English Auction
Last updated
Last updated
Create an auction for an NFT collection, price starts low to high
The standard for art, antiquity and real estate auction sales is the English auction. Even this standard can contain minor variances but ones that are nonetheless important to understand in order to develop a successful bidding strategy. As the most popular auction type, the English auction pits bidders against each other with the eventual winner being the highest bidder.
In the typical English auction, participants bid against each other. Bidding begins either with an opening bid from the participants or from the auctioneer. Bidding progresses when a bidder offers a higher bid and continues until the last bidder is standing. Bids can be announced by the auctioneer or by the bidder himself or by a third party as in a proxy call. Today, bids are also received via electronic media.
In certain cases where arrangements between prospective bidders and the auctioneer have been prearranged, a bid can be offered by the auctioneer. The English Auction ends when bidding stops. At this point, the highest bidder pays the successful bid price and claims the item. In most English Auctions, the seller establishes a minimum sale price, also known as the “Reserve Price.” The auctioneer cannot sell the item for less than this price.
In many English auctions, the auctioneer establishes an incremental amount. Each progressive bid must exceed the previous bid by at least the incremental amount. The fact that the current highest bid is known to the participants adds interesting degrees of strategy to this type auction.
The token owner have to approve the token to be sent to the contract
You will have to insert a few parameters:
Contract Name - How do you want to name your smart contract.
Collection Address - The address of your Collection you want to apply the bidding.
To create an auction: you will have to click on create auction function and insert the parameters: _tokenId - The token Number of the selected collection. _startingBid - The opening bid. _startTime - Time in timestamp, when the bidding will start. _endTime - Time in timestamp, when the bidding will end.
Then activate the auction by clicking AuctionStart and insert the auction number issued above.
Users will be able to bid using AuctionBid and insert the auction number issued above.
When the auction will be done the owner will be able to end the auction by clicking AuctionEnd and the money will be sent to him the NFT will be transfered.
Owner can cancel the auction if it wasn't activated by clicking on AuctionCanceled.
To allow users bidding higher, they can withdraw their money if they are not the highest bid.
There is an option to see which NFTs bid are still opened and which one were closed.