So you've signed up as a Creator on NFTb, got verified and have some NFTs ready to be auctioned but the question on your mind is "what next?". Well, we have put together a comprehensive guide with everything you need to know about listing an NFT for auction on NFTb.
How do I list my NFT for auction?
Select the artwork/creation to be auctioned: this can be your most recent work or one of your favorite pieces - either one is fine as long as it truly expresses the depth of your creative ability
Set the reserve price: the reserve price is the minimum amount of BNB you will be willing to receive for your NFT on auction. Buyers cannot place a bid that is below the minimum price you set.
Submit your NFT: once you have ticked the boxes above, your NFT will be submitted for approval.
Taadaah! Your NFT is listed: after submission, your NFT is reviewed and upon approval, it will be list for auction.
How do NFTb auctions work?
When an NFT is listed for auction, the reserve price for the artwork/creation needs to be met in order for a countdown to be initiated. A reserve price is the minimum amount of BNB a Creator is willing to accept for an NFT to be auctioned. Buyers can only place bids at par or above the reserve price.
If a bid is placed within the last 15 minutes of the countdown, an additional 15 minutes is added to the countdown timer and all bidders are notified of the time extension. This can go on indefinitely until no bids are placed within the last 15 minutes of the auction. This format creates an opportunity for buyers to place their final bid while revealing the true market value of an artwork/creation.
Once a buyer places a bid and no other bid is placed with a higher price, the artwork/creation will be sold to the highest bidder.
What happens when an auction ends?
When an auction ends and the buyer claims their NFT, the artwork/creation is added to their collection and the BNB value is transferred to the Creator’s wallet after a 10% service charge is deducted.
What can I do to promote my NFT on auction?
Set a realistic reserve price: be honest with your expectations, do some research and set a price that would be a good starting point to receive bids.
Share the link on your social media: if you want to get more participation and increase bids on your artwork, you can share the link to the auction with your network on social media.
Keep talking about it: It's your work and we know you are proud of it, so why not talk about it? The more you talk about it, the more people get interested and curious.