NFT Auction

NFT auctions are where specific NFT artworks are offered for sale to interested NFT collectors and the highest bidders place their bids to purchase the NFT artwork. In TreasureNFT NFT auction, the seller sets a minimum price for a given period. Buyers can bid on the amount they wish to spend on the NFT, provided it is above the minimum price. Then the NFT is sold to the highest bidder at the end of the auction period.

Not all NFT marketplaces run their NFT auctions in the same way. If you want to run an automated, timed NFT auction, you can set up a reserve auction or a scheduled auction in TreasureNFT.

In a reserve auction, a public reserve price is set. Once it is reached, it sets off the time countdown to the end of the auction, allowing other collectors to bid before the deadline. Reserve auctions work well when you are not in a hurry to sell an NFT art piece, but want to get at least some money for it. Once the reserve price is set, there is no specific time frame in which it must be reached - but when it is, the timer goes off.

In a scheduled auction, specific start and end times are chosen, along with an optional starting price. The auction will start and end at approximately the specified times, regardless of whether bids reach the starting price. Scheduled auctions are ideal when you know you want to sell an NFT during a specific time period, as part of an event, or to make the auction an event in its own right.