What are auctions?
Auctions allow you to list a token for sale for a minimum price and duration. Buyers can bid increasing amounts of tezos to try to win the token. The highest bidder at the end of the auction period wins the token.
How do I create an auction?
You can auction tokens you have minted or tokens you have previously bought from other creators that you wish to sell.
When logged into Versum, navigate to the token you want to auction from your profile, then:
- Navigate to the token's Market tab
- Click "Create Auction"
- Select the currency ("Tezos") and enter the start price (which is also the reserve price)
- Enter the duration in hours. The minimum duration is 1 hour, the maximum is 168 hours (1 week)
- Click Confirm
- Confirm the auction in your Wallet
You can only auction 1 token at a time
How do I cancel an auction?
You can cancel individual auctions on the Market tab for the token in question. You can also cancel auctions from your Dashboard.
- Navigate to your dashboard
- Select the auction you wish to cancel
- Click "Cancel" button on the Auction tab
- Confirm the cancellation in your Wallet
Once an auction has received a bid it can't be cancelled.
Can I change an auction once it starts?
In order to amernd the starting price or duration of an auction, you will have to cancel the auction and create a new one.
As a seller or bidder, how can I view my auctions in progress?
You can review the progress of auctions on the Market tab for the token in question. You can also see this for all your auctions on your Dashboard.
How do I get notified of bids or the auction ending?
There are currently no notifications avaialable in Versum to let you know:
- when a bid has been received
- when the auction has ended (as seller)
- when the auction has ended and you are the highest bidder (as buyer)
- if you are outbid
We plan to add this functionality to your list of notifications in future, however there are some community-developed tools that can help keep track of auctions and bids.
How can I find auctions to bid on?
Auctions in progress can be found using the Collections menu. Choose the collection you wish to view, and access the Market tab.
For example, you can find the Versum ITEMs currently being auctioned here
How do I bid on a token?
In order to bid on a token being auctioned, access the token, and click the "Place a bid" button. If there is more than one auction running, you can see them all under the token's Market tab, and you can choose which one to bid on.
- Your bid needs to be at least 10% over the current bid.
- If the auction is ending in the next 30 minutes, the auction closing time will be extended by 30 minutes. This is to allow time for losing bidders to decide if they wish to submit a further bid.
What happens when an auction finishes?
When an auction has finished, there's a final step that needs to happen before the token is sent to the highest bidder. Either the winner or the seller needs to go to the auction and click the "Finalize Auction" button in order for it to settle.