If you want to sell your NFT and don't know what price people might be willing to pay, you can start a timed auction—meaning you'll collect the highest bid at the end of the period you chose.
By listing your NFT as a timed auction, you can choose the minimum bid amount and the starting and ending dates of your auction.
A bid can only be placed for your NFT if it fulfills the following:
- the bid is at least at the same price as the minimum set price for the auction
- the bid is at least 5% higher than the current, highest bid in the auction
Steps to sell with a timed auction
Start an auction and let people bid. At the end of the timed auction, the highest bidder gets your NFT in exchange for what they bid on.
1. Go to your profile
2. Find the NFT you want to auction and click on the 3 points next to the card.
3. Click on "Put on sale"
4. Click on "Timed auction."
5. Fill in timed auction information to your specifications:
- The minimum bid that you agree to accept.
- The start date of the auction.
- The expiry date of the auction.
6. Click on "Start auction" and sign the message that appears to confirm that you would like to put your NFT up for auction.
Take note of the following:
- A bid may disappear due to the bidder withdrawing their balance. Some bids could also reappear if the bidder adds funds to their balance again.
- An auction can't be cancelled after a valid bid was made.
- If a bid was made during the last 10 minutes of the auction, the auction will then be extended by another 10 minutes.
- You can accept the highest bid at the auction 48 hours after it ends.
- You need to pay a gas fee to accept the bid.
- You are able to lower the price of your listing at no cost (no transaction or gas fee required).