If you are placing a bid, please have a look at this article here. At the end of the auction or if you are outbid, you receive wrapped tezos which you will need to unwrap.
This article is for sellers.
There are two types of auctions: Dutch (Price Drop) and English (Highest Bid) auctions.
English auctions
English auctions is the auction where the person who places the highest bid by the end of the auction wins.
Start an auction
Click on “profile”.
Go to your “owned” tab if you want to auction a piece you collected or “created” tab if you want to auction a piece you created.
Click on the image of the piece, it will open the page.
Then look for the actions tab on the right, click on “actions”.
Scroll down, you will see the “start auction” button. Click on it.
Note: if the start auction button is greyed and you can’t click on it, check your internet connection, it may mean the button is not fully loaded.
Currently it is not possible to auction multiple tokens in the same auction. You’ll have to create multiple auctions. So you don’t need to fill the “amount” field. If you want to be able to auction multiple tokens in the future, don’t hesitate to submit a feature request on the objkt roadmap website.
Confirm in your wallet:
If you see a “something went wrong” error message, please don’t try twice. Go to tzkt.io, type your address, and see the latest operations to see if the transaction went through.
Here I’m checking and I see it worked, I can see I created an auction.
The auctions you started will appear on your auctions tab:
If it’s not an auction on a piece you created, it will not appear in your activity tab:
As long as there is no bid on the auction you can cancel it. To cancel an auction you will find a cancel button on the auction page:
As soon as someone places a bid on the auction, it cannot be canceled anymore.
To see how to conclude the auction at the end of the auction, click here.
Price Drop Auctions
A Price Drop Auction (or Dutch Auction) is an auction, where the price of an objkt is lowered linearly from a starting price to an end price during a fixed time frame. The objkt can be purchased for the instantaneous price shown on the auction page. Once a buyer hits buy, the auction is over.
To start a price drop auction, click on start auction as indicated for the English auction, and click on “price drop”.
Then fill the information. Here I am auctioning one piece, the start price is 50 tezos. The price is going to decrease until someone buys it, but I don’t want to sell it for less than 18 tezos so I indicated 18 tezos as the end price. I want the auction to last 24 hours so I indicated 24 hours.
Then I confirm in my wallet.
It can take some time to appear so I am checking on tzkt.io that the transaction went through:
It did. Now I’m going to my auctions tab, and I’m seeing the Dutch auction:
The auction won’t show in my “activity” tab as I’m not the creator of the piece, but it will show in the “activity” tab of the artist:
I have the possibility to cancel the auction. I click on the image, it opens the page of the piece, I scroll down and then I click on cancel:
I have this possibility because nobody bought it yet and because the time didn’t run out yet, otherwise it would not be possible to cancel.
End of the auction
At the end of the auction, you may need to “conclude” it. English auctions are concluded automatically (but you can conclude them manually in case there is an issue) and Dutch auctions always need to be concluded manually. Both the buyer and the seller can conclude the auction.
The “conclude” button is located underneath the image on the page of the auction. It lets you conclude the auction and retrieve your token back.
What if I don’t have access to the page of the auction? The auction was finished, so I closed the page.
You can go to your “auctions” tab, and you will see the auction there. Click on the image:
Make sure “finished” is ticked, otherwise you won’t see it.
If there is a bug and you don’t even see your auction there, you can use the history of your browser. Search for auction, and you will find the page of the auction if you opened it in the past!
See your past auctions
If you want to see your past auctions which you cancelled or concluded, go to your auctions tab, and click on cancelled and concluded:
