How to sell NFT on auction?

Just like selling NFTs at a fixed price, you can also auction your NFTs directly on our marketplace. To do so, open the necessary NFT, click on the "Put on sale" button, and then select "Auction".

When creating an auction, you can specify the following parameters:

  • Minimum bid.
  • The duration of the auction, by setting an “Expiration date”. Auction can last up to  14 days.
  • The minimum step of the bid. Each subsequent bet must be higher than the previous one by the percentage of the set minimum. 
  • Maximum bid. It is the rate at which you are willing to sell NFTs without bidding.

After you have configured all of the settings, you must confirm the transaction using your wallet, just as you would when selling NFTs at a fixed price.

If at least one bid has been placed in the auction, the seller will not be able to cancel it, as was previously possible. However, if there are no bids placed, the seller can still cancel the auction as before.

Besides, if the bid is made during the last 5 minutes of the auction, the auction time gets extended for another 5 minutes.

If the auction ends, the seller must confirm the end of the auction. Also, at the end of the auction, the buyer with the highest bid is also able to end it. After the auction has been successfully ended, the user with the highest bid will receive an NFT, and the seller will receive Toncoins for the sale.

We remind you: be sure to link your Telegram account to your Getgems profile in order to receive notifications of new bids. This can be done either immediately after placing the first lot for the auction or after the first bid, or in the  “Edit Profile” section on Getgems. 

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