Hello, everyone! It’s been quite a while since I last posted on the Hive forums. I’ve been pretty busy lately and haven’t had much time to post. However, I did use the time I couldn’t devote to posting to work on some blockchain programming.
Over the past few months, I’ve been working on something that had occurred to me quite some time ago, after thoroughly reviewing the Hive-Engine documentation and coming across a feature I’d never seen used before: auctions.
It wasn't exactly an easy feature to implement. On top of that, there are the BEE fees required to set up an auction and other requirements that end up making the process quite complicated, which might cause some users to give up before even trying it.
The truth is, I was curious to see if it was actually possible for some online games to implement this feature, because it could be a great way to sell small collections or even for creators themselves to release limited-edition NFTs to the highest bidder.
That's why I ended up setting up a pretty interesting auction system that will allow players of the games listed on the platform to sell their cards in bulk at variable prices... Perfect for selling trading cards.
HiveNFTs Auction Rules
Creating an Auction
- Cost: 1 BEE (paid upon creation).
- NFTs: up to 50 per auction.
- Maximum duration: 30 days.
- Market fee: 5% of the final price (paid by the seller upon closing).
- Final price (optional): if you set one, the first bidder to match that amount wins instantly
Bidding
- Each bid must be at least 5% higher than the current one.
- Your bid is locked into the contract. If you are outbid, the contract automatically returns your funds.
- You can cancel your bid at any time, except in the last 5 minutes before closing.
Closing
- If a leading bid remains unmatched for 24 hours, the auction closes automatically and the leader wins.
- If no one matches the minimum price within 30 days, the auction expires without a sale and the seller recovers the NFTs.
Tips
- Be careful about funds being locked: as long as you’re the leader, your staked cryptocurrency is locked.
- If you want a quick sale, set an attractive final price.
