Auction House
Auction House refers to the Metaplex program that allows users to sell NFTs via timed-auction or fixed-price.
Starting an Auction
Timed-auctions can be started either from your user dashboard or directly from the NFT page.
Starting an auction from User Dashboard
In order to start an auction from your user dashboard, you must be connected with the wallet that owns the NFT.
Once you're connected, click on you profile image on the dashboard and then select dashboard from the dropdown.
Once you've navigated to your dashboard, find the NFT you would like to start an auction for under MyNFTs. If you are not the creator of the NFT, you will need to toggle the filter under MyNFTs to collected.
Once you've located the NFT you wish to auction, click start auction on the card to enter in the auction details.
Starting an auction from NFT Page
In order to start an auction from the NFT page, you must be connected with the wallet that owns the NFT.
Once you're connected, navigate to the NFT page and select Start Auction.
Entering in the Auction Details
Auction Start - When starting an auction, users can either choose to start the auction immediately or scheduled for a future date.
Reserve Bid - The reserve bid refers to the minimum bid amount for kicking off the auction.
Auction Duration - The auction duration refers to the amount of time the auction will run.
Minimum Bid Increment - The minimum bid increment refers to the minimum difference between each bid placed (i.e., if minimum bid increment is set to 0.5 SOL and the first bid placed is 1 SOL, then the second bid must be at least 1.5 SOL).
End Phase - Users will now have the ability to choose the method in which the auction ends. There are two methods they can select from:
Clock Reset: Setting the end phase to clock reset will apply a 5-minute clock reset if a bid is placed in the last five minutes of the auction.
Knife Fight: If the user selects knife fight, the auction duration will not be extended by final bids (this is the same method used today)
End Phase Duration – If the user would like, they can apply an end phase duration which allows them to set a higher bid increment during the remaining time frame given. i.e. In the example in the design file, 60 mins is selected. This means that in the last 60 minutes the auction should use the end-phase bid increment instead of the minimum bid increment. The end phase bid increment is set in the section below.
End Phase Bid Increment - The end phase bid increment is the increment between bids during the end phase duration of the auction (which is selected in the section above). i.e. Based on the example above, if the user enters 1 SOL for the end-phase bid increment, that means in the last 60 minutes of the auction, each bid should be 1 SOL apart.
This selection will only be displayed if the user selects either 15 mins, 30 mins, or 60 mins for the end phase duration.
If the user selects ‘none’ for end-phase duration, then this section will not be displayed.
Listing an NFT for a Fixed-Price
You can list your NFT for a fixed-price either from your user dashboard or directly from the NFT page.
Fixed-Price Listing from User Dashboard
In order to list an NFT from your user dashboard, you must be connected with the wallet that owns the NFT.
Once you're connected, click on you profile image on the dashboard and then select dashboard from the dropdown.
Once you've navigated to your dashboard, find the NFT you would like to list under MyNFTs. If you are not the creator of the NFT, you will need to toggle the filter under MyNFTs to collected.
Once you've located the NFT you wish to list, click list NFT on the card and enter in the fixed-price listing amount.
Fixed-Price Listing from NFT Page
In order to start an auction from the NFT page, you must be connected with the wallet that owns the NFT.
Once you're connected, navigate to the NFT page and select List NFT.
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