Everything you need to know about auctions, bid tokens, royalties and lock ups!
Who can make auctions on enter?
Only in the enter.ecosystem can create auctions. This means you can always be sure of the quality and authenticity of all auctions in the enter.gallery!
Placing a bid
If you want to place a bid, you need to hold $NFTART bid tokens. When you press the bid button, the option to deposit bidding tokens will pop up. Here you can choose the amount you would like to keep as bidding tokens.
💡Collectors tip - follow your active auctions
Stay up to date on the status of your current auctions in the active auctions tab, to make sure you're still in the game..
What are bidding tokens?
Bidding tokens are our own internal auction tokens that can be used to make bids on active auctions on enter. The reason we use bidding tokens is because of the deflationary tokenomics of our in-house currency $NFTART.
Normally every transaction with the $NFTART token triggers an automatic 5% redistribution among holders and a 5% burn. With the bidding tokens you can make as many bids as you want, and the tokenomics won’t come into effect unless you win the auction.
Read more about $NFTART and tokenomics.
🚨Bidding tokens and tokenomics
The tokenomics are still in place when swapping to/from bid-tokens.
Only transfer the tokens you would like to bid with!
Royalties and lockups:
When creating an auction you can choose up to 5% royalties and be able to cash out immediately. You can also choose from 5,1%-20% royalties, and your tokens will be locked in a smart contract for 30 days before you can cash out.
|Royalty percentage||Lockup period|
|below 5%||no lockup|
|5% - 10%||7 days lockup|
|10,1% - 15%||14 days lockup|
|over 15%||30 days lockup|
💡 Artist tip - The two types of auctions
The auction starts and ends at a set time. Choose wether you would like a minimum price, or if you'd like to leave the price in the buyers hands..
Reserved price auctions:
You choose a minimum price, and the auction starts when the first bid is placed!
Note: When a bid is made during the last 15 minutes of a running auction, the timer is extended by 15 minutes.
Need help with an auction? Reach out here!