Coinbase NFT now allows creators to launch auctions and collectors to place bids on auction listings.
Creating an Auction
You can create an auction in the same way you list a fixed price NFT.
Under the ‘list for sale’ tab, select the ‘Auction’ option, then fill out the customizable settings, including ‘start date’, ‘end date’ and ‘minimum bid’ .
You can also select ‘potential earnings’ to see your potential earnings and a breakdown of the Coinbase fees and royalty fees for the original NFT creator.
Once you’ve added your listing settings, approve and submit the transaction by signing.
After completing your transaction, you will receive confirmation that your auction has been created.
Accepting a bid
To accept a bid, select from the bids list under your NFT detail page then click ‘ Accept bid’.
You will then need to sign the transaction, which costs a gas fee. After accepting an offer, the NFT will be transferred to the bidder and new owner.
Note: At this time, accepting a bid must be done manually. Offers made during the auction will remain active and can be accepted by the seller after the auction ends.