Listing an NFT for auction is a way to sell one of your created NFTs for a minimum price, while possibly getting a higher final sale price if multiple buyers bid up your auction. If the minimum price, or reserve price, is not reached by a bid then the auction timer will not begin. You can unlist and end the auction for any NFT that has not had the reserve price met from a bid.
Below are the steps for setting up an auction for one of your created NFT collections.
List for auction
Before an NFT can be listed for auction, the collection must be reviewed and approved for auctions. This only occurs when you create the continuous collection. If you add NFTs to your collection over time, your NFTs will automatically have auctions enabled.
Once you have added an NFT to your collection and the deployment has been confirmed in an anchor block, you'll be able to view your newly added NFT in your collection.
Navigate to the individual NFT page and click "List for auction" right below the NFT title.
This will open a modal that will let you enter the reserve price and the duration.
- Block length refers to how many blocks you would like this auction to run for once the reserve price is met from a bid*. Each block lasts approximately 10 minutes. For this 100 block length auction, the auction timer will start when the reserve price has been met and the auction will end after about 1,000 minutes (100 blocks X 10 minutes) - or around 16 hours.
- Reserve price is the minimum bid amount in STX that you will accept for the NFT being auctioned.
*The block timer will not begin counting down until the reserve price has been met.
When you have set the details for your auction, select the List Auction button and your wallet pop-up will prompt you to confirm the transaction. Review the info one final time, and when you are ready select Confirm to deploy the auction listing transaction. Once it has been confirmed in an anchor block your NFT can now start receiving bids from potential buyers!
You can also start an auction from your smart contract manager, by clicking the "Auctions" tab then clicking "List" on the selected NFT.
Ending an Auction
If you want to unlist your NFT from an auction, as long as the reserve price has not been met and the block timer has not begun counting down - you can select the "Unlist" button for that NFT from the Auctions tab in your Smart Contract Manager for that collection and then confirm the transaction from your wallets transaction window.
If you are ending an auction because the block timer ended - congratulations on a successful auction! Once an auction has ended, either you or the winner will need to claim and end the auction. Simply go to that NFT's page, click the End Auction button and confirm the transaction through your wallet. You can also click the End button on the Sold NFT in your Auctions tab.
That's it - the NFT will be sent to the winning bidder and your STX will be sent to your account.