler.
Buy now Price (Optional)
Sellers can add a ‘buy now’ price to auctions. By paying the buy now price you automatically win the auction. No waiting and no bidding wars!
We want to make sure that each bidder has a fair chance to win auctions. Thus, we have a system in place for last-minute bids. If a bid is placed within the last 30 seconds of an auction, an extra 30 seconds will be added to the end time of that auction. If you want to win the auction at all costs, you can pay the buy now price.
Bottom price (Dutch Auction)
The minimum acceptable bid for your NFT. The gradual decrease in price will stop once the bottom price is reached. When the timer of the auction runs out without finding a buyer, the NFT is returned to you.
Price decrease (Dutch Auction)
The price decrease (%) over time. The first percentage decrease in price is based on the initial price. Subsequent decreases in price are based on the given price at the time of the decrease. The price decreases stop when the timer runs out, or when the bottom price is reached. This is a good way to find a floor price of NFTs in your collection.
Become an auctioneer today!
That’s a wrap! Time to test out the auctions and start bidding.
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