Factory auction flow
What happens when I buy an NFT on sale?
When you buy an NFT on sale in our Factory, you perform a transaction on the Factory contract, calling the “buy” operation. The “buy” operation performs a price conversion from USD to ETH using the decentralized Chainlink oracle and mints (or transfers if already minted) the NFT you bought to your account.
What happens when I place a bid on an NFT on auction?
When an NFT is on auction, you can place a bid to obtain it. This operation will transfer the amount of your bid to the Factory contract that will act as an escrow for the bidder funds. This means that:
- You need to already hold the funds for the bid that you are placing.
- Funds are locked in the Factory contract for the auction duration unless some other user places a higher bid.
- If a bid was already placed, the amount is given back to the previous bidder.
Can I withdraw a bid I made on an NFT?
No, you can not. In order to protect the fairness of the auction system, once a bid is placed, it can not be reverted. The only way in which a bid can be voided is a different user placing a new bid with a higher amount.
What happens when an auction expires?
When an auction expires, the current bidder becomes the auction winner and can claim the NFT from the Factory contract finalizing the auction. The claim operation does not require any other expense except for the transaction fee of the blockchain where the Factory is deployed. The claim operation:
- Transfers the bid amount to the NFT creator retaining, when present, a Factory fee.
- Mints (or transfers if already minted) the NFT to the auction winner.
- Can be executed by anyone since its behavior is constrained to only perform the legitimate transfers. It is in the auction winner's interest to execute such a transaction, so, when you place a bid, you need to take into account that one more transaction (and the related fee) is needed in the case in which you win the auction, in order to obtain the desired NFT.
What happens if someone places a bid right before the auction expires?
The Factory contract will automatically extend the auction expiration by ## hours in terms of number of blocks of the underlying blockchain.
Is there a minimum amount when I want to overcome someone’s bid on an NFT ? Yes, you must place a bid that is at least the ##% higher than the previous bid.