BUY NOW AUCTION
As the name suggests, a Buy Now Auction is characterized by the direct purchase of a token, where the token and funds are immediately distributed to the relevant parties upon purchase. Below, you will find information on how to distinguish this type of auction on our marketplace, along with details about possible scenarios.
Buy Now Auctions have a label in turquoise and a purchase button named 'Buy Now.' These markings have been implemented to easily differentiate between auctions.
- Operator: The person creating the auction.
- Participant/Bidder: The person participating in the auction.
- User: Someone unrelated to the auction, who has not purchased any tokens.
- The auction status changes to 'Ended' when all tokens are sold in that auction (no need for auction finalization by the Operator or Participants since tokens and funds are already distributed among users).
- The auction may require finalization by the Operator only when there are unsold tokens on the contract. Possible scenarios include:
- Not all tokens were sold, and the auction has ended.
- There were no purchase offers.
- The auction allows setting a limit for participants, determining whether a user can participate multiple times in purchasing a specific auction.
- The Operator has the right to cancel the auction before it starts.
- The Operator can purchase tokens from their own auction. This solution is introduced in case of potential errors during price or quantity setup, as the cancellation is no longer possible.
In the next steps, we explain the Contract methods directly on the blockchain explorer