"I need this."

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.

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