Auction

You can bid to NFTs with BUM

You can make auction to trade NFTs by bidding BUM. You need to set below parameters to make auction.

• NFT contract address

  • Your NFT's Ethereum smart contract address

• NFT token identifier

  • Your NFT's ERC721 token identifier

• beneficiary

  • Beneficiary of your auction

• Auction end block

  • Ethereum block number to set auction period

• minimum bidding amount

  • Auction bidding price from start

With these parameters, you can make new auction. Starting from minimum bidding amount (price), users can bid with higher BUM than current highest bidding price. When the block number is higher than auction end block, the auction ends and highest bidder will take the NFT. And Beneficiary will get the highest bidding price. When no one bid, then beneficiary will take the NFT back.

During the auction, NFT will be locked from the creator of auction. And all bidders will lock BUM to bid, but if higher bidder appears, then you can claim back your BUM.

Auctions will have 2% fees for Vanilla platform, and this fees will be distributed to users by weight.

And as a special events, you can also open 'lock' auctions.

Lock Auction

Lock auction is almost same as normal auction above. The differences are as below.

• You can bid with the weight by locking your BUM

  • You can set the period to lock BUM

  • Your locked BUM are yours, not beneficiary

    • This means that you have nothing to lose

  • Highest weight bidder will get the NFTs after the auction ends

• Only for those who locked BUM before can bid

  • You can bid if you have more than 10000 weights

• No fees to be charged

So lock auctions will be usually opened as some events, giving free NFTs to users who participated Vanilla very well.