Auctions

Mirror supports auctioning off NFTs using reserve auctions. Reserve auctions are configured with two main parameters: the reserve price and the auction duration. Like other economic blocks on Mirror, your auction is deployed as a smart contract and can be embedded inside any Mirror entry.

How auctions work

When a bid is placed that matches or exceeds your reserve price, the auction duration countdown begins. Let's imagine that Alice creates an auction with a reserve price of 1 ETH and a duration of 12 hours.

  1. Bob places a bid of 1 ETH.
  2. The clock starts counting down from 12 hours.
  3. Any bids placed within the last 15 minutes of the auction reset the clock to 15 minutes.
  4. A new bid must be 10% higher than the previous bid.
  5. The collector that is last to place a bid before the auction ends wins the NFT.

Launching an auction

Select an NFT

To create an Auction, select the platform where the NFT was minted or add a custom address. You will also need to include the tokenId for the NFT.

Approve transfer

In order to deploy the auction, you will need to submit an approve transaction that allows the Auction contract to transfer the NFT from your wallet to the Auction contract.

Route the funds

Proceeds from the auction can be routed to any Ethereum address or smart contract. If you want to route the funds for yourself, put your Ethereum address here.

Alternatively, funds can flow to other economic blocks on Mirror, such as Crowdfunds or Splits. To route the proceeds from the NFT auction to your Crowdfund, put your Crowdfund address here. You can also share funds with multiple entities by routing it to a Split contract address.

Set the limits

How long should the auction run after the first bid? What should the reserve price be?

Embedding an auction

After it has been deployed a snippet of code will appear in the Embed auction section. Copy and paste this into an entry. It should look like the example below, but with your dedicated auction address and tokenID. For example, this code embeds the auction at the top of this guide.

[Token #1522](auction://0xabEFBc9fD2F806065b4f3C237d4b59D9A97Bcac7?network=mainnet&tokenId=1522)
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