In almost every situation of life, there are innovators as well as laggards. Innovators are usually the first set of people to jump into any development or technology. Usually, they make lots of cool cash before the laggards tag along. The laggards would want to watch others try it out first to see whether it’s viable or not. They do not want to make any mistakes; instead they want to learn from the mistakes of others.
While there seem to be some upsides to being a laggard, the situation is not always a win-win. Most often than not, the cryptocurrency and NFT markets favour people who get on board early enough. To be effective in any space, there are basics that one must be armed with. The NFT space is not an exception. Whether you want to list NFTs for auction or you want to buy listed NFTs, the rule is pretty much the same.
For every artwork listed for auction, the reserve price needs to be reached before a countdown is initiated. The reserve price is the minimum amount of BNB a Creator is willing to accept for an NFT to be auctioned. Buyers can only place bids that are equal to or above the reserve price. Once a buyer places a bid and a higher bid is not placed, the artwork/creation will be sold to the highest bidder. The artwork is added to the buyer’s collection while the BNB value is transferred to the creator’s wallet or account. Depending on the platform used, some amount goes to the owner of the platform as service charges.
How Do You Promote Your NFT on Auction
Some people have desire to list NFTs on auction but they make a shipwreck each time they try. This happens because, some things are not gotten right. First, one needs to set a realistic price, not just anything that comes to mind. It won’t hurt to do little research to find out how much arts of similar quality are selling. This way, you’d know whether or not the reserve price you are setting is a good point to start receiving bids.
After setting ia reserve price and listing has been done and approval secured from the auctioning platform, the next thing you might want to do is to share the auction link on your social media outlets. Keep talking about it. Build hype around it and make people curious. The more the hype, the more it is likely to perform well. It’s your creation; you’d be proud to talk about it.
In order not to sound off when talking about these things, we’d define some terms for the sake of clarity.
This is pretty what we’ve been talking about all along. This entails setting up a fixed amount (reserve price) and allow bidders to start bidding from the reserve price or higher. The highest bidder goes home with the artwork. Auction can be reserved auction where a 24-hour countdown is set and the highest bidder at the end gets the piece of art; or scheduled auction in which a specific start time and end time is set.
This method of disposing off NFTs allows collectors to make an offer on any piece of art they find attractive. The artwork needn’t be under auction. The art owner needn’t do anything for offers to be made. He only has to decide whether or not the offer being made is something he wants to accept.
Buy Now purchases involve setting a “list price” at which an artwork can be purchased. Offers can be made on arts that are listed for Buy Now. Setting a price is a good idea if you don’t want to run a timed auction but be sure that you do not overprice or underprice your own work.