🤘Auctions on OmniFlix Market

on overview of Timed Auctions listing type of the 'marketplace' module

Timed Auctions on OmniFlix Market are a tweak and a modification of the standard reserve price auction mechanism.

• Auctions are set by the owners of an NFT and can be cancelled ONLY IF there are NO bids that initiated the auction.

• Auctions are time-based. The bidCloseDuration parameter determines the duration of an auction before it is closed for bids.

• Auctions adhere to the royalties as set by the creator during NFT minting.

• All bids on auctions will accept only the token that the auction starts with.

• Auction listing can NOT be edited. The owner of the NFT is required to de-list or cancel an auction and then re-list it again in case of any updates to the listing configuration.

Bid Close Duration

• bidCloseDuration is a parameter that can be controlled by the governance of the OmniFlix Hub.

• This parameter determines the duration before which an auction should end before receiving bids.

• On FlixNet-4, this parameter is set to 60min or 1hr.

• On mainnet, this parameter will be set to 24hrs by default and can be updated by governance as required.

Details to create/configure an auction

• Minimum Bid represents the value of the first bid to kick start an auction

• Bid Increment Percentage represents the value being given as an input to the step function. This function increases the minimum bid by a certain percentage with every bid.

• Start Time for an auction is important to enable scheduled launches (on a daily/weekly/monthly basis) and more

• End Time for an auction is optional, but it is best to set the end time for every auction to ensure they're live. If no End Time for an auction is set, the auction ends in the duration

• Timed-auctions have the ability to take input of Splits

  • Splits are the set of OmniFlix accounts that an owner might want to share the value received from the winning bid

• Timed-auctions have the ability to take input of whitelisted accounts which lead to private auctions on OmniFlix.

Private Auctions on OmniFlix

Auctions are by default public for everyone to participate unless there are whitelisted accounts.

Whitelisted accounts are possible to set for an auction thereby allowing only a certain set of accounts to participate in the bidding process of an auction.

Only OmniFlix account addresses can be whitelisted.

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