Time-limited Auction Rules

Understanding Time-limited Auction Terms

Before understanding the time-limited auction, you need to understand these term：

• Starting price: The minimum price for this auction item, bids below this amount will not be accepted.

• Reserve Price Mechanism: If the reserve price is set: The final bid exceeding the reserve price will be accepted. If the reserve price is not set: After the auction period ends, the final bid will be accepted, and the highest bidder gets the NFT.

• Buy it Now Price: When the bid exceeds the buy it now price, the NFT is sold at the bid price and the auction ends immediately.

• Withdrawal Mechanism: You may withdraw your auctioned item before receiving a valid bid, however auctions cannot be canceled after a valid bid has been placed.

• Minimum Mark-up Limit: Your bid needs to be at least 5% higher than the current bid. You need to actively fund your bids first. Once a higher bid appears, your bid will be returned.

• Time Delay Mechanism: Any bids made within the last 10 minutes of the auction period will extend the auction by 10 minutes.

• Removal Mechanism: After the auction period ends, any NFT that has not received bids will be considered unsold.

• Auction Accepted Mechanism : After the auction period ends, the platform will implement the following rules:

  • The reserve price is set, and the final bid exceeds the reserve price: the platform executes the “Deal” operation.

  • The reserve price is set, but the final bid lower than the reserve price: the platform executes the "Abandon" operation.

  • The reserve price has not been set: the platform executes the "Deal" operation.

• Auction Service Fee: 5% of the final bid is charged as a platform service fee to maintain the normal operation of the platform.

Frequently Asked Questions

1. How to start an auction?

When you place your NFT in an auction, you need to set a starting price, starting time and auction length. You can also choose to set a reserve price and buy it now price.

• Starting price: Bids below this amount will not be accepted.

• Reserve price: After the auction ends, the final bid above the reserve price will be accepted.

• Buy it now price: When the bid exceeds the buy it now price, the auction will immediately end.

Please note that：

· Auctions cannot be cancelled after a valid bid has been placed. Any bid placed in the last 10 minutes will extend the auction by a further 10 minutes.

2. How to place a bid?

If you want to place a bid, you must meet the following conditions:

• Bid must be higher than the starting price

• Bid must be at least 5% higher than the current bid