How does Ranked Auction work?
Ranked Auctions are auctions for editions of NFTs. If you are on the leaderboard, then you will receive one of the NFTs.
Users can place bids during the allotted time period. Upon conclusion, the top 5 bidders for this Ranked Auction will pay the price that they bid on the piece and the editions will be distributed in order of highest bid. For example, the top bidder will receive edition #1, the second highest bidder will receive edition #2, and so on and so forth
There is a minimum bid increment. This is the amount in between bids. So for example, if the Minimum Bid Increment is $5, and there are two bids currently active for $10 and $15, you would need to bid at least $20 to land on the leaderboard. However, if the minimum bid increment was $2, a $12 bid could be placed in between those two bids.
In the final 5 minutes of the auction, each new bid will reset the time remaining to 5 minutes. You may place as many bids as you like. All bids are final.
Bid Rankings
Rank | Bidder | Amount |
|---|---|---|
1 |  | $0.00 |
2 | Khan | $0.00 |
3 |  | $0.00 |
4 |  | $0.00 |
5 |  | $0.00 |