Auctions
In this guide, we will present how you can use the NMKR Studio auctions feature
Auctions can be used with any NFT that you hold, to allow people to bid on with the aim to accept the offer from the highest bidder.
This process takes about 2 minutes to implement, if you have queries from your community, you can direct them here for details on bidding.

Overview

The workflow for auctions is as follows:
  • Set the auction end time and date and minimum (reserve) price
  • NFT MAKER generates the auction address
  • Send your NFT to that auction address
  • Share the bidding address with your community
  • People bid on the NFT
  • Auction closes and the NFT is awarded to the highest bidder (if they exceeded the reserve price)

Setup Guide

<VIDEO GUIDE WILL BE RELEASED SOON>
Let's have a look at how we can do this in the user interface - for developers, we also have the API that you can use if you wish to build custom solutions.

Settings

First things first, you need to navigate to the Manage Auctions Section.
Manage Auctions
After loading this page, you will need to press the Create New Auction Button. Doing so will display a form with various options:
  • Auction Name
    • This is free text to help you identify your auctions
  • Payout Wallet
    • This will be the Cardano Wallet that the sale proceeds will be paid to
  • Auction Runs Until (Date)
  • Auction Runs Until (Time)
  • Min. bet in ADA
    • This is the minimum amount of ADA you allow the NFT to sell for (reserve price)
After completing the settings, the state of your auction will be set to "Wait for NFT Lock"

Lock NFT

Locking your NFT is how we describe "sending the NFT to the aucion address" - think about this like putting your NFT in a box of computer code.
To do this is very simple - just send your NFT to the address listed in the console!
Select the Lock NFT button:
You will see a box like this, which shows a specific address for your auction.
Example Auction Address
Note - In the case that the NFT is NOT sold ,it will always be sent back to the wallet that it was originally sent from. For this reason, you MUST lock your NFT from your own, custodial wallet.
Go into your Cardano Wallet and send the NFT and 2 ADA to your auction address.
A short time later, once the transaction has processed, the NMKR Studio console will have updated to show the NFT as being locked in the auction address:
Example NFT Locked in the Auction
Well done! Your Auction is now live!
The State of your Auction will change to Running
After locking your NFT, you get some different Actions available.
Before Lock
After Lock

Bidding Process

The bidding process is very simple. As the creator, you share the Auction Address with your community and then anyone who wishes to bid can do so by sending the Bid amount in ADA to that address.
You can find the Auction Bid Address here.
Show Auction Address
Note - as with any single-address activity you need to be very clear with your community about the correct address.
For an auction participant, the amount of ADA they send to the address is the bid amount.
When a previous bidder is outbid, the auction address will return their bid to them (minus Cardano transaction fees).
If a bidder bids less than the current highest bid, the auction address will return their bid to them (minus Cardano transaction fees).
At the end of the auction, the highest bid will win and the auction address will automatically send the NFT + 2 ADA (minus TX fees) to the address that the bid came from.

Auction Tracking

You can see the history of the auction by clicking the button:
Show History
This will show a page like this, which shows the bid events that have happened so far:
Auction History
You can also look into the TxHash information for each bid event by clicking the links, which will show the on-chain data in detail.
Happy Bidding!