How bidding works
In an auction, the artist sets a starting price and you bid against other collectors. When the sale ends, the highest bidder wins the auction and pays for the item.
If a bid is placed within the last 10 minutes of an auction, the timer automatically resets to 10 minutes, to give other collectors time to submit additional bids.
If you're paying with prepaid USDC, you can only submit a bid for the amount you have already deposited into your account balance. Deposits can take a few minutes, so we highly recommend depositing the maximum amount you're willing to bid well in advance.
When you bid and select credit/debit card as a payment option, we place a temporary hold on this amount to make sure you have sufficient funds. We release the hold if you're outbid.
If you're outbid, funds will be returned to your wallet. This usually takes about a minute, but it may take longer if the network is busy.
Please note that bid payments with MetaMask sometimes take a few minutes. If you're planning on placing a bid with only a few minutes to spare, we highly recommend using an alternative payment method.
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
During bidding you are able to specify if you'd like to use "automatic bidding". Automatic bidding means that the system will bid slightly above the highest bid to keep you in the lead up to the maximum amount you specify. Using automatic bidding you can specify the maximum amount you are willing to bid without having to worry about being at computer through the duration of the sale. During the bid you will be charged the amount you specify and you will be refunded immediately after being outbid as in a regular auction. Automatic bidding is disabled by default.
Say that the current bid on the auction is $800. If you make automatic bid for $1000, the system will bid $810. If another collector proceeds to make a bid of $900, Verse system will automatically bid $910 on your behalf. If another collector proceeds to bid $1100, they will end up outbidding you and will be leading the auction.
Time extensions
If a bid is placed within the last 10 minutes of an auction, the timer automatically resets to 10 minutes, to give other collectors time to submit additional bids.
Bidding with different payment methods
Prepaid USDC 💸
If you're paying with prepaid USDC, you can only submit a bid for the amount you have already deposited into your account balance. Deposits can take a few minutes, so we highly recommend depositing the maximum amount you're willing to bid well in advance.
Credit or debit card 💳
When you bid and select credit/debit card as a payment option, we place a temporary hold on this amount to make sure you have sufficient funds. We release the hold if you're outbid.
MetaMask 🦊
If you're outbid, funds will be returned to your wallet. This usually takes about a minute, but it may take longer if the network is busy.
Please note that bid payments with MetaMask sometimes take a few minutes. If you're planning on placing a bid with only a few minutes to spare, we highly recommend using an alternative payment method.
Settling an auction
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
Automatic bidding
During bidding you are able to specify if you'd like to use "automatic bidding". Automatic bidding means that the system will bid slightly above the highest bid to keep you in the lead up to the maximum amount you specify. Using automatic bidding you can specify the maximum amount you are willing to bid without having to worry about being at computer through the duration of the sale. During the bid you will be charged the amount you specify and you will be refunded immediately after being outbid as in a regular auction. Automatic bidding is disabled by default.
Example
Say that the current bid on the auction is $800. If you make automatic bid for $1000, the system will bid $810. If another collector proceeds to make a bid of $900, Verse system will automatically bid $910 on your behalf. If another collector proceeds to bid $1100, they will end up outbidding you and will be leading the auction.
Updated on: 27/01/2023
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