"One dollar bid, now two, now two, will ya give me two?" – Auction chants like this one are long extinct, and it's all because of technology. It's been a rollercoaster from auctioning properties to historic arts online and now NFT arts. If you're one of those who didn't know you could auction your craft, you're in luck. We will not only prove you can auction digital collectibles, but we'll also show you how to do it. In the NFT market, there are currently three ways to sell your unique asset:
- Fixed price: it means you'll implement a set price.
- Reserve for a Specific Buyer (some NFT exchanges offer it): meaning you'll keep the asset for a particular buyer whose address you'll insert.
- Auction: it is more like placing the antique gem you own on a bid. We will focus on it here. Read further to know more.
Auctioning Your NFT Art For Sale
You're a creator, and you're feeling super proud of your collection. You are ready to display your unique NFT creation to the world via an auction. If that's you, read this guide to set up a personal NFT auction.
- The first thing is for you, as a seller, to select a clear reserve price. That is the minimum amount you can sell the NFT, usually the least ETH. This starting price is made public to potential bidders. Bids at or above it are the only ways for interested purchasers to kick-start the process. Keep in mind the extra service percentage deducted while you decide the reserve price.
- The next step is to add your NFT marketplace's auction list. You'll be paying for gas fees and revealing the starting price at this point. In addition, to promote your sale on social media, particularly Twitter.
- You can set the timer to an available countdown, usually one day, three days, and more. Nevertheless, when the reserve price of the item is met, a countdown of 24 hours begins by default.
- Most auction sites allow an extended time in which grace of 15 minutes is provided to potential bidders. It automatically initiates when an offer is made when there are 15 minutes left.
- Expect a 15 minutes reset for each offer placed in the final 15 minutes during the countdown until no more bids are placed. It promotes fairness among bidders worldwide.
- While the auction is ongoing, the marketplace will safeguard your NFT in escrow. It will remain in the auction site's smart contract till the end of the sale.
- Some auction platforms only allow to top a buyer's bid with 0.1 ETH or sometimes, 10% increase. If no one tops the proposal in time, the debut bidder or last bidder (if there are a few) will get the NFT. The only exception is if it is canceled, there will be zero bids.
- When the auction timer elapses, the bidder who won will sort the NFT. Asides service fee percentage (typically 15%), you will receive the balance amount in your wallet. Also, the winner takes the NFT home.
What Can I Do To Boost My Auction?
Are you having trouble getting your auction to take off? Here are a couple of ways to increase your chances:
- Reduce the starting price. Perhaps your reserve price is too high. It will require you to pay additional gas fees, but it may be worthwhile once you sell your NFT.
- More importantly, tweet about it, endorse it, hype it, and make it a trend. Get your community and the people who believe in you to do the same.
Best NFT Auction Sites in 2022
This is where the auction is allowed without auction chants or even virtually. Everything is done virtually, as it is a digital-oriented market. Here are some of the best auction marketplaces:
- NBA Top Shot Marketplace.
- Axie Marketplace.
- Nifty Gateway.
- Larva Labs/CryptoPunks.