Apr 6
DeSpace Auction Pad Guide ⚡️
How our NFT auctions work, and what you need to participate ✨
The DeSpace NFT Auction Pad is more than just an NFT store — it’s a place to grab unique, highly-collectible drops from high-profile celebrities and influencers. We work hard with all our collaborators to make sure these drops remain sought-after collectibles long into the future.
Imagine buying the jersey Michael Jordan wore during his final game or grabbing the original studio pressing of The Beetle’s Abbey Road — these items are incredibly valuable because they’re unique and historical, and that’s exactly the kind of auctions we’ll be hosting on the Auction Pad.
In this guide, we run through the Auction Pad’s mechanics and explain how you can begin participating in these must-have drops for collectors and investors alike.
Auction overview
The Auction Pad is designed to make bidding both easy and gas efficient. Users simply place bids on the item they want until the time runs out — whoever has the highest bid at the auction’s expiry wins the right to claim the NFT.
Grades and quantities
DeSpace NFT auctions are reserved for rare, highly collectible drops. As such, the auction has only one grade to reflect that each drop is a 1 of 1.
Artists and influencers may at times decide to release more than one NFT as part of a collection, however every auction will always only feature one single NFT at a time, with that NFT holding unique properties to ensure its absolute rarity in the context of the larger collection.
Auction rules
Every auction is unique, but all follow the same guidelines.
Auction starting bid: Variable
The owner of the collection will set the starting bid at a value that they believe reflects the value of the auction.
Auction currency: Variable
Auction currencies will vary depending on the chain being used and include $DES, $ETH, $USDT and $BUSD, among others.
Minimum bid: Each subsequent bid must be 10% more than the previous one
For example, if Bob bids $100 for an item, Sally must bid at least 10% more for her bid — so $110. If she bids $110, Bob must bid 10% more again, so $121 to regain the leading spot in the auction.
Auction time: Variable depending on the drop, extendable if bidding is ongoing
All auctions are programmed to end after a fixed time set before the auction begins, however if a bid is placed in the last 10 minutes of the auction, the auction time is extended by an additional 10 minutes. The fixed time could range from a few hours to a few weeks, depending on the drop.
Winning conditions: Highest bid at the close of the auction wins
If your bid is the highest when the auction closes, you win! From there, all you’ll have to do is claim your NFT.
Auction mechanics
The auction is designed to be simple, fair and efficient, allowing everyone to bid securely throughout the auction period.
- First, connect your wallet to DeSpace’s Auction Pad. If it’s your first time, you might be asked to confirm or sign a transaction.
- Next, enter the auction you’d like to participate in. If the auction is ongoing, you’ll see the current bid, as well as a way to enter a bid of your own.
- To bid, simply enter an acceptable amount. Remember — your bid must be at least 10% greater than the previous highest bid.
- If your bid is accepted, two things happen to your tokens. First, the previous bidder’s tokens are returned to them. This ensures that other auction participants always have funds available to bid.
Next, the difference between your bid and the previous highest bidder is locked in the contract. This means that the auction contract will always contain tokens equivalent to the current highest bid. - If someone bids higher than you, the amount you bid is returned to you via the method detailed above. Remember, you’ll still need to pay gas on all your own transactions.
- If your bid is the highest when the auction closes, simply claim your NFT and enjoy the perks and benefits that come with it!
NFTs with more utility
All DeSpace NFTs come packed with extra utility within our ecosystem, and our Auction Pad collections are no different. Whether it’s staking for extra yield or modifying some other aspect of your DeSpace experience, our NFTs look great, give you unique benefits and unlock the full power of our DeFi and NFT ecosystem.
Keep an eye on our announcements for updates on auctions, and best of luck with your bidding!
The DeSpace Team ✨
DeSpace takes the best of DeFi and NFTs and combines them into a single, easy-to-use platform that rewards users.
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