Auclantis NFT auctions

Auclantis is an open and decentralized NFT auction house on Ethereum Layer-2.

Auclantis auctions run for a fixed amount of time (decided by the seller), at the end of the auction time the item is sold to the highest bidder. Auctions have the following advantages compared to other selling processes:

  • Competitive bidding leads to better price discovery,
  • Bidders cannot withdraw their bids,
  • Sellers and buyers know in advance when the auction ends, so they can manage their funds better.

When sellers create an auction, they decide in which room to place it. All auctions in the same room end at the same time. Rooms are a core concept on Auclantis because they allow buyers and curators to compare auctions with each other, prioritizing auctions they find more interesting and with greater potential.

At the moment, all auctions on Auclantis are fixed-time auctions. At the end of the auction period, the bidder with the highest bid is the winner and receives the auctioned NFT. To avoid bidders fighting to squeeze their bids in at the last possible moment, we introduce the concept of last chance. In the last hour of the auction, only bidders that previously bid on the auction can bid, but only one more time. Since bidders don't have the opportunity to counter-bid, their best move is to bid their true price.

Auclantis auction house

How to auction NFTs

In this section, we describe the auction process from the point of view of the seller.

Sellers create an auction by deciding:

  • The NFT they want to sell.
  • The auction room, this determines the auction end time.
  • The reserve price (minimum bid) and the currency they want to accept.
  • The commission they want to share with the community of curators.

The auction starts immediately after sending the transaction to the network. Sellers can start sharing the link to their auction on social media to draw attention to it. The auction gains more visibility as more curators lock their tokens into it.

If the auction received any bids by the end of the auction period, the auction is successful. Sellers can withdraw the sale proceedings minus the community share (if any). If the auction was not successful, sellers can withdraw the NFT and create a new auction.

How to win an auction

In this section, we describe the auction process from the point of view of the buyer.

Buyers bid on an auction by sending a transaction with a new, higher bid. This new bid must be at leas 5% higher than the previous bid. When they bid, buyers also transfer funds to the auction, this ensures they can pay for the NFT if they win the auction. When a bidder is outbid, their funds are returned to them.

In the last hour of the auction, only bidders that previously bid on that auction can bid, but only one more time.

At the end of the auction period, the highest bidder can withdraw the NFT they just won.

Buyer are encouraged to discuss with fellow bidders on our Discord channel.

How to pick the best auctions

In this section, we describe the auction process from the point of view of the curator. The objective of curators is to find the auctions that they think will sell the best. In exchange for their work, curators will receive a commission on the sale, the commission amount (as a share of the final sale amount) is decided by the seller when they create the auction. Curators signal they like an auction by locking some Auclantis tokens until the auction ends. All curators have a limited amount of tokens, so they need to prioritize which auctions they find more promising. Curators that lock their tokens early are rewarded with a larger share of the commission, this encourages curators to look for auctions that have not received as much attention. When the auction is completed, curators can withdraw the tokens they locked and the commission they earned.

TL;DR

  • Auctions are fixed-time and are grouped by room.
  • All auctions in the same room end at the same time.
  • In the last hour of the auction, only bidders that previously bid can bid one more time. This is called last chance.
  • Curators signal which auctions they find promising by staking their tokens until the end of the auction. At the end of the auction, they receive a commission decided by the seller.