Auctions

Auctions on PulseMarket are a specific method of selling Non-Fungible Tokens (NFTs) through a bidding process. Unlike direct listings with fixed prices, auctions involve potential buyers placing bids on an NFT, competing to offer the highest price for the asset. The highest bidder at the end of the auction period wins the NFT and becomes the new owner. The auction could also end with buying the NFT for the asking price.

The process of an NFT auction involves the following steps:

Listing Creation: The seller initiates the auction by creating a listing for the NFT on PulseMarket. They set the "Allow bids starting from" amount, which is the minimum bid required for the auction to begin. The "Buyout price" is the price the seller wants to reach, and the price at which the buyer can immediately buy the NFT. When listing the NFT, it is sent to the Escrow of PulseMarket.

Auction Duration: The seller also specifies the duration of the auction, during which potential buyers can place their bids.

Bidding: Once the auction is live, potential buyers can browse the available NFTs and place their bids by offering an amount higher than the current highest bid. Bids can be made in all the cryptocurrencies the platform offers. Once the first bid has been placed, as a seller, you cannot cancel the auction. The only way is to buy yourself out.

Auction End: When the auction period ends, the highest bidder wins the NFT and becomes the new owner.

Transfer of Ownership: After the auction the ownership of the NFT is transferred from the Escrow to the winning bidder on the blockchain, completing the transaction. All bids will receive their paid bids back, and only the amount of the winner will be transferred to the seller.

Make sure to claim your funds as a seller and the NFT as the winner after the auction.

Auctions on PulseMarket offer a dynamic and competitive way to sell and purchase unique digital assets, as potential buyers can actively participate in the process and determine the final value of an NFT based on market demand and bidding competition. It can also be an exciting way for creators and sellers to gauge the value and interest in their NFTs among collectors and investors.