Drop auctions are another way for you to purchase NFTs from our creator partners. Like for all drops, you can view upcoming drops in our drops tab and set a reminder for when auctions begin.
Once the auction starts, you can place bids above the current minimum price. Drop auctions are typically 24 hours and have an overtime.
Auctions are 24 hours. However, to allow for competitive last minute bidding, we have “overtime.” In overtime, the auction is extended by 10 minutes if there is a bid 2 minutes before the auction end time.
The auction will continue to extend for 10 minutes at a time for each bid that is placed within the last 2-minute window, for a maximum of 1 hour. After the first 24 hours, the auction will end when no bid has been placed for 10 minutes, or at the 25th hour.
Each NFT in the auction operates independently. Some may go into overtime while others will not. The timer on the auction page will show the end date for the auction.
During the bidding process, your wallet address will be shown. However you can set up a new wallet and make your Coinbase profile address anonymous.
Auctions will start with a specific starting bid. Bidders can only bid in minimum increments (i.e. 1 ETH), and each bid needs to be higher than the current minimum.
If you place a bid while the minimum has been increased, then your bid will fail and you will need to submit a new bid. No transaction fees will be incurred for a failed bid.
Bids are placed in wETH. If you have ETH, you will be prompted to convert to wETH in their wallet. If you already have wETH, you will be able to bid directly.
If you do not have enough ETH, you will be prompted to add more funds to their wallet.
If multiple people bid at once, there will be a transaction failure - at no cost to the bidder.