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.
How to place a bid:
Go to the page of the auction. Enter the amount of the bid you want to place (take into account that 1 oXTZ = 1 XTZ). You don’t need to wrap your tezos, it will be done automatically.
Click on “place bid” and confirm in your wallet:
You will see that they are asking you to approve tokens, these are the wrapped tezos. Regarding the storage fee, it is a maximum fee. It means that at most you will pay 0.30 $ in storage fee.
Please note that a bid can’t be cancelled. You will get oXTZ back once someone outbids you. These are wrapped tezos, you can unwrap them to get your tezos back (see here).
Or if you want to place a new bid, you can place it like you placed the first one without having to worry about the wrapped tezos. The UI will automatically use up your already wrapped oXTZ and wrap the additionally needed amount if necessary.
Please note that the bids in english auctions are locked, so if you have 1 tez you can only bid 1 tez on one auction, you cannot place 10 bids for 1 tez on different auctions. It’s only for offers that you will be allowed in the future to use the same wrapped tokens in multiple offers.
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.
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!
As precised earlier, please note that instead of receiving tezos back when you are outbid, you will receive oXTZ (wrapped tezos). Learn how to unwrap them here.
