Some designers choose to sell their pieces through auctions, which are time-limited events where bids are placed onchain. Since auctions are handled on the blockchain, bids can only be made using cryptocurrency. Here's how the process works:
How to Place a Bid
- Navigate to the product detail page: Find the item you want to bid on.
- Click "Place bid": This will open the bidding interface.
- Enter your bid amount: Input the amount you are willing to bid.
- Confirm the bid: Click "Place bid" and approve the transaction in your crypto wallet.
Additional Details
- Bids are not incremental: The full amount of your bid will be shown as the current highest bid.
- Countdown timer: Auctions have a countdown timer. If a bid is placed within the final five minutes, the timer resets to five minutes. This continues until no further bids are received, and the timer runs out.
- Outbid protection: If another bidder places a higher bid, your bid funds are instantly returned to your wallet.
- Winning the auction: If you are the highest bidder when the timer reaches zero, you’ve won the auction.
How to Settle an Auction
Winning the auction doesn't immediately finalize the transaction. The auction needs to be settled to transfer ownership of the digital piece. Follow these steps to settle your auction win:
- Go to the product detail page: Locate the piece you won.
- Click "Settle auction": This initiates the settlement process.
- Confirm the transaction: Approve the payment in your wallet.
Once the auction is settled, the digital piece is instantly transferred to your wallet, and the payment is sent to the seller.
This auction process ensures security and transparency for both buyers and sellers, providing a seamless experience on SYKY.