🏓Auction
Wield your paddle and bid high, my friend! The highest bidder takes home the prize.
Auctions on Q Bazaar are a great way to buy NFTs at a competitive price. Here's a basic guide to how auctions work:
The NFT owner (or "lister") creates an auction listing.
Buyers place bids on the auction.
At the end of the auction, the buyer with the highest bid wins the NFT.
The lister receives the winning bid amount.
Auctions can also have a buyout price. This means that a buyer can purchase the NFT immediately for the buyout price, ending the auction.
If the final bid is less than the buyout price, the buyer must wait for the seller to bless the sale with their royal assent. Until then, the NFT and the bid amount will be held in escrow by Q Bazaar, like a treasure guarded by a dragon. If the seller is taking their sweet time, the buyer may contact the marketplace to summon the dragon and demand the release of their treasure.
Q Bazaar uses English auctions, which means that the highest bidder at the end of the auction wins. However, there are two buffers that are in place to make the auction fair:
Time buffer: If a winning bid is made within the time buffer of the auction closing, the closing time is increased by the buffer(+15minutes) to give other buyers a chance to make a higher bid.
Bid buffer: A new bid is considered to be a winning bid only if it is at least the bid buffer greater(5%) than the previous winning bid. This prevents buyers from making insignificantly higher bids to win the auction.
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