All about auctions on Funrise
Auction is an exciting way to sell NFT within your community or with friends.
You can start the auction during the NFT creating or later if you pull the “on-sale” switcher to the off position; by default, it’s placed at “on”.
How do auctions work exactly?
At Funrise works “sell to the highest bidder” timed auction type.
You can list an item on a Timed Auction for one week for the longest.
Making a bid on this kind of auction is like making an offer on a fixed-price listing. The seller can choose to accept it at any time, but the buyer will need USDC to place a bid.
The seller may cancel an auction at any time.
For auction participants the following rules apply:
- bids are debited from the wallet
- if another participant outbid the bid, the money would be returned to the wallet
- notification that the bid has been outbid will be sent via SMS to the account’s phone number used during the registration
- if the auction is still live, you can place another bid higher than the current bid by clicking on “Bid again”
- Prepare your NFT for an Auction
What is the start price?
The starting price essentially defines the minimal first bid. The first bid cannot be lower than the starting price.
What is a reserve price?
A reserve price is the minimum amount of USDC you’d be willing to accept for an NFT.
If you don’t receive bids equal to or greater than your reserve price, the auction will end without a sale.
If the reserve price is met and the seller hasn’t accepted the bid manually, the auction is resolved automatically, and the item will go to a buyer.
The seller can always choose to accept a bid below the reserve price at any time during or after the auction.
Please note that the seller cannot change the reserve price once an auction starts.
You cannot create semi-fungible (multi-copy) NFTs for auction on Funrise. An auction is created for one copy only.
How to start an auction after NFT minting
Follow the steps below to put existing NFT for auction sale.
First of all, go to the Profile page. Tap at the edit icon at NFT.
After you start the auction, it will take some time to launch.
Go again to the edit section if you need to edit NFT or details after the auction was launched.
Accept the bid, and the NFT will be sold to the last bidder.
Cancel the bid, and the auction will be ended.
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