The auction is designed to be simple, fair and efficient, allowing everyone to bid securely throughout the auction period.
- First, connect your wallet to DeSpace’s Auction Pad. If it’s your first time, you might be asked to confirm or sign a transaction.
- Next, enter the auction you’d like to participate in. If the auction is ongoing, you’ll see the current bid, as well as a way to enter a bid of your own.
- To bid, simply enter an acceptable amount. Remember — your bid must be at least 10% greater than the previous highest bid.
- If your bid is accepted, two things happen to your tokens. First, the previous bidder’s tokens are returned to them. This ensures that other auction participants always have funds available to bid. Next, the difference between your bid and the previous highest bidder is locked in the contract. This means that the auction contract will always contain tokens equivalent to the current highest bid.
- If someone bids higher than you, the amount you bid is returned to you via the method detailed above. Remember, you’ll still need to pay gas on all your own transactions.
- If your bid is the highest when the auction closes, simply claim your NFT and enjoy the perks and benefits that come with it!