Articles on: Market

How to auction an NFT

An NFT auction is a type of sale where the seller sets the opening bid and the duration of the sale, once a seller places the auction parameters on the NFT, people who are interested are free to bid within the stipulated timeframe, at the end of the set duration the item is given to the highest bidder.
In auction buyers usually place their bids based on how much they're willing to pay for the NFT.

Here are the differences between an NFT auction and a fixed price selling of an NFT:
In contrast to NFT auctions where the price of the asset can increase in value depending on the volume of bids, fixed-price NFTs don't increase in price.
Since they aren't at the mercy of bids, an NFT with a fixed price is set by the owner, not by the buyer.

Just selling NFTs at a fixed price is usually based on the present market value of the respective collection and sellers can choose to sell at the floor price or above the floor price depending on the rarity of the digital asset.

Here is a quick guide on How to do an auction in the Venly Market?:
First, log in to your Venly Market account and click the drop down arrow at the upper right side of the screen
Click My Inventory and choose the NFT that you want to list for auction
Click the NFT, choose Auction, and set the Starting bid including the Duration of the auction

You can also set the auction anytime or date you want it to be published by turning on the Publish later option, you can even make a Private auction on Venly Market.
Click Next and Approve Listing
Publish it and your auction is now LIVE!

Updated on: 04/08/2022

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