How to set up Buy Now 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 Buy Now auction and then click Sell

Step 6 - choose Buy Now

Step 7 - you are now on the Buy Now setup page

Step 8 - Please fill out all necessary information

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

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.

✔ This section enables you to set the start time and duration for your Buy Now auction

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

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!

✔ This section enable multiple deposits per user

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.

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%.

✔ 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 Buy Now auction

All Buy Now auction details are visible on the screen

You can view the status of your Auction on Profile Marketplace

Auction can have three different statuses

You will see this status and start countdown timer before Buy Now auction becomes live

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 initiated by the creator. 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 Buy Now auction contract to operator.

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.

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