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How Do Auctions Work?
An auction is a type of sale where the seller sets a minimum price and a time period. Buyers can place bids on how much they are willing to pay for the NFT as long as they are above the minimum price. Then the NFT is sold to the highest bidder at the end of the time period.
Bidding on an NFT auction
To bid on an NFT that is being auctioned, follow the below steps:
Connect to Featured by Binance with your wallet that is compatible with the Binance Smart Chain. Please see here for more details about How to Connect A Wallet
Choose an NFT that you would like to purchase, you can find it via our homepage, search or browse. For example, from [Browse] and select the [Auction] in the Sale Type menu in order to view all available auctions. Then choose an NFT that you would like to bid on.
The current bid, time left, and other details of the NFT can be seen to the right of the NFT. To place a bid, enter an amount inside the text box that is larger than the current bid, and select [Place Bid]. It must be at least 0.01 BNB above the current bid. You must have the BNB funds available at the time of bidding. The fund should include the bid price plus gas fee.
Confirm your bid by clicking [Place Bid] again, and sign the transaction on your Binance Smart Chain connected wallet.
Once the transaction is confirmed on the blockchain, you will have successfully placed a bid on the NFT. If there are no higher bids placed before the auction ends, the NFT will be yours!
Since the sale is an auction, someone may outbid you before the auction is done. If you are logged in and the highest bidder, you will see a banner at the top of the NFT page indicating you have the highest bid. Be sure to check back frequently before the auction is over to ensure you are still the winning bid.
Once the auction time is over, you must visit the NFT page and see if you have won. If you won the auction, you can click the [Claim] button to claim your NFT. The funds will be sent to the seller, and the NFT will be transferred to your wallet.
Creating an auction
To create a fixed price sale, follow the below steps:
Connect to Featured by Binance with your wallet that is compatible with the Binance Smart Chain.
Click your wallet in the top right corner after connecting, and click [My NFTs].
You will be taken to a page with all your NFTs, select the NFT that you would like to sell.
Note: You will already have to have an NFT created and minted first. Visit this guide for details on that.
Click [Sell].
Select [Auction] as the sale type, and enter the minimum BNB price at which you wish to start the bid at, and the duration of the auction.
Click [List NFT for Sale], and sign the transactions using your Binance Smart Chain supporting wallet.
Once the transaction is confirmed on the blockchain, the auction for your NFT is now active!
PLEASE NOTE: Listing requires communication with the block chain and due to multiple factors, there may be some delay between when you click list, and when the site is fully updated and your NFT is shown as officially listed. If you do this and it has not updated after 24 hours, please contact support for assistance.
Last modified 2mo ago
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