👁️Overview

The DeSpace NFT Auction Pad is more than just an NFT store — it’s a place to grab unique, highly-collectible drops from high-profile celebrities and influencers. We work hard with all our collaborators to make sure these drops remain sought-after collectibles long into the future.

Imagine buying the jersey Michael Jordan wore during his final game or grabbing the original studio pressing of The Beetle’s Abbey Road — these items are incredibly valuable because they’re unique and historical, and that’s precisely the kind of auctions we’ll be hosting on the Auction Pad.

The Auction Pad is designed to make bidding both easy and gas efficient. Users simply place bids on the item they want until the time runs out — whoever has the highest bid at the auction’s expiry wins the right to claim the NFT.

Grades and quantities

DeSpace NFT auctions are reserved for rare, highly collectible drops. As such, the auction has only one grade to reflect that each drop is a 1 of 1.

Artists and influencers may at times decide to release more than one NFT as part of a collection, however every auction will always only feature one single NFT at a time, with that NFT holding unique properties to ensure its absolute rarity in the context of the larger collection.

Auction rules

Every auction is unique, but all follow the same guidelines.

Auction starting bid

Variable

The owner of the collection will set the starting bid at a value that they believe reflects the value of the auction.

Auction currency

Variable

Auction currencies will vary depending on the chain being used and include $DES, $ETH, $USDT and $BUSD, among others.

Minimum bid

Each subsequent bid must be 10% higher than the previous one

For example, if Bob bids $100 for an item, Sally must bid at least 10% more for her bid — so $110. If she bids $110, Bob must bid 10% more again, so $121 to regain the leading spot in the auction.

Auction time

Variable depending on the drop, extendable if bidding is ongoing

All auctions are programmed to end after a fixed time set before the auction begins, however if a bid is placed in the last 10 minutes of the auction, the auction time is extended by an additional 10 minutes. The fixed time could range from a few hours to a few weeks, depending on the drop.

Winning conditions

Highest bid at the close of the auction wins

If your bid is the highest when the auction closes, you win! From there, all you’ll have to do is claim your NFT.