Sell an NFT using a reserve auction
Reserve Auction Modules allow anyone to sell an ERC-721 NFT using a reserve auction.
In a reserve auction, the seller sets a minimum price, and only if a bid meets or exceeds the price will the auction timer start.
You can view all of the code for the
Reserve Auction Modules in this GitHub Repo.
Reserve Auction Addresses
Ethereum - 1
Ropsten - 3
Rinkeby - 4
Goerli - 5
Reserve Auction Variants
There are several variants for the
Reserve Auction. Each variant comes with different features and associated gas costs.
The Finder's Fee is an amount offered to the party that helped match the highest bidder to the NFT.
For example, a user creates an
auction for one of the NFTs in their wallet.
If a Finder's Fee was specified, then the interface that helped match the NFT to the highest bidder could be entitled to that amount.
Note that the Finder's Fee is only charged if the auction completes.
Key Considerations 🔑
auction can be created by an owner or approved operator for any ERC-721 token.
auction timer will start when a bid is greater than or equal to the reserve price.
- The NFT is only taken into custody after the first valid bid is submitted.
- The timer will be set back to 15 minutes if a bid is submitted within the last 15 minutes.
- The amount for a bid is held in custody by ZORA until either the auction ends or a higher bid is placed.
- The percentage difference for a new bid must be greater than or equal to 10% of the previous bid.
- Creating a bid with an ERC-20 token requires that the bidder approve the ERC-20 Transfer Helper, but is not required for ETH bids.
- Royalties are paid out using the Manifold Royalty Registry when an auction ends.