NFT Auction Market 1.0
Periodically, we will collaborate with our partners to put precious and limited edition NFTs for auction in our auction market.
You can also auction your BUTTER cards, or your blind boxes, or any NFT assets in the auction market.
You need to set three parameters for your auction:
In order to give the existing bidders some response time before last second bidding from someone else, we provide a trigger-delay mechanism.
If anyone places a bid within 5 minutes before the auction is over, the auction end time will be set to be this biding time plus 5 minutes. Every bid within 5 minutes of auction end will trigger this 5 minutes delay.
In order to encourage more users to participate in bidding, we have an auction dividend mechanism. Whenever a bidder place a new bid, the previous bidder (if there is one) would get 20% of the bid difference as auction dividend. For example, if Alice places a bid of 1,000 BUTTER, and Bob places a new bid of 1,100 BUTTER, if Bob's bid succeeds, Alice would get 20% of the bid difference, which is 20 BUTTER in this case.
The increment must be no less than 10% of the starting price.
The total auction fee is 16% of the total auction income excluding all auction dividends with the following distribution:
If you opened an auction, and you wish to cancel it before it expires, you can do it when there is no existing bid for this auction. There will be 1% cancelation fee for this operation, and all this fee will be burnt.
If the immediate price is hit, the auction will be automatically closed. The seller can also manually cancel the auction to close it. If the immediate price is not hit, and the auction expires, someone (seller or buyer) needs to click on the close auction button to close the auction and complete all necessary token transfers.