Knowledge Base
Search
K

Auctions

Auctions on Highlight

Highlight offers creators the ability to auction off their artwork. We currently offer two different auction methods:
  • Dutch auction: the bidding starts from the set highest value and will decrease at a set pace until it reach the set lower value. The price will not fall below the minimum amount set.
  • English auction: buyers start bidding at a low price and the bid prices go up until there’s no more price bidding at a higher price. The last person to bid, which is also the person who bids the highest price, will get the artwork. If the seller has a predetermined reserved price, the highest bid must be greater than the reserved price, or the item will not be sold to anyone (the seller keeps it since he/she values the item more than any bidder).

How to set up an auction

Dutch auction
Dutch auctions are available for all collection types.
On the mint details section of the collection creation flow, select "Dutch auction". Then, input the list of decreasing prices and cadence at which the token price will drop.
Dutch auction rebates
Auction rebates are available for public Dutch auctions, but not private Dutch auctions. This means that if your Dutch auction has a gate, it is not eligible for rebates.
For public Dutch auctions with rebates, those rebates can be claimed from the mint page after either the final resting price is reached or the full collection sells out.
English auction
English auctions are only available for one of ones.
On the mint details section of the collection creation flow, select "Auction". Then, input your reserve price. This is the minimum amount you will accept as a bid. If this amount is not reached by the end of the auction, the NFT will not be sold.

Gating your auction

Auctions can be gated. This means that only those who meet the gate 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.

Manage your auction

Edit auction
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.
Bid history
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.