The underlying purpose of an auction sale is to obtain the best financial returns for the owner of the property and to allow free and fair competition among bidders.

How do auctions work on MetaMate Marketplace?

Start at a reserve price - Creators set a duration and starting price for the auction and buyers must place bids at or above this price. Reserve prices are made public on Marketplace.
Time countdown - After the auction is set, a countdown for the auction starts.
Result - An auction comes to an end when the countdown has run out of time:
  • The highest bidder will make the payment and receive the NFT.
  • If there is no bid during the auction time, the order will be cancelled and the NFT will be returned to the seller automatically.