Blockparty offers the ability to sell goods at auction as a creator, and bid on goods at auction as a collector. This system makes price discovery on digital assets fun and dynamic.
Blockparty Auction Functionality
Blockparty offers the ability to sell goods at auction as a creator, and bid on goods at auction as a collector. This system makes price discovery on digital assets fun and dynamic. Let’s take a look at how our system works and how it should be used for maximum success.
Bidding Auction
First, it’s important to note that bids can be placed with credit card AND Ethereum via Metamask. When an asset is created and listed on the Blockparty marketplace for sale, you will see it represented in the storefront of its creator.
Clicking the asset opens up a page with additional details about the asset, about the sale, and the option to place a bid. Here you’ll notice the ability to select your preferred method of payment.
To bid with a credit card, simply select this option and enter your bid amount. Once credit card information is entered you will not be required to re enter it to place additional bids.
Bid increments are currently set at 1 dollar. All bids and payments on site are denominated in USD.
*Bids once entered cannot be canceled.* They are considered binding agreements. This prevents artists from being defrauded by manipulating price and then later withdrawing bids. To ensure you are making a bid in full awareness, we will ask you to confirm bids before submitting them.
Ethereum bids must be submitted via Metamask - we plan to support other wallets in the future but currently do not have them integrated. When bidding with Ethereum, you will be asked to sign the Metamask transaction and confirm the amount you are bidding.
*We strongly recommend you using normal or high gas when placing Ethereum bids to ensure your transaction is successful.*
If you do not, there is a chance other bids will be submitted ahead of yours before yours confirms. As it stands there is nothing we can do to prevent this, users themselves must manage gas settings to avoid their bids being skipped.
Once ETH bids are submitted they are held until the conclusion of the auction. If you have been outbid, then you can reclaim your ETH before the end of the auction by paying the relevant gas fee. ETH bidding itself will end 3 minutes before the end of an auction to ensure transaction confirmation. If, at the conclusion of the auction you are not the winning bid, then again, you can click to reclaim your ETH, and pay the relevant gas fee.
It’s also important to note that once you have bid with Ethereum, you will only be charged the difference between your initial bid and the current bid, if you choose to bid again. For example if you place a bid for 1 ETH and later place a bid for 1.5 ETH you will only be charged .5 ETH (plus gas) to place the new bid.
If you choose to submit your bid via credit card, a hold will be authorized on your credit card for the amount you bid. If you are outbid during the auction, you are able to increase your bid amount, and only the incremental difference between your two bids will be held on your credit card. If you would not like to bid again after having been outbid, you have the option to cancel your previous bid to release the holds on your credit card before the auction closes. It typically takes 3-5 business days for holds to be released on your credit card, and is based on your credit card provider’s policies. You can bid with credit card right until the auction closes.
Creating Auctions
To create an auction, first, you will need to create an asset in the creator section of your account. Once created, you can select to sell the asset and select auction as a sale option.
Auctions must run a minimum of 1 hour, and can run a maximum of 6 days. Creators will select here the duration of the auction between these two time limits, and can set an immediate or future start date and time. Here creators will also set the optional minimum bid required, as well as an optional threshold price (automatic sell price) for their auction.
Items are automatically sent to the highest bidder if the threshold price is met or surpased. If the threshold price is not met or there is none set, the creator selling the item has the option to accept or reject the highest bid received when the auction ends, as long as it is within 7 days of the auction start date. If the item is not sold under these conditions, it will return to the created items section of the creator account.
It is important for sellers to note that once started, they cannot cancel or accept bids before the auction period ends. Once started, auctions will run to completion.
Summary
In summary, Blockparty offers creators the ability to list assets for auction, with auctions running to completion. Blockparty aims to protect and support creators and collectors by making auction periods solid, bids non-withdrawable, and allowing both USD and ETH bidding on auctions. Best practices for bidders center around using normal or high gas fees if bidding with ETH, remembering that ETH bidding ends slightly before USD bidding, and realizing that withdrawing ETH deposited into the bidding escrow contract requires gas to retrieve funds.
For any questions or concerns please feel free to contact us at Blockparty Support here.
