Ok this needs some better light. I did a timed auction on a piece i had purchased from an artist. I purchased the piece at .037. I started the timed auction off at .02 to get some attention… but that messed me up. My timed auction ended after 24 hours with 2 bids and the top bid was .025. Guess what???
It locked me in at that price!! I can’t relist the piece, I can’t cancel the sale, I have to accept the bid at .025! so now I paid gas to purchase the piece originally at .037, I paid gas to transfer my WETH into ETH just so i have enough ETH for the gas ill have to pay to accept the bid at .025!
IF YOU DO A TIMED AUCTION, MAKE SURE TO START THE BID OFF HIGHER THAN WHAT YOU PAID FOR THE PIECE OF WORK! YOU ARE LOCKED IN ACCEPTING THE FINAL BID AND YOU HAVE TO PAY GAS TO ACCEPT THAT BID!!
Below is the item you can review the history to verify my information.