# How to setup INS auction

{% embed url="<https://youtu.be/Zz55FxRHzpU>" %}

In order to setup INS auction, you will need to follow a few steps.

**Step 1**

Visit [market.metapro.one](https://market.metapro.one/) and click **Login**

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FUPsBVxHA4e2TRuQXBxSo%2Fimage.png?alt=media&#x26;token=66828d4f-a8fa-4e3f-99ba-38f321f4db67" alt=""><figcaption></figcaption></figure>

**Step 2**&#x20;

**Connect** with one of available wallet providers.

{% hint style="success" %}
We recommend using our metapro wallet.&#x20;
{% endhint %}

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F8UEXVxgk8CsSjzOgp1pX%2Fimage.png?alt=media&#x26;token=94143b9a-b5c1-4cc6-9fa0-12c85920e442" alt="" width="563"><figcaption></figcaption></figure>

**Step 3**

If you are login for the first time please [set your account](https://docs.metaproprotocol.com/metapro-market/set-your-account) or if you already have your account with us please [connect your wallet and login to web3!](https://docs.metaproprotocol.com/metapro-market/connect-wallet-+-web3-login)

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2Fhc3oPP6C5U6SdI5srqlx%2Fimage.png?alt=media&#x26;token=ed21d15a-dc0e-4031-9df2-f9a6836deecf" alt=""><figcaption></figcaption></figure>

**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

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FE9x5uDNjpCUIvgi1u8dB%2Fimage.png?alt=media&#x26;token=f2f87bb2-4a33-4ab6-9e44-b7564c6131ce" alt=""><figcaption></figcaption></figure>

**Step 5**&#x20;

Select Profile

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FK2tkmag6Uc2g8MQrrUTt%2Fimage.png?alt=media&#x26;token=c51e3154-5fa1-4ac0-b150-79f7dd8b513d" alt="" width="300"><figcaption></figcaption></figure>

**Step 6**&#x20;

Select **My assets** > **Collected**.&#x20;

**Choose** the token for which you want to set the **INS auction** and then click **Sell**

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FVGhcJ0ntbdWcYlfJMpN7%2Fimage.png?alt=media&#x26;token=98c500bf-fa19-4a8c-8447-d9c4bca85c6c" alt=""><figcaption></figcaption></figure>

**Step 7**

Choose [**Initial NFT Sellings**](https://docs.metaproprotocol.com/metapro-market/side-panel/sell-nft/initial-nft-selling-ins)

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2Fc3hXO2ziV31kGnJgY1F0%2Fimage.png?alt=media&#x26;token=7cdc3acb-7177-460a-a240-4598e3cc5869" alt=""><figcaption></figcaption></figure>

**Step 8**

You are now on the **INS setup page**

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FVYAPe9PvHoX4HmGgy72B%2FBuy%20now%20setup.png?alt=media&#x26;token=b6894871-76b7-4a2c-b975-7c5022294035" alt=""><figcaption></figcaption></figure>

**Step 9**

Please fill out all necessary information

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

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2Fd8TJIO3lZhWAOimMJQKD%2FPreview%20box%20(1).png?alt=media&#x26;token=df6121cb-ec73-4931-b292-b64dfa6fc7ea" alt="" width="288"><figcaption></figcaption></figure>

{% tabs %}
{% tab title="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.
{% endtab %}

{% tab title="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.
{% endtab %}

{% tab title="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.
{% endtab %}

{% tab title="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.
{% endtab %}
{% endtabs %}

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

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FzLee0YMvhJOd4cU7kXLf%2Fimage.png?alt=media&#x26;token=cf397d89-2358-4991-aee1-d6e792bc3bbe" alt="" width="563"><figcaption></figcaption></figure>

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

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F2qwLoAA1LmucQWP01Mw3%2FFrame%201976.png?alt=media&#x26;token=b8132b27-ba40-46eb-9574-a203225640e1" alt="" width="563"><figcaption></figcaption></figure>

{% tabs %}
{% tab title="Royalty" %}
[Royalty](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/created-assets/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.

{% hint style="danger" %}
**THE CREATOR IS NOT AUTOMATICALLY LISTED AS A PERSON WHO RECEIVES ROYALTY!**
{% endhint %}
{% endtab %}

{% tab title="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](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/created-assets/royalty) on your user page as needed.

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FkhQgvAOt8aby0meKdXk0%2FRoyalty%20popup.png?alt=media&#x26;token=3a632cd7-c8c9-41fb-be09-af2d655a0351" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Price" %}
Choose the price at which you would like to list your INS auction. The price is denominated in BUSD
{% endtab %}

{% tab title="Min Cap" %}
Minimum Cap specifies the minimum number of NFT tokens that must be sold for the INS auction to be considered successful. If the number of NFT tokens sold during the auction does not exceed this parameter, then the NFT will not be sold, and the auction will be concluded without any transactions
{% endtab %}

{% tab title="Max Cap" %}
Maximum Cap specifies the maximum number of NFT tokens that can be sold for this INS auction. If the number of NFT tokens sold during the auction reaches this parameter, the auction will end successfully

{% hint style="warning" %}
Max Cap cannot exceed your balance
{% endhint %}
{% endtab %}
{% endtabs %}

✔ This section enable **multiple deposits** per user

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FBEjR7sOMVVruiPQA7X9x%2Fimage.png?alt=media&#x26;token=4bf82b94-7504-4f4a-b932-5fcfa67ac605" alt=""><figcaption></figcaption></figure>

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

{% hint style="danger" %}
The maximum percentage set for the referral program cannot exceed 15%
{% endhint %}

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FyFBSfDjJXt9B4PNkFz3A%2FFrame%201978.png?alt=media&#x26;token=eea86a95-d290-40ee-9849-e38aae959dac" alt="" width="563"><figcaption></figcaption></figure>

## To add addresses to your referral program, please navigate to the [Referral Panel](https://docs.metaproprotocol.com/metapro-market/top-menu/referral-panel) located on the [Top menu](https://docs.metaproprotocol.com/metapro-market/top-menu).

{% content-ref url="../../../top-menu/referral-panel" %}
[referral-panel](https://docs.metaproprotocol.com/metapro-market/top-menu/referral-panel)
{% endcontent-ref %}

{% hint style="info" %}
You can configure up to 3 levels.&#x20;

**EXAMPLES:**&#x20;

Enter 15%, 0%, 0% - this means you have only one level with a maximum of 15%.&#x20;

Enter 10%, 5%, 0% - this means you have two levels with a maximum total of 15%.&#x20;

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

✔ **Accept** Terms and Condition by ticking the checkbox

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FU2VgKz1hdHhZOoBt95OB%2Fimage.png?alt=media&#x26;token=60af11db-b2ed-4fcb-b016-b56e136021dc" alt="" width="563"><figcaption></figcaption></figure>

**Step 10**

Please click **Confirm** once you have filled all the necessary fields correctly.

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FiJlavKjpgNSiihVRWjQG%2Fimage.png?alt=media&#x26;token=fbe5bcb4-2182-4a28-b88c-fcabf86f7564" alt="" width="563"><figcaption></figcaption></figure>

**Step 11**

**Sign Transaction** on your wallet.

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FYm3khRT0N2AFh6SfEUgG%2FPopup%20(1).png?alt=media&#x26;token=9c95498e-cac1-4033-aad5-5436773855ac" alt="" width="426"><figcaption></figcaption></figure>

{% hint style="success" %}
Congratulations! **You** have successfully **created INS auction**
{% endhint %}

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FqB4rdAq2e528a0DIYNWR%2Fimage.png?alt=media&#x26;token=9fbc581f-7822-4923-918a-f90714e60be7" alt="" width="459"><figcaption></figcaption></figure>

You can view the status of your INS on Profile Marketplace

{% content-ref url="../../../top-menu/profile/profile-marketplace" %}
[profile-marketplace](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/profile-marketplace)
{% endcontent-ref %}

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FxCWuan8av7E99oa6pzom%2Fimage.png?alt=media&#x26;token=1a6b531d-2124-4866-a827-d35762c13818" alt="" width="300"><figcaption></figcaption></figure>

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FuBdR6TEKVtQCh0WAKXkY%2Fimage.png?alt=media&#x26;token=76abe0e5-1851-40e4-8b34-bac8abef2bbb" alt=""><figcaption></figcaption></figure>

{% hint style="info" %}
INS can have three different statuses
{% endhint %}

{% tabs %}
{% tab title="INS Incoming" %}
You will see this status and start countdown timer before INS becomes live

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FoZ7d3M66toYpbZttyVba%2FFrame%202085.png?alt=media&#x26;token=5dd176b8-4040-47b0-8493-a32a0b6ca18a" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Active" %}
You will see this status and ends countdown timer when INS is live

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F4ttxIPxtjCTYGvVDu7MI%2FFrame%201582.png?alt=media&#x26;token=71f908db-137c-4371-bebe-fc2f0eadb841" alt=""><figcaption></figcaption></figure>
{% endtab %}

{% tab title="Ended" %}
You will see this status when INS has ended

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F9xHV9KHMMfr0vW5HtoZv%2FFrame%201583.png?alt=media&#x26;token=2e0dfb41-8812-471e-bf2b-c05ecc88ebad" alt=""><figcaption></figcaption></figure>
{% endtab %}
{% endtabs %}

{% hint style="danger" %}
Once an auction has ended, it is important to finalize it.
{% endhint %}

**Step 12**

**Finalize** after sale

**Finalize** function is used for the finalization of an NFT 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](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/created-assets/royalty)), for the fund created by the operator (treasury), or in the form of a commission for the auction partner ([referral](https://docs.metaproprotocol.com/metapro-market/top-menu/referral-panel)).

If the sale is <mark style="background-color:green;">**successful**</mark> - auction has been completed, the funds have been transferred to the operator's account, and the NFTs have been assigned to the buyers addresses.&#x20;

In case of <mark style="background-color:red;">**failure**</mark>, the NFTs will be returned to the operator's contract.

**Step 13**

Finalize by Operator

{% embed url="<https://youtu.be/vNlRQhAEAoM?si=pxWmv8uDsBb_E4bH>" %}

Finalize it to ensure a smooth transaction and maintain a good reputation as a seller. This can easily be done on the [Marketplace](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/profile-marketplace) tab of your account. Finalizing an auction involves **confirming** the **sale** and **collecting payment**.

**Step 14**

Select the **arrow** icon

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FhDqJX196mS6sD3TEoM3s%2Fimage.png?alt=media&#x26;token=dc15e2e1-4a96-4ea9-8305-468ee57e3333" alt=""><figcaption></figcaption></figure>

**Step 15**

Access your [**Profile**](https://docs.metaproprotocol.com/metapro-market/top-menu/profile)

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FTdqoR5yO4Z74fqHja54g%2Fimage.png?alt=media&#x26;token=bf96555f-932f-4192-bbf0-b28542f92bb3" alt="" width="300"><figcaption></figcaption></figure>

**Step 16**

Select [**Marketplace**](https://docs.metaproprotocol.com/metapro-market/top-menu/profile/profile-marketplace) from your profile > Sale auctions and click **Finalize**

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FqaNv7TqGnVKIHwG8PE9K%2Fimage.png?alt=media&#x26;token=21fb0a5e-c099-4462-8862-eccfebeaae49" alt=""><figcaption></figcaption></figure>

**Step 17**

Select **Confirm**&#x20;

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F5WlajHnjae0qDsUAKm2Q%2Fimage.png?alt=media&#x26;token=6b8074d0-2e76-4496-b7ab-d6f46e2d2ca3" alt="" width="563"><figcaption></figcaption></figure>

{% hint style="danger" %}
You **must** finalize the INS auction, whether it ended successfully or not.&#x20;

Finalization <mark style="background-color:green;">successfully</mark> ended auction will cause actions described in below table.

Finalization <mark style="background-color:red;">unsuccessfully</mark> ended auction will cause return of all NFT from INS contract to operator.
{% endhint %}

{% tabs %}
{% tab title="Deposited funds" %}
Transfer funds to the operator's wallet for the sold tokens, minus the fees (royalties, treasury, referrals - amounts that will be paid to the referral upon successful withdrawal by the depositor.
{% endtab %}

{% tab title="Deposited tokens" %}
will be sent to the participants. The remaining ones will be sent back to you
{% endtab %}

{% tab title="Referral fee" %}
will be sent to the referrers
{% endtab %}

{% tab title="Service fee" %}
will be charged
{% endtab %}

{% tab title="Unsold NFT" %}
unsold NFT will be returned to the operator
{% endtab %}
{% endtabs %}

**Step 18**

**Sign Transaction** on your wallet.

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2F6bSVNnTc0BBddXaTXQME%2Fgrearbe.png?alt=media&#x26;token=4ade23f5-f5f5-4cbb-8036-227b43211c26" alt=""><figcaption></figcaption></figure>

{% hint style="success" %}
Congratulations! **You** have successfully **finalized** the auction
{% endhint %}

<figure><img src="https://2351247042-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F9QQIPimQeOGE3C1HbWxf%2Fuploads%2FMDrWrVv3wZWTNwRTdEU0%2Fimage.png?alt=media&#x26;token=50d9b0c4-fc3b-42c0-9b03-a823c289c099" alt="" width="466"><figcaption></figcaption></figure>

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.