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.
Verse covers the gas fees for minting.
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 increase a bid that you've already placed.
It's not possible to cancel a bid.
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'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 get outbid, your bid will be refunded.
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 there are more bids than there are artworks available, you'll need to place a bid larger than the lowest winning bid.
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
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.
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.
When the sale ends, the available supply is distributed amongst the top bidders.
Gas fees
Verse covers the gas fees for minting.
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 increase a bid that you've already placed.
Cancelling a bid
It's not possible to cancel a bid.
Bidding with different payment methods
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.
ETH (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.
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.
Getting outbid
When you get outbid, your bid will be refunded.
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.
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 |
Settling an auction
If you win an auction, the payment method you selected when submitting your bid is charged automatically.
Rebate
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.
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.
Updated on: 30/05/2023
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