As part of our Common Canvas event, beginning on September 21st at 1 PM PST / 4 PM EST will be an auction for 1 Skateboard NFT designed by Common Canvas Curator Kevin "Spanky" Long. In this article, we'll explain how auctions work and what information you will need to set yourself up for a successful bid.
Before we get into the specifications on auctions, it's important to note the following:
- Auctions will be conducted/bids will be able to be placed by using DAI. You can purchase DAI either through Wyre directly on Nifty's (note a $1,000 per transaction and $7,500 per card per day limit) or by using the token bridge on Palm. If purchasing on the bridge, it's recommended you purchase in advance as the transfer can take some time.
- If your bid is $10,000 or greater - you will need to complete the KYC verification process before your bid is allowed to be made. For more information on KYC, please check out our support article here.
- For the purposes of this article, the screenshot and gifs below are for demonstration purposes only. These screenshots do not reflect the actual auction on September 21st.
How do Auctions work?
- To begin, you'll want to head to https://niftys.com/events/common-canvas/spanky and scroll down until you come across our Kevin Spanky Long auction on the Common Canvas event page:
- You'll click Place A Bid where a separate pop-up will appear prompting you to approve your transfer of funds. This prompt states that in order to buy an NFT, you must approve your address (your wallet details) to interact with the contract to move your funds upon the sale (should you win) and accept the NFT from the seller in return:
- From this same screen, you can also decide which wallet you'd like to approve the address of and have the auction take place by using the drop-down arrow outlined below. You can connect either your Nifty's wallet or your MetaMask wallet. Please note if you have two Nifty's addresses (email and Twitter) you'll need to be logged in under either method to view that Nifty's wallet address.
- Once the wallet is selected, you'll be brought to a new screen that will allow you to place the bid by entering the correct DAI amount:
- Our auctions have a minimum increment of 3%, but when placing your bid, the minimum will auto-populate letting you know what amount needs to be placed.
- If a separate bid from another user occurs while you're in the process of bidding, your current bid will be invalid and you will be outbid.
- If your bid is $10,000 or more - you will need to complete the KYC verification process before your bid is allowed to be made. For more information on KYC, please check out our support article here.
- Note that once a bid is made, it can NOT be canceled.
- Once you click Place Bid, your bid will begin processing. If successful, you'll receive a confirmation message that highlights that you're now the highest bidder. You can then click on the "Ok, I'm done" prompt to return to the main screen:
- Once you return to the main screen, you'll see that you are now the highest bidder! If the screen isn't updating, it's recommended you refresh to see your highest bid:
Will I be notified if I'm outbid?
At this time, the only way to confirm if you're outbid is by checking the main page where the auction is taking place. That link will once again be:
Once the auction is complete, Nifty's will be connecting with the winner directly to confirm and congratulate on their successful auction!
What is the Auction extension?
Auction extensions allow bids to be placed/continued in five-minute increments past the scheduled auction closing. This extends the auction closing time on the NFT by 5 minutes each time a new bid is placed during the last 5 minutes of the auction.
What if I'm experiencing issues with my MetaMask wallet during the auction?
We're always happy to help if any issues arise but it's also important to note the troubleshooting steps below:
- If you select MetaMask as your wallet for the auction, it will automatically default to the OPEN MetaMask wallet. If you're not connected, a separate pop-up via the MetaMask extension will pop up and automatically connect for you.
- If you use MetaMask for the auction and the extension pop-up appears and you REJECT the confirmation, it's possible your prompt will freeze. To refresh the option/ability to connect to your MetaMask and accept the signature, you'll simply need to click off prompt (return back to the auction event page), and re-click the Place a Bid button starting the process over again.