GamesPad NFT marketplace has recently added NFT auctions, a new feature that allows users to auction their NFTs or place bids on NFTs auctioned by other users.

What is The NFT Auction Feature?

GamesPad’s NFT auction feature is similar to the traditional English auction, but for NFTs. However, one major difference is that instead of fiat currencies, participants will need to place bids in cryptocurrencies. 

The NFT auction feature will benefit both buyers and sellers of NFTs. It will allow buyers to place bids and win exclusive NFTs, while sellers can use this feature to place their NFTs for sale using the auction method.

Users can access NFT auctions on the main page of the GamesPad NFT marketplace. Each auction will have a limited time and a minimum bid, the price below which a bid will not be accepted. All participants will have to place their bids for NFTs in the specified cryptocurrency, which can be BNB or BUSD.

When an auction starts, the NFT is transferred to a smart contract. An auction cannot last for more than 30 days or less than seven days. By the end of the bidding time, the user with the highest bid will win the auction and receive the NFT. 

When the highest bid for an NFT is in the range of $1 to $99, the minimum bid increment, the minimum amount that has to be added to the current highest bid in order to place a new bid, will be $1. If the bid is in the range of $100 to $999, then the minimum bid increment will be $10. And for $1,000 or higher, the minimum bid increment will be $100. 

Notably, users can’t retrace their bids once placed because the bids will be locked inside a smart contract. However, if they choose to place a higher bid, they will receive the amount they bid initially. There will also be a 3% seller fee by GamesPad. 

Similar to English auctions, if a user places a bid five minutes before the end of an auction, the auction will be automatically extended for another five minutes.

How to Place Bids in an NFT Auction?

1. Open the GamesPad NFT marketplace and click on “Connect wallet” in the upper-right corner.

2. Once your wallet is connected, you will be able to browse ongoing NFT auctions on the main page. You can see the auctioned NFT, how long the event will last, the minimum bid, and the bidding token for the auction.

3. Choose the auction you want to participate in and place a bid. 

4. Place a bid and click on “Approve” and then “Make a bid.”

5. Wait for the auction to conclude. You can place a higher bid if another user overbids you. 

How to Auction an NFT?

1. Open the GamesPad NFT marketplace and click on “Connect wallet” in the upper-right corner.

2. Click on your wallet and you will be able to browse your NFTs.

3. Choose the NFT you want to auction and click on “Sell.” A menu will open offering you to sell the NFT via “Fixed price” or “Auction.”

4. Click on “Auction” and fill out the necessary information, which includes the minimum price and how long the auction should last. Then click “Approve” and “Create Auction.”

5. To confirm, you will need to sign a confirmation via MetaMask. After that, your NFT will appear among other auctioned NFTs, and users will be able to place bids on it.