How To Auction an NFT

Scheduling an auction is easy. Follow these steps to auction your NFT on the Vatom Market. 

1. Create NFT

   1. Go to Studio.vatom.com & sign in or create account
   2. Go to NFT in header menu
   3. Select New NFT
   4. Create NFT by following prompts.
   5. Ensure edition size is set to 1. If you try making the edition size larger than 1, the option to distribute as an auction will not be available on the next step. 
      1. For more information on creating NFTs
   6. Publish NFT

2. Distribute (List on Marketplace)

   1.   Select the Start Selling button
      1. If you haven't set up your KYC or bank information to collect revenue, it will ask you to do so here instead. Once this has been set up, the Start Selling button will display. Select Sell on the Marketplace option.
   2. Select Sell on our NFT Marketplace
   3. Select NFT option
   4. Add distribution name (will not show publically)
   5. Select Scheduled Auction
   6. Select USD as the accepted currency with which the users will pay. 
      1. Currently, USD (FIAT) is the only option for accepted currency. 
   7. Enter the Minimum Bid Price. This is the price that the auction will start at. The first bidder must bid at this price or above it. This field may be placed at 0 if you wish. 
   8. Enter the Bid Increment. This is the incremental value the bidder is forced to bid at. Example. If you enter $2.00 in this field, the required amount for the offer must be $2.00 higher each time someone bids. This field may be left at 0 if you don't wish to have a required incremental value. NOTE: Adding an incremental value does help to move the auction along to higher price ranges. We suggest 5% of the Minimum Bid Price. 
   9. Select Start Date/Time and End Date/Time. This is how you can schedule the auction. The auction must be created in the future but can be created a minute in advance. The auction must end in the future. We recommend not messing with timezones as they may only confuse your bidders. 

3. List your item

   1. Once you list your item, you will see it under the Latest NFTs carousel on the main page of market.vatom.com
   2. If the auction has not yet begun, you will notice a countdown until it begins. 
   3. If the auction has begun, you will notice a countdown when it is over.

4. Manage your auction

   1. To manage your auctions go to My Account > My Auctions 
   2. Here you can see all of your auctions that you are managing, the statuses, and access the listings
   3. You will receive email notifications when: 
      1. Someone bids on your item
      2. When the auction is over
      3. When the auction is settled and the winner pays for their item the won
   4. To manage these notifications, go to: 

Other details: 

1. If the winner of the auction doesn't settle up and pay for the item they won, the title of auction winner will go to the next highest bidder.