# Auctions

### What types of auctions does the protocol offer?

English auctions allow competitive bidding with each bid surpassing the last. There are also expiration auctions when Safeboxes expire without renewal.

### How do English auctions work on the platform?

* **Incremental** \
  Sellers list NFTs and buyers openly bid incrementally higher until the best price is reached and the auction ends. 
* **Trigger Mechanism**\
  If a bid is placed within the final 5 minutes of an auction, the deadline will automatically reset to 5 minutes later.

### What prevents "sniping" or bid manipulation?

Automated extensions mitigate sniping while "power bids" allow flexible extensions, creating fair closing prices.

### Can auction lengths be altered?

Sellers configure durations initially. Buyers can extend via power bids if the price increment is significant enough.

* **Power Bidding**: \
  If a bid amount exceeds the current highest bid by a significant pre-defined threshold, the scheduled auction end time is extended by 24 hours.

### What currency can be used for auction bids?

Bids are placed using $FLC or $ETH. Sellers receive the winning bid amount minus a protocol fee. This fee is significantly reduced for auctions denominated in $FLC.