How do ranked auctions work?
In a ranked auction, the artist sets a starting price and you bid against other collectors.
When the sale ends, the available supply is distributed amongst the top bidders.
If you have a winning bid and you place another bid, you'll have two winning bids. If neither of these bids are outbid, you'll win two artworks.
You can't cancel, increase or replace a bid once it has been placed, and your funds are locked up while your bid is active. To avoid being the risk of being outbid at the last second and not having enough time or liquidity to place another bid, we highly recommend only placing a bid for the highest amount you are willing to pay. Remember that all winning bidders pay the amount of the lowest winning bid, so there is no risk of overpaying.
It can be difficult to place bids during the final few minutes of an auction, as many bids are placed at this stage and your bid amount may be too low by the time it gets submitted. For this reason, we highlight recommend placing your final bid well in advance of the end of the auction.
It's not possible to cancel a bid.
When you bid with credit/debit card, we place a temporary hold on this amount to make sure you have sufficient funds.
If you get outbid, we immediately release this hold. Most banks show this release of funds after a few seconds, but in some cases it can take a few days.
If you get outbid, funds will be returned to your account balance within a few seconds. Your account balance can be put towards additional bids, or you can withdraw it to your private wallet.
MetaMask payments can take a while, especially if the network is busy. If you're planning to bid within the last minute or two, we recommend using an alternative payment method to be safe.
If you get outbid, funds will be returned to your account balance within a few seconds. Your account balance can be put towards additional bids, or you can withdraw it to your private wallet.
Tezos wallet payments can take a while, especially if the network is busy. If you're planning to bid within the last minute or two, we recommend using an alternative payment method to be safe.
If you hold funds in your account from depositing USDC or selling artworks on Verse, you can use this to bid.
If your balance is less than the value of the bid you'd like to make, you can top it up using another payment method when you go to enter your bid.
Deposits can take a few minutes, so we highly recommend depositing the maximum amount you're willing to bid well in advance.
If there is a bid in the last 5 minutes of the auction, the end time will be extended by 5 minutes.
There is often an extension cutoff time to ensure the end of an auction doesn't run on forever. Exact timings will be shown on the artwork page during the sale.
If the ranked auction has a rebate, this means that if you win with a bid more than the lowest winning bid, you'll receive a refund for the difference.
Rebates are sent to your account balance within an hour of the end of the auction.
For example, if the lowest winning bid was $300 but you bid $400, you'll receive a $100 refund after the auction.
Rebates are processed automatically within 24hrs of the end of a ranked auction.
If there are more bids than there are artworks available, you'll need to place a bid larger than the lowest winning bid.
If there is more than one bid for the same amount, the bids placed earlier are prioritized.
For example, if there are two items available and the top three bids are...
$500
$450 (placed at 9am)
$450 (placed at 10am)
...then the $450 bid placed at 10am will miss out.
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
Verse covers the gas fees for minting.
When the sale ends, the available supply is distributed amongst the top bidders.
Placing multiple bids
If you have a winning bid and you place another bid, you'll have two winning bids. If neither of these bids are outbid, you'll win two artworks.
You can't cancel, increase or replace a bid once it has been placed, and your funds are locked up while your bid is active. To avoid being the risk of being outbid at the last second and not having enough time or liquidity to place another bid, we highly recommend only placing a bid for the highest amount you are willing to pay. Remember that all winning bidders pay the amount of the lowest winning bid, so there is no risk of overpaying.
Last minute bids
It can be difficult to place bids during the final few minutes of an auction, as many bids are placed at this stage and your bid amount may be too low by the time it gets submitted. For this reason, we highlight recommend placing your final bid well in advance of the end of the auction.
Cancelling a bid
It's not possible to cancel a bid.
Bidding with different payment methods
Credit or debit card 💳
When you bid with credit/debit card, we place a temporary hold on this amount to make sure you have sufficient funds.
If you get outbid, we immediately release this hold. Most banks show this release of funds after a few seconds, but in some cases it can take a few days.
ETH (MetaMask) 🦊
If you get outbid, funds will be returned to your account balance within a few seconds. Your account balance can be put towards additional bids, or you can withdraw it to your private wallet.
MetaMask payments can take a while, especially if the network is busy. If you're planning to bid within the last minute or two, we recommend using an alternative payment method to be safe.
Tezos Wallet 🟦
If you get outbid, funds will be returned to your account balance within a few seconds. Your account balance can be put towards additional bids, or you can withdraw it to your private wallet.
Tezos wallet payments can take a while, especially if the network is busy. If you're planning to bid within the last minute or two, we recommend using an alternative payment method to be safe.
Prepaid USDC and account balance in other currencies 💸
If you hold funds in your account from depositing USDC or selling artworks on Verse, you can use this to bid.
If your balance is less than the value of the bid you'd like to make, you can top it up using another payment method when you go to enter your bid.
Deposits can take a few minutes, so we highly recommend depositing the maximum amount you're willing to bid well in advance.
Time extensions
If there is a bid in the last 5 minutes of the auction, the end time will be extended by 5 minutes.
There is often an extension cutoff time to ensure the end of an auction doesn't run on forever. Exact timings will be shown on the artwork page during the sale.
Rebates
If the ranked auction has a rebate, this means that if you win with a bid more than the lowest winning bid, you'll receive a refund for the difference.
Rebates are sent to your account balance within an hour of the end of the auction.
For example, if the lowest winning bid was $300 but you bid $400, you'll receive a $100 refund after the auction.
Rebates are processed automatically within 24hrs of the end of a ranked auction.
Minimum bid amount
If there are more bids than there are artworks available, you'll need to place a bid larger than the lowest winning bid.
| From | Minimum bid increase |
|---|---|
| $0 | $10 |
| $600 | $25 |
| $1,500 | $50 |
| $3,000 | $100 |
Bids of the same amount
If there is more than one bid for the same amount, the bids placed earlier are prioritized.
For example, if there are two items available and the top three bids are...
$500
$450 (placed at 9am)
$450 (placed at 10am)
...then the $450 bid placed at 10am will miss out.
Settling an auction
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
Gas fees
Verse covers the gas fees for minting.
Updated on: 01/12/2023
Thank you!