NFT Auction

NFT Auction Feature Between Community Members

In addition to the NFT Marketplace, Project Merlin offers the NFT Auction feature, allowing users the opportunity to sell their NFTs to other community members. To access the NFT Auction platform, users can visit the dedicated section on the Project Merlin website: www.projectmerlin.io/NFT/Auction This platform specifically presents NFTs suitable for resale, catering to users interested in participating in auctions.

Key Features of NFT Auction Feature

NFT Sales via Auction: NFTs are exclusively sold through the NFT auction system. Instead of a fixed price, the auction allows for competitive bidding among potential buyers. The starting price for the auction is determined by the current owner (the NFT holder).

Bid Visibility and Listing: Once an NFT is listed for auction, it becomes visible to potential buyers. Bidders can place their offers by submitting bids on the NFT they are interested in acquiring. The auction listing displays the highest bid amount at any given time.

Non-Removal of NFTs: Once an NFT has received a bid in the auction, it cannot be removed from the auction listing. This ensures transparency and fairness throughout the bidding process.

Auction Duration: When an NFT receives a bid, a countdown timer of 48 hours begins. During this period, potential buyers have the opportunity to submit higher bids to secure ownership of the NFT. At the end of the 48-hour timeframe, the auction concludes.

Highest Bidder Becomes the New Owner: At the conclusion of the auction, the user who has submitted the highest bid within the 48-hour period becomes the new owner of the NFT. They are granted ownership rights and all associated privileges tied to that specific NFT.

NFT Expiration: When a Senator or an Editor NFT expires, the user loses access to its associated features. It's important to keep track of the validity period of the NFT to make the most of its capabilities. However, when the NFT loses its feature, it remains as a souvenir and can be sold at the marketplace. The fact that NFT has lost its property does not mean that it is worthless. It may have other uses in the future.