Auction

Auction is a feature on Dagora that helps NFT’s owner sell their items at the highest price. It’s a process of offering bids, taking bids, and then selling NFT to the highest bidder.

Currently, selling NFTs to the lowest bidders is not supported yet.

How to Create an Auction

Step 1: On Dagora, access your Profile by clicking on the profile logo;

Below is the user profile space:

Step 2: Select a specific NFT item -> On its details screen, click the Auction button;

Step 3: Fill in the information on the List auction for sale screen:

  1. Input a Starting bid price (Price must be greater than 0.0001)

  2. Choose token that you want to pay with

  3. Input a Maximum bid price

  4. Choose Duration

  5. A valid completion of the auction form will enable the Listing button

Step 4: After clicking Listing button, you will see a Review Auction Listing page. Click Confirm to create auction and move NFT to blockchain's contract.

Step 5: If create auction completed, you will see a notification.

  • Click View NFT button β†’ Click to view NFT details

  • Click View Transaction button to open a new tab to see the transaction history on blockchain

  • Click Share β†’ Click to copy or share to respective social channels

How to Place a Bid

Step 1: On Dagora, go to Explore space to find active auctions.

You will see a NFT list on Explorer space:

Step 2: Select a specific NFT item is on auction and in details screen click Place Bid button;

Step 3: Enter a bid price then click Place Bid button (The input price must be less than or equal to the current balance. Otherwise, it will display a message β€œInsufficient fundsβ€œ)

Note: The price must be greater than or equal to the starting price and higher than the current bid price

Step 4: Click Confirm button on Review Bid page to complete auction.

Step 5: View your Auction

In NFT details page -> Auction tab -> Display the item’s auction list

Notes:

  • User can bid more than once, but the next time must be higher than the previous time

  • The amount that the user has bid remains in the wallet and will not be deducted until the end of auction if they are the winner.

  • The auction will be ended when duration is over, or some one has made β€œMaximum bid”

When auction ended, there are some cases that happen as below:

Case

Solana (not yet release)

EVM

The user bids successfully

  • Winner must claim NFT item

  • Dagora automatically transfers NFT item to the winner's wallet

The user bids unsuccessfully

  • The bid is auto cancelled

  • The bid is auto cancelled

User wins but not enough token to pay owner

  • Owner can β€œRevoke”, or waiting for winner to β€œClaim”

  • System will auto find the next bidder who has enough balance to auto process the Auction.

After the Auction ended and there is no winner

  • Owner must click β€œRevoke” button to get NFT back

  • Automatically get the NFT back

How to Cancel The Auction at the end

When the auction ends, an NFT item will be relocated from the market space to the Auctions tab at the user profile space.

Step 1: On Dagora, access Profile by clicking on profile logo at the top right corner of the screen;

Step 2: In profile space -> Open Auctions tab;

Step 3: Click Cancel Auction button in the list NFT or go to NFT details page click Cancel Auction button;

Step 4: Adjust Gwei/Gas fee by scrolling the yellow button;

Step 5: Click Confirm button to cancel auction -> You will receive a "Success" notification.

  • Click Confirm button to close pop-up

  • Click View Transaction to open a new tab to see the transaction history on blockchain

After that, the NFT item will be moved from the Auctions tab to the Items tab and it will be displayed as a detail page as shown below:

Last updated