How to create, check created bid, update, accept or cancel bid?
High-value and precious content by renowned creators is often in high demand. Auctions help make it fair between competitive buyers and bring optimal benefits to the artists. As the world's first NFT Auction house NFTmall.io offers "Decentralised auctioning" of NFTs minted on various chains conducted by smart contracts.
Auctions can be an exciting way to sell your NFTs. Let's take a closer look at the two types of auctions available on NFTmall.io so you can make the best choice to Auction your NFT.
Timed Auction / English Auction
Open for bids / Unlimited Bid
Two types of Auction
How do Timed Auctions work?
Under this auctioning system, the NFT owner is required to log in a "Minimum Bid" during the listing. This is the minimum reserve price above which the users can place the "Bid". The smart contracts work based on,
Requires a minimum bid price
Auction expiration time & Bid placed
5% above the Last/Higest Bid price
Sell to the highest bidder/English Auction: The smart contract automatically executes the tx & sells to the highest bidder at the auction expiration time.
Extends the auctioning time: The smart contract automatically extends the "Bidding time by 10 minutes" with every bid placed.
Increases the Asking price: Once a Bid has been placed, the smart contract automatically adjusts the asking price & the next bidder requires to place a bid above 5% of the previous / Highest Bid price.
Adjust, Accept or cancel Bid: The auctioned NFT owner can adjust, accept or cancel any Bid during the auction & The smart contract instantly executes the tx upon bid acceptance or cancellation by the NFT owner.
Open for Bids / Unlimited Bid:
Under this auctioning system, the NFT owner is not required to log in any Minimum Bid. Once you mint the NFT on NFTmall it's by default Open for Bids. Users can Bid or Offer any amount and NFT owners get notified by email as well as it shows on the marketplace. NFT owner can Accept or Decline the Bid at any time also Bidder can cancel the Bid anytime before acceptance.
Owner of the NFT can Accept any BId placed anytime unless its cancelled by the Bidder before acceptance.