Winning a bid

  • The seller will confirm the winning bid at the time of the prompt bid or at the end of the auction. The winning bid is confirmed by sending a message to the contract.
  • If a successful bidder is not determined, the auction will be cancelled.
  • If a bidder does not have the required amount of transaction currency at the time of a prompt bid, the auction will be cancelled.
  • If an exhibitor does not possess an NFT, the auction will be cancelled.
  • In the case the seller does not confirm the winning bid by the deadline
    • System creates and maintains signatures on bidder information.
    • The successful bidder uses his/her signature to confirm the winning bid.
  • The system creates and maintains a signed copy of the bidder's information.
  • The contract checks the integrity of the message.
    • The order ID must match.
    • Bid price >= starting price.
    • The signer of signature must be the seller address.
    • The signer of signature must be the bidder address.
    • The signer of signature must be the bidder address.(If any)
  • Contracts will check the source of the confirmed winning bid transaction.
    • Before the deadline for finalizing bids: Seller only
    • Overdue bid confirmation: Seller and bidder
  • Contracts transfer NFT between transaction currency
    • NFT: Transfer from the seller to the successful bidder
    • Transaction currency: Collect bid price from successful bidder
      • Transfer royalties to creators
      • Royalty: Bid price x fixed percentage of each item
      • Remit the winning bidder’s commission price + the seller’s commission price to the system wallet
      • Remaining amount is transferred to the seller