An Auction is a mechanism to find the optimal price for your asset. When you list an asset for sale as an Auction on Stashh it will be listed for a period of time during which potential buyers place bids.
There are many different kinds of Auctions. Stashh currently supports English auctions where the seller sets an initial price then buyers bid incrementally until a timer runs out, at which point the highest bid wins.
Winning an Auction
If you are the highest bidder when an Auction closes the transaction will automatically be finalized by the Auction contract and the asset will be sent to you.
If you already have a Permit or a Viewing Key for the Collection the asset is in you can go to your Dashboard and view it immediately. If not, please follow the instructions forĀ Viewing Your Assets.
Buy Now Price
The Buy Now price is an optional price you can set at which the auction will instantly end if met or exceeded. An auction will end the moment someone places a bid that is equal to or greater than the Buy Now price.
To set a Buy Now price enter the amount you are willing to accept into theĀ Optional Ending PriceĀ field when you are creating an Auction. If this field is left blank the Buy Now option will not be enabled.
Minimum Bid Increment
To prevent dust bids there is a minimum bid increment of 1% of the current price.
Time Limit & Extensions
Auctions have a time limit during which bidders place their bids. When the time limit runs out the asset will be sold to the highest bidder.
If a bid is placed in the final 15 minutes of an auction the time limit will be extended by 15 minutes to prevent sniping and other forms of price manipulation.