Looking for some more information (That doesn't seem covered by the "How it works" section)

@Sheratan as my understanding through your explanation, if I sell my NFT via Timed Auction, the NFT will be forcibly sold at highest bid. However I read guide from Rarible saying that it’s only in 48 hours. Does that mean if I don’t accept within 48 hours, I cannot accept the highest bid anymore and my NFT will be free again?

Hi and welcome among us @hana1812

yes you’re right about the sale at the highest bid.
Yes indeed you will be able to have your NFT. However, be aware that an NFT can be sold on timed auctions only once in it’s lifetime. After that, if you want to sell your NFT on timed auctions again, you’ll have to burn it and remint it first.

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addition:

  • ERC-721 is considered to be the “gold” contract for NFTs. Only allowing 1/1 meaning one single piece. Some OGs prefer this contract and single mints. But I would say more out of nostalgia or as 1/1 are more rare… Saying so, I would mint a 1/1 only on erc-721.
  • ERC-1155 is an update allowing multiple “copies” of one piece = Edition x/x so I use this for editions.
  • collection: on long term consider minting your own collection (erc721 or/and erc1155) to keep your mints sorted and in order to get your royalties. this collection is your own contract then. this will cost a hefty one time fee but it is professional. I minted my collections for around 250usd. Considering how much I pay for frames, canvas or paint every month, I never thought twice going this way from start. I am in for the long term anyway…
  • “rari” is such an collection contract. So you mint in rarible owned collection. It is like a gallery would co-sign on your painting. might be more difficult to sell elsewhere as well…
  • but remember: all this doesnt have anything to do if you get noticed and sell!

cheers
happy minting
Eliot

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Friends help me understand.
If I placed a timed auction and my NFT was purchased. Can I timed auction this NFT again?

Hi and welcome among us @alexandrnuvo

No, because you can only sell 1/1 NFTs and once sold, it’s not yours anymore.

And I don’t recommend to mint twice the same NFT unless you want to have your reputation shattered.

I wish you the best here :slight_smile:

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