How to set up Auction

Step 1 - visit metapromarket.com

Step 2 - connect your wallet and login to web3!

Step 3 - once connected select the arrow icon

Step 4 - access your Profile

Step 5 - select Collected assets from your profile. Choose the token for which you want to set Auction and then click Sell

Step 6 - choose Auction

Step 7 - you are now on the Auction setup page

Step 8 - Please fill out all necessary information

✔ This section displays the NFT token for which you are setting up the Auction and Token details.

Token Name

NFT token name refers to the name given to a specific NFT by its creator or issuer. It is a unique identifier that distinguishes the NFT from all other NFTs in existence. The NFT token name can be any combination of characters chosen by the creator or issuer, and it is typically designed to be descriptive of the asset or the underlying concept behind the NFT.

Token ID

Token ID is a unique identifier assigned to a specific NFT that distinguishes it from all other NFTs in existence. It is a string of characters that serves as a digital fingerprint for the NFT, allowing it to be uniquely identified on the blockchain. The NFT token ID is essential for tracking ownership and provenance of the NFT, as it provides a way to verify the authenticity of the asset and ensure that it is not duplicated or tampered with.

Supply

Supply refers to the total number of units of a specific NFT that have been created and are available in circulation. It represents the maximum number of units of that NFT that can ever exist. Once the total supply of a specific NFT is reached, no more units of that NFT can be created. The total NFT token supply is usually determined at the time of creation of the NFT and is typically fixed, although in some cases it may be variable depending on the terms of the NFT contract. It is an important metric for evaluating the scarcity and value of an NFT.

Your balance

Your balance refers to the number of units of a specific NFT that you currently own in your digital wallet. You can view your NFT balance for each specific NFT that you own or have purchased. This balance is updated in real-time to reflect any changes in your NFT holdings, such as when you buy, sell or transfer NFTs. By checking your NFT balance, you can easily keep track of your NFT holdings and manage your digital assets more effectively.

✔ This section enables you to set the start time and duration for your Auction.

✔ This section allows you to set important parameters of the auction.

Royalty

Royalty is assigned to a token individually and can be updated on a user page. Royalty percentage can be set up to 10% and split between multiple beneficiaries.

THE CREATOR IS NOT AUTOMATICALLY LISTED AS A PERSON WHO RECEIVES ROYALTY!

Royalty details

Royalty Details function enables you to view and manage royalties, displaying all addresses that have been added as royalty recipients along with the percentage set for each. You can modify the royalty settings on your user page as needed.

Token floor price

Token floor price represents the minimum price established for each token that is up for auction. It serves as a safeguard, ensuring that the token cannot be sold for a price below this pre-defined amount throughout the auction process.

All bids above the token floor price will be automatically accepted!

Max Cap

Maximum Cap specifies the maximum number of NFT tokens that can be sold for this Buy Now auction. If the number of NFT tokens sold during the auction reaches this parameter, the auction will end successfully

Max Cap cannot exceed your balance

The person listing the auction cannot bid themselves!

✔ Enabling this feature allows you to activate the affiliate program for your community. You can choose not to select it at all.

The maximum percentage set for the referral program cannot exceed 15%

To add addresses to your referral program, please navigate to the Referral Panel located on the Top menu.

pageReferral Panel

You can configure up to 3 levels.

EXAMPLES:

Enter 15%, 0%, 0% - this means you have only one level with a maximum of 15%.

Enter 10%, 5%, 0% - this means you have two levels with a maximum total of 15%.

Enter 5%, 5%, 5% - this means you have three levels with a maximum total of 15%.

✔ Enabling this feature allows you to set the maximum number of tokens that can be bought in one bid.

✔ This section allow you to choose a seller.

In order to proceed, you must confirm that you have read and accepted the NFT meta asset policy by ticking the checkbox.

Step 9 - Please click Confirm once you have filled out all the necessary fields correctly.

Step 10 - Sign Transaction on your wallet.

Congratulations! You have successfully created Auction

All Auction details are visible on the screen

You can view the status of your Auction on Profile Marketplace

pageProfile Marketplace

Auction can have three different statuses

Incoming

You will see this status and start countdown timer before Auction becomes live

Active

You will see this status and ends countdown timer when Auction is accepting bids

Ended

You will see this status when Auction has ended

Bidding panel explanation

A. Active bidding

✔ This section presents a comprehensive list of all bids placed on this auction.

A green check mark next to the price indicates bids that surpass the token floor price and are automatically approved.

Floor difference enables you to observe the variance between the submitted bid and the floor price. This variance can either be above or under the floor price.

Bids above the floor price - offer exceed the minimum acceptable price set for an item. These bids demonstrate higher value and competition among bidders, driving the final sale price higher than the initial floor price.

Bids under the floor price - offers made in an auction that are lower than the minimum acceptable price set for an item. These bids typically do not meet the seller's minimum requirement and may not be successful in securing the item unless higher bids are received.

B. Bid increase

✔ This option allows participants to raise their existing bids, competing with other bidders by offering a higher price. This option enables participants to actively stay in the auction and outbid others, ultimately increasing the potential selling price of the item.

C. Cancel bid

✔ This option allows bidders to retract previously placed bids in an auction before the auction ends. This provides participants with flexibility in managing their bids based on changing circumstances or reconsiderations.

D. Accepting bids

✔ This section presents an accepting bids option, which will be available for 24 hours after an auction has ended.

After the auction has ended seller can consider accepting bids below the floor price.

If not accepted, all NFTs will be sold at or above the floor price.

Once an auction has ended, it is important to finalize it.

Step 11 - Finalize after sale

Finalize function is used for the finalization of an Auction. This function is called after a specified time has elapsed or after all NFTs have been sold.

The main purpose of this function is to calculate and settle payments for the sold NFTs. Within the function, the funds for the sold NFTs are transferred to the auction operator's account. It should be noted that, according to the auction rules, a portion of the payment may be reserved for the NFT creator (in the form of royalties), for the fund created by the operator (treasury), or in the form of a commission for the auction partner (referral).

If the sale is successful - auction has been completed, the funds have been transferred to the operator's account, and the NFTs have been assigned to the buyers addresses.

In case of failure, the NFTs will be returned to the operator's contract.

Step 12 - Finalize by Operator

Finalize it to ensure a smooth transaction and maintain a good reputation as a seller. This can easily be done on the Marketplace tab of your account. Finalizing an auction involves confirming the sale and collecting payment.

Step 13 - select the arrow icon

Step 14 - access your Profile

Step 15 - select Marketplace from your profile and click Finalize

Step 16 - Confirm Finalize auction

You must finalize the INS auction, whether it ended successfully or not.

Finalization successfully ended auction will cause actions described in below table.

Finalization unsuccessfully ended auction will cause return of all NFT from Auction contract to operator.

Total bids value

Total value of all bids made will be sent to you as the auction or transaction proceeds.

Auctioned tokens

will be sent to the bidders. The remaining ones will be sent back to you

Service fee

will be charged

Unsold NFT

unsold NFT will be returned to the operator

Step 17 - Sign Transaction on your wallet.

Congratulations! You have successfully finalized the auction

Finalizing an auction is an important step in the transaction process, ensuring that both the buyer and seller have fulfilled their obligations and the transaction is complete. By finalizing the auction on NFT, the seller is indicating that the item has been successfully sold and the buyer now owns the digital asset.