How to setup Buy Now auction
Last updated
Last updated
In order to setup Buy Now auction, you will need to follow a few steps.
Step 1
Visit market.metapro.one and click Login
Step 2
Connect with one of available wallet providers.
We recommend using our metapro wallet.
Step 3
If you are login for the first time please set your account or if you already have your account with us please connect your wallet and login to web3!
Step 4
Once you are logged in and connected to Web3, please select the arrow icon. This will prompt the panel to appear on your screen
Step 5
Select Profile
Step 6
Select My assets > Collected.
Choose the token for which you want to set the Buy Now auction and then click Sell
Step 7
Choose Buy Now
Step 8
You are now on the Buy Now setup page
Step 9
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%
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%.
✔ Accept Terms and Condition by ticking the checkbox
Step 10
Please click Confirm once you have filled all the necessary fields correctly.
Step 11
Sign Transaction on your wallet.
Congratulations! You have successfully created Buy Now auction
You can view the status of your Auction on Profile Marketplace
Profile MarketplaceAuction 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 12
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 13
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 14
Select the arrow icon
Step 15
Access your Profile
Step 16
Select Marketplace from your profile > Sale auctions and click Finalize
Step 17
Select Confirm
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 18
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.