Dutch Auction
NFTs available for sale: Sell your multiple NFTs in a Dutch auction.
Auction bidding method: Dutch auction is an open-outcry descending dynamic auction. The highest bid price cannot be higher than the auction starting price.
Final price method: In the final auction, n orders with the lowest price are taken as tradable buy orders; n is the number of NFTs in this dutch auction; the transaction price is the lowest price among the n orders; the NFT seller fills the order.
Example as below:
Suppose the Dutch auction currently lists 2 NFTs, set the starting price to 4 and the reserve price to 1;
A bids 1
B bids 0.9
C bids 2
D bids 3
E bids 1.5
According to the rules of the Dutch auction, the current bidding order is:
D - 3
C - 2
E- 1.5
A - 1
B - 0.9
DC was traded at price 2. B has been converted to make Offer during the auction process, and E A has been converted to Make Offer after the auction is over
2.5 service fees shall be charged when the transaction between maker & taker is executed.
How do I sell an NFTs at an Dutch auction.
Prerequisite: Connect your crypto wallet to PlaNFT.
Step 1: Click on your Profile Picture on the top right of the PlaNFT webpage and go to My Wallet. You will find your NFTs under the Assets tab.
Provide your smart contract address and token ID to PlaNFT support if you can not find your NFTs. For how to find your NFT's smart contract address and token ID, please refer to How to find my NFT's smart contract address and token ID.
Step 2: Click on the three-dot menu on the NFT that you want to sell.
Step 3: Click Sell and click NFTs in bulk under the same contract address to select all the NFTs you would like to sell.
Refer to How to find my NFT's smart contract and token ID to check the NFTs' contract address.
Step 4: Just click Sell Bundle of N on the bottom of the page. You will be prompted to the List item for sale page.
Step 5: Set up the parameters.
Sale Method: Select Dutch Auction.
Bundle Name: Customize the name of NFTs to be sold in bulk.
Auction Starts：Set your NFT starting bid, you need to select the corresponding token and value. Because the Dutch auction is a descending price auction, the price parameter will determine the highest price of the bid cannot be higher than the starting price of the auction during the auction process.
Reserve Price: Reserve price must be lower than price starts, you need to select the corresponding token and value, the minimum value is 0.00001. The price parameter will determine whether the auction bid can become a valid auction order, auction bids lower than the reserved price will be converted into Make Offer orders, and will not be able to make a deal with the NFT Owner during the auction process.
Valid Until: Set the time of NFT listing (year-month-day hour:minute:second).
If it is outdated and not sold, PlaNFT will reserve a 24H transaction time for the transaction party. During this period, your NFT can still be traded. You will find that the expiration time of your NFT in Listings & Offers>Listings of your NFT is valid until +24H. If it needs to be sold after 24H after the time set by valid until, it needs to be re-listed.
If you don't need the reserved 24H, you can click my avatar, go to My Wallet, click Cancel all my orders on PlaNFT to cancel listing or bids
You will see the NFT buyer's bid in your NFT's Listings & Offers>Offers within 24H after the valid until, the buyer's bid will expire 7 days after the valid until, that is, you can choose to sell now within 24H ~7 days after the valid until.
During the auction process, the auction cannot be cancelled.
Reset: (Optional) Click Reset to clean up all the parameters you set if you find the parameters are incorrect. And reset all the parameters again.
Step 6: Click Complete Listing.
Step 7: If it is the first time to use the wallet to trade, you need to complete the following authorizations in sequence
Click Confirm to authorize your crypto wallet address to the PlaNFT transaction agency contract, you need to pay a small amount of gas fee during this process.
Click Confirm to authorize your NFT to PlaNFT transaction contract.
If the pending order currency is ERC-20, you also need to click Confirm once to authorize your ERC-20 token. If it is a native token, this step is not required.
Step 8: Click Sign to confirm the transaction. You will see the following page as shown below after the transaction is successful.
Step 9: Select the bid you are satisfied with in Listings & Offers>Offers of your NFT and click sell now.
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