We are excited to have you here. Here you can learn all about how to auction your NFT in the market. We will also show you how to set a reserve price, put your NFT for auction, and maintain momentum once online in this guide.
How do auctions work?
NFTs are listed on the WazirX platform in an auction format. A 24-hour countdown begins after the first bid, and the auction will automatically close after the duration. For each bid placed within the final 15 minutes of the countdown, the timer here is extended by 15 mins for the first bid within the last 15 mins of 24 hours. Then the timer is extended based on the time remaining.
How to list an NFT for auction?
Once you have set your Reserve price, select the auction button and click 'Upload' to continue the auction. If you need a reminder on gas fees, your wallet will urge you to confirm the transaction and pay the required gas fee, read more here.
Click on 'View on BscScan' to receive an estimate of how long it will take for your transaction to be confirmed.
What is a Reserve price?
Reserve price is the minimum amount you are willing to accept. A 24-hour auction will initiate once there is a bid on the WazirX NFT Marketplace. Collectors will see this reserve price posted and will not be allowed to lower the bid.
Tip - Check out the WazirX NFT Marketplace to consider how other artists set a price for their work and decide what is best for you. It is a good way of understanding better pricing policies if you are listing your first NFT.
Where can I find the NFT that is up for auction?
Once the NFT is up for auction, it will appear on your public profile and the discover page. Now that the NFT is operational on the WazirX NFT Marketplace, collectors will be able to see all of your active NFTs. When an auction begins, your NFT will be transferred from your wallet and held in our escrow wallet till the auction concludes.
Is there a minimum amount someone can bid?
Collectors can only make bids that are equal to or greater than your reserve price. All subsequent bids must exceed the current bid by 10% or 100 WRX, whichever is less.
Tip - You can use social media to generate interest in your auction and promote more bids.
Why is an auction given an extension?
The countdown will reset to 15 minutes if bids are placed within the last 15 minutes of an auction. If bids are placed within the final 15 minutes of an auction every time, extensions can run forever.
The addition of 15-minute extensions gives time for each buyer to have their last-minute opportunity to place a bid, and for the artwork to find its actual market value. The countdown part of your NFT page will be updated automatically to inform potential bidders of the time extension.