NFT Auction

An NFT auction is a sort of public sale wherein NFTs are put up for auction online. Generally, this kind of auction occurs in NFT-related secondary markets. This process involves several buyers who compete for a single NFT piece by placing bids. Such an auction aims to maximize the seller's financial rewards while allowing free and fair competition among bidders.

You can auction your NFTs on the UPYO site by registering as an NFT owner/seller. Once registered, you can set specific selling criteria and submit your NFTs for auction. Any buyer interested in that NFT can place a bid within the specified period. Usually, the auction will progress in that timeframe, and the NFT will be rewarded to the highest bidder.

Both auction and fixed pricing are viable options for selling NFTs. Fixed pricing is preferable if one cannot tolerate price fluctuations and wants to have a specified price for their NFTs. It may, however, take longer to get it sold. Alternatively, if you are immune to price fluctuations and want to sell the NFT within a specific period, you can go for an auction.

If no participant bids at or above your reserve price on the UPYO NFT Auction platform, the auction will end without a sale. Remember that as a seller, you have the option to accept a bid that is lower than the reserve price during or after the auction. The seller, on the other hand, must pay the gas fees.

When an auction ends on the UPYO NFT auction, it simply means the auction is not live, and no bids will further be accepted. Usually, the highest bidder must settle the payment. Once the deal is done, the buyer claims the NFT, and the creation will get added to their collection. The payment will be transferred to the creator's wallet after deducting the fixed service charge.