How NFT Auction works?

This is a quick guide to answer any questions you may have on NFT auction

A different NFT is up for auction every hour. Each NFT looks slightly different.
A unique mechanism of the auction is that the auction currency changes for every auction, which may require swapping to the appropriate currency (e.g., H1, hETH, platinum, gold, silver) to place a bid.
Each auction has a minimum bid that differs depending on the currency.
Bidding is a two-step process: first, you must approve the spend, and then you can place your bid. You can only bid once per hour.
The highest bid wins. The auction amount is deducted from the highest bidder's account at the end of the auction. If the highest bidder cannot cover the bid amount, the next highest bid wins.
Once the winning bid is successfully deducted, the winner receives the NFT.
Each bid placed earns you 2 XP, and winning an auction earns you 50 XP. (What is XP?)
If more than one user places the same highest bid amount, the user who bid first wins the auction.

These NFTs are just testnet NFTs and you buy them with test tokens. They do not have any other significance on our mainnet.

Last updated 27 days ago