Introducing Auction for NFT Market
The NFT market has been a great success since its launch last month. Over 3000 new NFTs are listed and nearly 700 NFTs are already sold, more than half of which is made up of famous third-party NFTs like Polychain Monsters.
We are bringing the next big update to the NFT market: Auction — bid and earn more BNB while competing for your favorite NFT in every auction!
NFT Auction
NFT Auction is the newest feature added to the NFT market on SCV.finance, built on improved English Auction implementation.
Rules
There are 4 very important rules for Bidding in the auction:
- Auction is ONLY cancellable when it has NO BIDS. After the first bid comes in, neither you nor us can cancel it, as rules are written in the smart contract.
- When the countdown is less than 10 minutes, every new bid will extend the countdown by 10 minutes;
- Each bid will be increased by a fixed price of 10% each time. Once the countdown ends, the auction item will be obtained by the last/highest bidder;
- The most important rule: 10% of the price increase for each bid is distributed to the previous bidder, and the remaining 90% would be the income of the auction publisher if it’s the last bid or returned to the bidder when it’s outbid.
With the rules, each bidder would either take the 10% share of the next bid or obtain the auction item with the price he offered. And the first bidder will additionally be free from distributing his own 10% to other people. Say if Rory offered a 1 BNB bidding in a new auction and then Lee offered 1.1 BNB, Rory would receive his own 1 BNB and 10% of 1.1 BNB, which would be 1.11 in total, and the extra 0.11 BNB is totally free money. If then Mike offered 1.2 BNB, then Lee would get 90% of his 1.1 BNB and 10% of 1.2 BNB, that is 1.11 BNB, still getting 0.01 BNB for free!
How to start an auction on SCV NFT market?
Just 3 steps:
- Choose the NFT you want to sell in your NFT portfolio;
- Set a start price and end time;
- Confirm in your wallet, then the auction will start immediately!
Once the auction is ended with bids, the seller or bidder needs to visit the NFT auction page and click the Collect button to finish the exchange transaction.
You can browse all the ongoing auctions on the top page of the NFT market.
We hope everyone would enjoy the new auction with us and maximize your earnings! Wish everyone the best of luck!
The platform will charge up to 5% of the seller’s profit as a service fee, the same as the normal trade which is based on the amount of SCV staked and trading volume.
About SCV.finance
SCV.finance is a cross-chain product in Decentralized Finance (DeFi) that provides yield farming, farm portfolio, vault ranking, NFT portfolio, gatcha, and marketplace.
Follow SCV.finance on Medium and other channels to not miss any updated news!
Main site: https://scv.finance/
Twitter: https://twitter.com/scv_finance
Telegram: https://t.me/scv_finance
Medium: https://medium.com/scv-finance
