Trava NFT Auction
- 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.
- 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.
Step 2: Set a start price and end time
Note that the time range for an auction is from 1 - 7 days.
- Confirm in your wallet, then the auction will start immediately.