Everything to Know About Auctions (From a Buyers Perspective)

Currently, there is only one type of auction on the Vatom Market which is Scheduled Auctions. The creator can schedule an auction for a reasonable timeframe and at the end of that scheduled time, the highest bidder wins. 

The creator can set a minimum bidding price which is the minimum floor price at the auction will start at. The minimum price must be higher than $10.00 to begin and the creator can raise the price from there. The creator can also set bid increment requirements which will require bids to increase by the defined amount. 

Auctions on the Vatom Market currently only support fiat (credit card) payments. We hope to support ETH and other crypto settlement payments in the future. 

Once the creator and auctioneer have listed their auction, they can change the minimum bid prices and start/end times/dates, so long as the auction has not begun. As soon as the auction begins, the auction details are set in stone. 

How To Make An Offer

1. Ensure you are signed in
2. Select the Make An Offer button
3. The offer method modal will open. 
4. Add a credit card to hold your bid.
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   2. NOTE: Your credit card will not be charged at this time. 
5. Enter your offer amount in the offer field. The minimum amount will be pre-displayed in the field.
6. If you wish for your credit card payment method to be saved for use at a later time, check the box "Use this payment method for purchase." 
7. Select the Make Offer button

NOTE: 

• As soon as your offer is made, you can not retract the offer. 
• You will receive a confirmation email to confirm your bid. 
• Once you make an offer, your offer will be visible on the Bids tab on the listing page.
• To manage your bids all in one place, select your profile icon > My Account > My Bids 
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• Be sure to continuously check your email and monitor the auction. If you won, you have 48 hours from the end of the auction to Settle Up and pay for the NFT that you won. 

I Won The Auction... Now What?

If you won the auction, you must settle up and manually pay for your NFT within 48 hours or you lose the NFT that you won. If you don't settle up after 48 hours, the NFT will be delivered to the next user in line with the next highest bid. 

To check the status of your bid, you can easily check it on the My Bids dashboard. 

1. Once you have won, go to My Bids dashboard and select the Settle Up button
2. You will be navigated to the checkout page where your card details will be prefilled (if you checked the box while entering your card number). If your card number is not prefilled, enter it and finish checking out. 
3. View your NFT in your wallet. 

CONGRATS!

Additional Information: 

• If you wish to resell your winning item, you may but only Buy Now resales are supported at this time. You can resell from the wallet. 
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