Timed Auctions (hell yeah or no go)?

Hello All,
I got a email about the new updates to the Timed Auctions , what’s your thoughts? Have you lost money on them if not sold? How have they worked out for you? Will there be gas fees?Or just run away from them like Forest Gump… Let’s start the Talk…

Your cool kid club member eating,

AKA ChAmBo

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Hi Sean,

I think this feature is useful when you’re well established among buyers. For unverified/unknown artists, it’s not useful I guess. Plus the seller always pay the gas fee as it’s accepting a bid.

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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!!

@Sheratan @AKAChambo

Below is the item you can review the history to verify my information.

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Hello @Shavedmonkey,

your feedback is very important!
So now, we know that we must set the price so as not to be burdened by the gas fees and we must keep in mind that the last bid is final.

Thank you very much for those informations.

Yes it is quite upsetting because It was the first comic cover @LuckyCAT had made and I was quite thrilled to own it as the other comic covers were copies but this was the only 1 to 1 NFT made! Now I no longer own this amazing first edition but it cost me greatly to loose this to an auction that locked me in on a price less than I originally paid!

@LuckyCAT deserves better attention than this as their work is awesome!

Quite upset with the timed Auction function as there is no minimal set price that has to be met before the seller is locked in to the sold amount!!!

Hello @Shavedmonkey,

Sorry that sucks, but thanks for sharing about it. I’ll keep all this in mind when i do my first one.

your cool kid club member,
AKA ChAmBo

But I thought you set a minimal price when you started the auction! Isn’t it the case?

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no it only gives the minimum start bid price!

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Ok, that’s crystal clear now. Sorry for this misadventure but at least, your return of experience will teach us a lot about this feature.

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Hello @Shavedmonkey,

So they still low balled after you set a price?

your cool kids club member,

AKA ChAmB0

Hello Sean,

I didn’t test live auctions yet. If I understand well, @Shavedmonkey set a lower price for @LuckyCAT NFT than he paid for it. But the auctions didn’t reach the price he hoped. He was forced to sell it at the last price and, as it was a bid, he had to support the gas fees.

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Hello @Sheratan,
I get it. Sucks but from this share we learn from it.

Thanks again @Shavedmonkey for sharing.

Your cool kids club member,
AKA ChAmBo

you have it correct @Sheratan. I set a lower price for the auction to start not knowing that the final bid is what locks you in forcing you to accept it. there is no final price minimal option like on opensea

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Another note, you can not take a nft that is 6 of 6 and burn 5 copies in hopes to list the last 1 to 1 as a timed auction

here i tried this and it will not let me list this as a timed auction

Was it minted as a single or a multiple NFT?

I can change the price or remove from sale but even though i burned all other copies except this last one i can not list it for any auction, unlimited or timed

it was a multiple nft but i burned all copies except one thinking it would become a single. Not the case and my mistake

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That what I was going to say. Auctions are for single NFT only.