Guide: Listing in Auction
Last updated
Last updated
Read our comprehensive post for an overview on Auctions. To begin an auction for your goods, follow the instructions below.
The following is a complete flow chart on How to Start an Auction:
A start price is the price at which bidders start bidding, and the first offer must be 5% higher than the start price. If you are unsure how much your NFT is worth to select the right start price, you may search for comparable NFTs for sale on Soya Marketplace and base your decision on the pricing of others.
An end date determines when the auction will conclude. You can choose between 1 day, 3 days, and 5 days.
After selecting the Complete Listing button, you will be prompted by your wallet to finish an approval action.
For those unfamiliar with blockchain or NFTs, Approval is equivalent to granting the Soya Marketplace permission to transfer your NFT to someone else. Don't worry, there will be no genuine transfer at this time. When someone paid for your NFT, the Soya contract would immediately transfer your NFT to the buyer, completing the deal.
Approval is a one-time only operation for each NFT or NFT collection.
Following Approval, your wallet will urge you to complete a signing. Your item would then be listed on the market in a matter of seconds.
The signing is free and serves to confirm that you are indeed the owner of the listed NFT. All of your listings may always be found in the On Sale section of your Profile.
Note: The only time you may cancel an ongoing auction is if no bids have been entered.
When an auction closes, the highest bidder wins. However, the auction item (your NFT) and the bid payment will not be instantly transferred to each other. To initiate the transfer, either you or the bidder must click the Collect button on the page.
Note: Auctions that have ended but have not been collected are shown in the On Sale area of your Profile, under the Ended tab.
