PlayDapp Gamers, we’re delighted to let you know all about the latest update to our PlayDapp MarketPLAce, Auction.
This awesome new feature will help you to give your NFT a real boost, helping you to find the sweet spot for the price you should list at. As well as increase your chance of getting a sale.
Auction isn’t just for sellers, oh no, it also helps any buyers looking for a deal! Simply select On Auction when browsing NFTs in the top bar navigation area and you’ll see a list of all NFTs up for auction. As a buyer, you know the sellers of these NFTs want a quick sale, so you know that they’ll be paying attention to offers made. And the closer it gets to auction end time sale the hotter the item!
PlayDapp’s marketplace Auction function is an English style auction, where after setting the starting price, like a reserve, the auction function lets buyers compete with each other to place bids. Whoever places the highest bid at the end of the auction period wins the item.
The auction function is a great way to help you arrive at a fair price for your NFT, meaning you boost your chance of selling it. Plus, never underestimate the effect a little bit of competition has on a price…
So, how do you put an item up for Auction?
How to Guide — Six steps to put your NFT up for auction.
Placing your item up for auction is super simple, there are just six steps to check off and then your NFT will be out there ready to be bid on!
After selecting the NFT you want to sell from the “My Collections” area in the selling area, you’ll be greeted with the below screen.
Step 1- Nice and simple, just select “Auction”.
Step 2- Again an easy step here, choose the currency you want to sell the NFT for, WETH or PLA.
Step 3- Simplicity continues, place the minimum bid here. Think of it as the least amount you want the NFT to sell for.
Step 4- Set how long the auction will run. Chose from three days, five days, one week, or one month.
Step 5- There’s a check box to receive email notifications of bids. Make sure you select it, after all, you might get that bid that is so tempting you need to end the auction early!
Step 6- Almost done, simply click “post your listing” and your NFT auction will begin!
Please note, if you haven’t listed any NFT from the category before, you’ll need to authorize the marketplace to act on your behalf. Luckily with the PlayDapp marketplace, you’ll have received a small amount of Matic when registering, meaning you can cover any signing fees.
You can also go back to any NFT you have listed and edit the auction at any time.