English auction
Last updated
Last updated
English auction start the bidding at a reserve price that you set, and subsequent bidders can offer more. At the end of a fixed time period, the piece goes to the highest bidder.
Note: English auctions are subject to a 5% fee on total proceeds, paid by the creator.
English auctions are only available for 1-of-1 artworks set up through the Edition flow.
On the Edition creation page, select "English auction". Then, input your reserve price. This is the minimum price that you are willing to accept. If this amount is not reached by the end of the auction, the NFT will not be sold.
Note: the token is only actually minted upon the first valid bid. If there are no bids, you can archive the collection without leaving any trace on the blockchain.
If you are the English auction winner, you can claim your token at the auction end on the mint page. Once the winner claims their token, the funds will be transferred to the creator.
Technically, the auction can also be resolved by anyone independently, typically via a block explorer like Etherscan.
Auctions can be gated with an allowlists. This means that only those who meet the specified requirements can bid or purchase the token.
Gates can be created in two places. They can be created in the collection creation flow prior to collection deployment or after deployment on the token management page.
To edit your auction, select the "Edit auction" button on the token management page. This will allow you to update the reserve price, the start and stop date of the auction, and any gates that are applied. Note that if the auction has a bid on it, you will not be able to change the start or end date.
To view the auction's history, such as who has bid for what price, open up the "View auction page" from the token management page.
The bid history chart will appear on the right-hand side of the page.
If a collection sold via auction was configured as non-transferable (i.e. "soul bound"), you will need to temporarily reenable transferability fulfill the auction. Follow the steps in Fulfilling auctions for non-transferable tokens.
