Auction
Auction NFT is a selling process where creators or developers list specifically NFTs with a starting price for sale to interested buyers. Subsequently, buyers could place their bids on the auction according to the price at which they want to buy the NFT. Buyers can bid using currency or tokens accepted on the NFT marketplace.
On the Metaspacecy Aptos Marketplace, we work with artists and creators to offer unique NFTs, and all of them are sold at public auction via our website. When participants place their bids on our marketplace, the amount they participate in the auction is only temporarily frozen in your wallet. After the auction, the loser will get back the amount placed in the auction and the winner will receive the NFT item won in the auction.
Create Auction
NOTE: Make sure you own at least one NFT before creating an auction. And follow these steps to create an auction on Metaspacecy Aptos Marketplace.
Choose the item you want to auction on Profile Page, and press the "List" button
After pressing the button, the page navigates to the "Create Sell Item" page, and you select the "Auction" method
You'll see some fields, and you should fill in the information below:
Price: the starting price that the creator
Token name: user can select the coin type want to create
Quantity: amount to create
Duration: time takes place
Starting & Ending: auction start and end time
Finally, confirm the transaction to complete the create auction
NOTE: The auction start time must be a future time
Create auction with other currencies
Besides trading in $APT, we support trading in other cryptocurrencies. You need to register that coin to be able to trade with another coin on the Aptos network. To register a coin type and receive 100 test coins, you can use the "Faucet" button (coin icon) displayed on the navigation bar.
NOTE: We only support your faucet once for each cryptocurrency. If the account has not registered the cryptocurrency, you will have to confirm in the wallet twice, the first time will be to register the cryptocurrency, and the second time will be to receive 100 test coins.
After you have registered the cryptocurrency, in the token name field you can choose the coin you just registered. Don't forget to check your wallet to see if you have received the test coin from Metaspacecy Aptos Marketplace.
NOTE: The token name field will display all the coins that the exchange is supporting. You will not be able to choose any other coin other than $APT in case your wallet has not registered a cryptocurrency for that coin.
Back to the steps above to create an auction. After successful creation, you will see the newly created auction information on the item detail page. The auction order will display the "Bid Now" button which is the distinguishing point between the sell order and the auction order.
After that, click the "Bid Now" button to see more details of all the auction information. On the auction details page, the following information will be displayed:
Seller: creator of the auction
Min Price: auction starting price
Upcoming: count down the time to start
Your Bid Price: the total amount you have participated in the bid
List of Bidder: showing all information such as name, number of participating in the bidding
Auction Details: display more information about start & end times, and auction ID.
Place Bid
Choose the item you want to auction on Metaspacecy Aptos Marketplace, with the status button displayed on the "Place Bid" button. Then, click the "Place Bid" button to participate in the auction.
After that, you need to enter the amount to participate in the auction, note that this amount must be higher than the starting price.
For the first time participating in the auction, the auctioneer needs to pay attention to the Min Price that the seller has created or the current price of the auction, you cannot enter a price less than that.
An error message will appear when you enter a price less than Min Price (or Highest Bid in case it exists).
Once you have participated in the auction (make sure you do not cancel your bid), from the second time onwards the amount you entered will be accumulated with the previous times, and of course, you can enter a number less than the current bid, but make sure your total bid is greater than the highest bid of the auction.
A message will appear if there is not enough money in your wallet.
Finally, confirm the transaction to bid on the auction. On the Metaspacecy Aptos Marketplace, when participants bid, they need to pay the auction amount immediately. The amount you participate in the auction is only temporarily frozen in your wallet.
NOTE: You can participate in the bid multiple times
On the auction details page, the following information will be displayed:
Seller: creator of the auction
Min Price: auction starting price
Upcoming: count down the time to start
Your Bid Price: the total amount you have entered the bid
List of Bidder: showing all information such as name, and auction amount
Place Bid with other currencies
Highlight on Metaspacecy Aptos Marketplace is we allow users to trade with different currencies. When participating in the auction, it is necessary to pay attention to the cryptocurrency that the sellers require. You need to register that coin to be able to trade with another coin on the Aptos network.
After making sure that you have the same cryptocurrency as the one at the auction, now you can participate in auctions with other currencies just like with $APT.
Finalize Auction
After the auction period ends, the seller interface will display the "Finalize" button.
Then, click on the "Finalize" button and confirm the transaction to complete the auction.
After finalizing the auction, the losers need to go to the "Auction" page to get their money back. Just click the "Claim" button on the "Auction" page and confirm the transaction again to receive the money you added to the auction.
And the winner needs to go to their "Profile" page to check if the item has been received. All your activity on the auction is saved in the "Auction History" tab on the "Profile" page.
NOTE: If the seller does not close the auction, the loser will get back the fee for which they entered the auction after the default of 7 days. The winner will receive the NFT item after 7 days.
Cancel Auction
You can cancel the Auction created during the time when the Auction has not started. You will see the "Cancel" button if the start time has not been reached displayed on the "Upcoming" field on the auction details page.
Then, press the "Cancel" button to cancel the auction. A pop-up of the wallet will appear in the corner of the screen, now you need to confirm the transaction at the wallet, and you will lose a gas fee when making the transaction.
After successful cancellation, the auction order on the page will be deleted.
Cancel Bid
During the auction process, the bidder can click the "Cancel Bid" button to cancel the bid on the auction details page.
After that, the wallet window will appear in the corner of the screen, and all you need to do is confirm the transaction on the wallet.
After successfully canceling the wallet, your bid will be deleted from the list of bidders. The amount you participated in the bid, will be refunded after the Auction period ends.
NOTE: Users can't place their bids on this auction after canceling this bid.
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