All set with your NFT Store? Waiting for the right buyer to make the NFT purchase? Well, how about making this entire process a little exciting and more rewarding? Yes, with the Auctions feature, you can now put your NFTs open for bidding and let the race to claim them begin!

NFTically offers the English auction feature, so let’s explore what it exactly is and how you can benefit from it being an NFT Store owner.

English Auctions simply refer to the process of bidding and winning where the highest bid takes home the cake. Yes, the highest bid made on any asset will eventually win.

Once the auction is closed, and all the bids received, the NFT Store owner will then be choosing the highest bidder and the asset will be transferred to the respective bidder, after the transaction has been completed successfully.

The option to choose the highest bidder is completely an action call to be taken by the seller. NFTically does not bound the seller in any way to choose the highest bid by automating the process. The accepting of bids is kept simple and open for sellers.

It is important to note here that the bids made in the last 10 minutes of any auction will eventually extend the auction time by another 10 minutes.

Let’s dig a little deeper and understand what comprise Minimum Bid and Reserve Price.

Minimum Bid: This reflects the base price which the seller will set as a threshold. In simple terms, an auction will start from this stated price. Once a seller has specified a minimum bid, the bidders cannot bid anything lower than that.

For instance, if the seller has fixed the Minimum Bid for any asset at 100 WMATIC, the bidder will have to start bidding from this stated amount. Say a bidder can now bid something like 120 WMATIC.

Reserve Price: Now, this price is set by the seller as the minimum amount at which they will accept the bid. Generally, this price is not publicly visible, and those who bid higher than this have higher chances of winning the auction.

Consider this as the price at which you actually want your asset to be sold. So, if someone bids lower than this price, it is completely up to you whether to accept the bid or not.

Moreover, the person placing a bid will be informed if their bid has matched the reserve price or not, hence they will also get an option to improve their bid, if the situation demands.

So, to sum up, reserve price is the amount which the seller sets considering their expectations from an asset. This price is not visible to the bidder but the person is regardless of whether their bid has matched the price or not.
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