In an NFT auction, sellers list their NFTs for sale, and interested collectors place bids to win the auction. The highest bidder at the end of the auction is the winner and becomes the new owner of the NFT.
Note: For those familiar minting a token on Highlight, creating an auction for an NFT simply requires selecting "Auction" for Token Distribution when creating a token.
On the "Create a token" page, fill out the input fields for your NFT.
To create an auction, select "Auction" for Token Distribution. Note that doing so will set the edition size automatically to 1.
From there, you can also select a reserve price—the minimum amount you will accept as a bid. Highlight will not mint the token unless the reserve price is reached by the end of the auction.
Lastly, auctions can be gated. This means that only those who meet the gating requirement can bid on the token.
Deploy your collection as you would for a normal mint. Once complete, the auction will start based on the start date input.
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.
Note: Highlight will not mint the NFT up for auction if there are no bids or bids do not meet the reserve price.