Notice 16 | Satoshi’s Lounge
Satoshi’s Lounge is a site that features time-based auctions with a unique bidding system that differs from that of the Arena auctions. In order to bid, users must have Tickets. Additionally, the timer resetting to 30 seconds is designed to simulate the experience of a traditional auction with a “”going once, going twice, going thrice”” format.
If a bid is received within the last 30 seconds, the timer will reset back to 30 seconds, allowing for more bids to be placed. Users have the option to enter any bid amount they desire, as long as it does not exceed the amount of Tickets they have in their wallet. Presets are also available to help simplify the bidding process, such as a +50 bid that will add 50 Tickets to the last active bid at the auction.
Unlike other bidding systems, only the highest bidder is responsible for paying for the product. If a user is outbid, or does not win the auction, the amount reverts back to their wallet within seconds. When a bid is placed, a confirmation pop-up will appear, and the bid will be queued before being affixed within a second or two. If two bids of the same amount are received, the first bid received by the servers will be taken, while the other bidder will receive a rejection notice and an additional 30 seconds to revise their bid.
The system does check for last millisecond bids before the timer expires, and on occasion, the timer may briefly reach zero before resetting back to 30 seconds. This behavior is normal, and users will be notified accordingly. However, as with the Arena auctions, it is not recommended to bid in the last few seconds of an auction on Satoshi’s Lounge, as any bids received after the timer hits zero will not be counted.
Satoshi’s Lounge offers a unique bidding experience, differing from the Arena auctions. As the boundaries of auctioneering innovation and NFTs are continuously being pushed, users can expect an exciting and novel auctioning experience on this platform.
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