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Auction

Auction in Marketplace
An auction is a feature that makes it possible for people to bid for a certain period of time. The highest/last bid during the auction period will get you the NFT you want.
All users can participate in the auction provided that the balance in the wallet meets the desired number of bids.

Auction NFT Rules

Bid

  • Each bid must be at least 5% higher than its previous bid.
  • A certain percentage of tokens (5%) of each bid is distributed to the previous bidder, except for the first bid because there were no previous bidders.
  • When a new bid is placed above the old bid, the old bid is canceled and the margin token is returned to the old bid. The remaining 95% of the bid is returned, plus 5% of the new bid, and the Token will be returned to the bidder's wallet immediately.
Example : If you start bid at 1000 $XRAI and then get outbidded at 1200 $XRAI
  • If you are the first bidder (there are no bids before you) you will get back 1000 $XRAI + 60 $XRAI (1200 x 5%) back when outbidded.
  • If you outbid your previous bid, you'll get 950 $XRAI (10 × 95%) + 60 $XRAI (1200 × 5%) back when outbidded.

Time Bid

  • Each bidding session will have a fixed time decided by the bid opener. Bidding time will count down when the end to 0, and the auction ends. NFTs will be claimed by either the winner of the bid (the last bidder) or the seller.
  • When there is a new bid and the countdown to the end time is less than 5 minutes, the bid time will be extended by 5 minutes.
  • The auction can be canceled at any time by the auction item seller when no user has entered the auction.
  • The auction is canceled when there are no bidders.
  • The bid cannot be canceled once a user has entered the bid.

Collect NFTs and bid fees

  • After the auction ends with the final bid, the seller or bidder can click the "Claim" button on the NFT detail page to complete the receipt of the NFTs and payment for the NFTs.
  • A fee of 5% of the last bid will be used as the market fee. Will use awarded to users holding $XRAI tokens.

Start Auction

Auction in XRender will be simpler for users than other Marketplaces. For sellers, putting an item up for auction is easy. We will guide users through the auction process.
Bidding organization diagram

Step 1: Set Start Price and End Time Auction

  • The start price is the price set by the seller for the item being bid by the organization and the first bid by the bidder must be 5% higher than the start price. Sellers can decide for themselves the starting price or check out a number of similar items on the XRender Marketplace.
  • Seller, please set the end time. The bidding period starts when the seller starts listing bids and ends according to the time selected by the bid organizer (it can be extended if there are bidders at the end of the bidding period). You can choose from 1 day, 3 days, and more days if you want.

Step 2: Approval for XRender SmartContract

  • After clicking the Start Listing button, you will start approving on your wallet.
  • Seem like Selling NFTs on XRender's platform, Approval is like granting XRender the right to transfer your NFTs to someone else. During the bidding period, your NFTs will be locked into our contract. Don't worry, there will be no real trading happening at this point. When someone adds a new bid for your NFT on XRender contract, your NFT goes to the auction contract immediately for safety until the auction ends.
  • Item sellers only need to approve once for the entire auction process.

Step 3: Auction organization

  • After completing your wallet approval of the XRender Marketplace contract, your auction will be displayed on our marketplace in just a few seconds.
  • Approval is free and is used to verify that you are the owner of the NFT you listed.
  • All items in your bid will be listed in the "On Sale" section of your Profile.

Step 4: End-Time Auction

  • Your auction will end in two cases:
+ You cancel the auction (if no user has entered the auction yet).
+ Auction time ends.
  • If you cancel your bid during the bidding period, the NFTs will be returned to your wallet.
  • Auction ends when the auction ends time :
+ If no user participates in the auction, NFTs will be sent to your wallet.
+ If the auction has been bid then 95% of the final price will be sent to your wallet (5% market fee). Bid winners will "Claim" NFTs directly to the wallet.

Participate Auction

Auctions Display

  • On the display page of the XRender Marketplace please browse the "Auction" tab and search for the auction. All NFTs that have been listed so that the auction can start will be displayed on this page. You can choose any NFTs you like and want to bid here.
  • Each NFT tag will show the collection name, NFT ID, bid price, and auction end time.

Participate in Bidding

  • In the details page of the NFTs that are bidding, you will see the current bids and bidding times of all ongoing bidding.
  • When you click the "Bid" button a window will pop up. You'll start filling in the bid you'd like to make for the item you're bidding on. Here, will show the minimum bid you have set to bid.
  • Click the "Start Bid" button on the pop-up window to confirm your participation in the bidding. At this point, the transaction will be transferred to your wallet. You need a signature on the wallet to confirm.
  • After confirming successful bid participation. Items you participate in bidding will be transferred to your personal Profile. You can view transaction IDs and track actual transactions on-chain.

End of Auction

  • If you are the last bidder in an auction, the item will not automatically return to your wallet. Instead, on each auction you win, a "Claim" button will appear. Here, you can claim the item you won in the auction.
  • After completing the claim, NFTs will automatically be sent to your wallet and you can see them on your Profile page.