On Magic Eden we have two kinds of auctions:
Collection item auction: This is a new feature for collectors, traders and degens to auction off any NFT of theirs that belongs to a collection listed on Magic Eden. These types of auctions use the “English Auction” format, which is the format most commonly seen on the internet on websites such as eBay.
How do I create a collection item auction?
Auctions can be created from the Item Details page, which is typically accessed by clicking on the NFT card’s image.
Once inside the auctions listing form, you will need to choose an appropriate start date/time, duration, and minimum bid.
I auctioned off my item but I can’t see it anywhere -- help!
Auctions at Magic Eden work slightly differently to fixed price listings, and as the feature is currently in beta it might work a little bit more slowly. Please be patient -- it should appear in the ‘Auctions’ tab of the collection page within a few minutes.
What happens when the auction ends?
When the auction ends, due to limits of the Solana blockchain, it needs to be manually settled. This can be done by navigating to the auction from your profile page, within the ‘Auctions’ tab. Once there, if the auction hasn’t been settled yet, you will see a ‘Settle Auction’ button, which will distribute the winnings of the auction to you and award the NFT to the highest bidder. Only the auction host (you, the seller) or the highest bidder could manually settle the auction.
What happens if nobody bids on my item?
If no bids are placed on your auctioned item and the time runs out, you will still be able to ‘Settle’ the auction. Doing this will return the NFT to your wallet. However, you can only do this after the auction period has ended.
I changed my mind! can I cancel my auction?
Once the auction has a bid, it cannot be cancelled. If there are no bids on your item then you can cancel the auction from the item's page.
I placed a bid on an auction but changed my mind! How do I cancel my bid?
Once you have placed a bid on an auction, it cannot be cancelled. But if somebody out-bids you, your SOL will be returned to you instantly.
Somebody out bid me; do I get my SOL back?
Yes! If someone places a bid higher than yours, your original bidding funds will be returned to you instantly.
I want to place a higher bid. What is the minimum bid increment?
For simplicity and safety, we automatically determine the minimum bid increment using 5% of the collection’s floor price, or 0.05 SOL, whichever is higher.
What happens if somebody bids right before the end of the auction?
Since things on the blockchain cannot happen as fast as they can using traditional client-server models, it would be difficult to compete for a final last-minute bid on an auction. To prevent this, if a bid is placed on an auction in the last 5 minutes, it will automatically be extended by an additional 5 minutes.
Example: It is currently 1:33pm, and the auction is due to end at 1:35. I successfully place a bid at 1:33pm. This causes the auction to be extended by 5 minutes, so now the auction is subject to end at 1:38pm. This effect can extend indefinitely.