Auctions

Auctions can be an exciting way to sell an NFT and have it reach the highest selling potential. An auction is a type of sale where the NFT seller sets a minimum price and a time period. Buyers can place bids on the amount they are willing to pay for the NFT as long as they are above the minimum price. At the end of the time period, the NFT is sold to the highest bidder. Auctions can be conducted on-chain, making them transparent and secure, and supporting various features such as creating, canceling, and ending auctions, bidding, removing bids, and buying at a fixed price.

Auctions are valuable for several industries including gaming and entertainment industries to sell digital assets like in-game items and exclusive merchandise. In games, players can bid on unique items, creating excitement and competition. In entertainment, auctions can sell exclusive items related to movies, music, and sports events. Auctioning digital assets like NFTs creates additional revenue and engagement opportunities for companies and fans.