💵English Auction
Last updated
Last updated
An English auction (or Highest Bid auction) is an auction where the token is awarded to the participant with the highest bid at the end of the auction process.
Any owner of a token has the ability to create an auction. To create an English Auction, start by navigating to the token page. On the token page, click on the ...button on the right-hand side and click Auction:
Clicking on this button will take you to the auction configuration page. Here make sure that you are on the Highest Bid tab:
Before starting the auction, you can configure multiple parameters:
Amount
This defines the number of tokens you want to auction off in one go.
Minimum Bid
This is the start price at which the auction will start.
Minimum Increment
This is the minimum amount by which a new bid must exceed the current highest bid. For example, if set to 1 XTZ, each new bid must be at least 1 XTZ higher than the previous bid.
Expiration Date
This parameter defines how long your auction will run.
Once you're happy you can click on the Create Auction Button to start the auction.
On the auction configuration page, you have the option to create a Primary Sale Split. This option allows you to split the auction proceeds with any number of wallets.
Make sure that the total adds up to 100% and you're good to go.
To view all the auctions that you have created, start by navigating to your profile and then clicking on the Auctions tab. Here you will have a view of all the currently active and finished auctions.
You can only cancel auctions that have not yet received a bid. Auctions that have already received a bid cannot be cancelled.
To cancel an auction, navigate to the auction page. On the right side, at the bottom, you will find a button saying Cancel.
To place a bid on an active auction start by navigating to the auction page. On the auction page, you can then specify the amount you want to bid. The bid will be placed in oXTZ. Placing a bid will automatically convert the necessary amount of XTZ to oXTZ. If you're unsure about oXTZ, you can read more about it on the oXTZ page.
If a bid was placed within the last 10 minutes of an active auction, the auction is automatically extended to 10 minutes remaining. That means that if you place a bid 1 minute before the auction was going to finish, the auction will now update to finish only in 10 minutes.
A successful sale via English Auction will be settled in oXTZ
Once the auction has ended it must be concluded. In most cases, the objkt concluder bot will conclude your auctions automatically for you. This might take a few minutes after the auction has ended so you might have to be a bit patient. If the auction wasn't concluded you have the option to conclude it yourself by going directly to the auction page and clicking Conclude
Once the auction is concluded, the seller will receive oXTZ and the buyer will receive the token in their wallet. If you feel like the auction didn't work properly, make sure you check your oXTZ balance by clicking on the wallet in the top menu:
