The NFTb auction follows the standards of the traditional English Auction. Once the auction opens, buyers can place bids on the artworks/creations. The auction is open for a specified period and once that period elapses, the artwork on sale is sold to the highest bidder.
NFTs are listed on NFTb in a reserve auction format.
Below are some of the main characteristics of NFTb auctions:
Built on BNB Chain: Every interaction with auctions (placing bids, winning and claiming NFTs, etc.) on NFTb are recorded on the BNB Chain. BNB is the cryptocurrency used for all transactions on the Binance network, and it’s the currency we exclusively use on NFTb. All of the artworks and collectibles on our platform can be bid on and purchased with BNB. Creators get paid in it, too.
Start at a reserve price: Creators set a starting price for the auction and buyers must place bids at or above this price. Reserve prices are made public on NFTb.
24 hour countdowns: After the first bid is placed on an artwork at or above the reserve price, a 24 hour countdown for the auction starts. An auction comes to an end when the countdown has run out of time.
Time extensions for auctions: If a bid is placed within the last 15 minutes of an auction, the countdown will reset back 15 minutes. The addition of 15-minute extensions give time for every single buyer to have their final opportunity to place a bid, and for the artwork to find its true market value. Time extensions can go on indefinitely until no other bids are placed within the last 15 minutes of an auction.