Auction Functionality for NFT on Marketplace
aiRight team has deployed a new feature on the Marketplace — NFT auction — to create opportunities for NFTs to approach their true value
To help the aiRight community stay on top of the latest development, we can not wait to share with you our tech update to increase the ways of promoting your NFTs to the world — NFT Auction on Marketplace.
Currently, the NFTs available on the marketplace are valued by their creators. However, this valuation is still quite subjective and in many cases, it does not accurately represent the value of each AI-generated NFT on the aiRight platform, which will lead to difficulty in circulating on the market.
Therefore, the aiRight team has developed the NFT auction feature to create opportunities for NFTs to approach their true value. The NFT valuation will be determined by the assessment of multiple users instead of only the owner’s, meaning the value of each NFT will be determined more objectively and fairly than before. In addition, the auction is also a way to help NFT owners expand their buying and selling methods and create a fairer opportunity for NFT buyers.
- The difference between the “auction on Marketplace” functionality and the normal “on-sale” on Marketplace:
“On sale” is the traditional way the owner can put their NFTs generated via our AI models on the marketplace at a fixed price. With the new auction form, users do not have to buy NFT with only 1 price set by the owner but also can bid for the NFTs in the auction period. Users can flexibly choose the form of buying NFT by selecting the “On Sale/On Auctions” options.
How the auction works
- Start Auction your NFT on our Marketplace
1.1 Click to your NFT that you want to set auction, then choose “Set Auction”
1.2. Select parameters then choose “Start Auction”.
1.3. See your NFT being auctioned on our Marketplace
Or you go to our Marketplace, then choose “On Auction” options
2. Bidding
2.1. Enter your bid price then click “Place a bit”. Please be noted that it must be higher than the Current price and smaller or equal to Ending Price.
- If your bid price is smaller than the Ending price, your bid will be updated to the Current price
In this case, your money will be charged to reserve for the bidding. You can not cancel your bid so please be careful when placing a bid. If there is a higher bid price, your money will be paid back to your wallet immediately.
- If your bid price is equal to the Ending price, the Auction will end immediately and you bought successfully this NFT
If no one bids the Ending price during the auctions, the NFT will belong to the user who has the latest bidding after the End time of the auction.
👉🏻 Try it here: https://airight.io/marketplace
About aiRight
aiRight is the world’s first complete system for AI x NFT x DeFi. Users can generate AI NFTs, protect origin with copyright issuance, trade and tokenize unique artworks, taking advantage of our complete royalty mechanism for contributors on-chain.
Oraichain is proud to be the ecosystem provider of aiRight: securing AI functionalities via AI Oracle, accessing Marketplace, organizing Galleries for DeFi, and cross-chain bridging for NFTs.
