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Beginner's Guide
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NFT Auction Market 2.0
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.
There are two types of selling:
- 1.Auction mode (same as auction v1).
- 2.Fixed price mode with buyer paying for the auction fee (fixed received price).
You need to set three parameters for your auction:
Parameter
Description
Range
Starting price
The bidder must bid with no less than starting price.
Minimum 1 USDT / 1 BUTTER
Immediate price
If a bidder hits this price, the auction will be processed immediately.
Minimum 1 USDT / 1 BUTTER
Duration
Maximum duration of this auction if the immediate price is not hit.
10 minutes - 3 days
Trigger-Delay Mechanism
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.
Auction Dividend
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 5% of the bid difference as auction dividend. For example, if Alice places a bid of 1,000 USDT, and Bob places a new bid of 1,100 USDT, if Bob's bid succeeds, Alice would get 5% of the bid difference, which is 5 USDT in this case.
Increment
The increment must be no less than 10% of the starting price.
Auction Fee
The total auction fee is 6% of the total auction income excluding all auction dividends with the following distribution:
Fee distribution
Percentage
Burn
2%
NFT reward pool
2%
Board dividend
1%
Developer
1%
Cancelation Fee
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 no cancelation fee for this operation.
Close Auction
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.
Last modified 6mo ago