🛡️Trava NFT Auction

Rules

1. Auction is ONLY cancellable when it has NO BIDS. After the first bid comes in, neither you nor we can cancel it, as rules are written in the smart contract.

2. When the bidding countdown is less than 5 minutes left, every new bid will extend the countdown by 5 minutes;

3. Each bid price will be increased by at least 5% of the previous one. Once the countdown ends, the auction item will be obtained by the last/highest bidder;

4. The most important rule: 2.5% of the price increase for each bid is distributed to the previous bidder, and the remaining 97.5% would be the income of the auction publisher if it’s the last bid or returned to the bidder when it’s outbid.

With the rules, each bidder would either take the 5% share of the next bid or obtain the auction Knight with the price he/she offered. And the first bidder will additionally be free from distributing his/her own 5% to other people.

Note: The percentage that the later bidder pays for the earlier bidder is the same as the percentage that the sellers need to pay for the platform. So, 2.5% is also the amount auction publishers pay to the marketplace, which means that after receiving 97.5% of the final bidding price as income, sellers need to pay 2.5% of the income to the NFT marketplace.

Therefore, the final payment rate that the sellers receive is 95.06% of the final bid. This fee is utilized for marketing, operating, and functioning.

Seller (Auction Publishers)	First Bidders	Other Bidders	Last Bidder
Receive: ~95.06% of the final bidding price	Receive: 100% of his/her bidding capital 2,5% of the later bidding price	Receive: 2.5% of the later bidding price 97.5% of his/her bidding capital	Pay: the final bidding price

For example,

• First, Alice offered a 1000 TRAVA bid in a new auction.

• Secondly, Billy offered 1100 TRAVA

⇒ Alice would receive her own 1000 TRAVA and 2.5% of 1100 TRAVA, which would be 1027.5 TRAVA in total, and the extra 27.5 TRAVA is totally free money.

• Finally, Michael offered 1200 TRAVA.

⇒ Then, Billy would get 97.5% of his 1100 TRAVA and 2.5% of 1200 TRAVA, that is 1102.5 TRAVA, still getting 30 TRAVA for free.

⇒ The auction publisher will receive ~ 95.06% of the final bidding price (1200 TRAVA). Therefore, the seller will receive ~ 1140.72 TRAVA and pay 29.25 TRAVA to the platform.

Steps to start an auction on Trava marketplace

Step 1:

• Go to: https://nft-app.trava.finance/

• Choose the Knight you want to sell in your NFT profile;

Step 2: Set a start price and end time

Note that the time range for an auction is from 1 - 7 days.

Step 3:

• Confirm in your wallet, then the auction will start immediately.

• Once the auction is ended with bids, the seller or winning bidder needs to visit the Trava Knight auction tab and click the “Claim” button to finish the exchange transaction