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Create an NFT Dutch auction
1. Visit https://app.bounce.finance/ and select NFT auction house on the left top corner2. Click create auction button and the selection window pops up:3. Select NFT Dutch auction and click confirm to go to the create a fixed swap pool page4. The pool settings page consists of two sections.
The contract information section:
The NFT content will be automatically queried from Etherscan.
The pool settings section:
- From: is auto filled after entering the contract address.
- To: the currency to receive for the auctioned assets. On the Ethereum network the options are ETH and USDT. On Binance Smart Chain the options are BNB and USDT.
- Starting price (price ceiling): the starting price to start bidding on the NFT, this is the highest price. The price will start counting down from here (for example 0.1 ETH every 10 minutes), enter the number and the system will automatically calculate the decreasing rate.
- Reserve price (floor price): the lowest price to the auction will reach, in case there are no higher bids placed.
- Pool name: for participants to identify the auction on the Bounce homepage.
- Bid confirmation period: the time that the auction will be available.
- Public opens the auction to everyone,
- AUCTION holders opens the auction to users who hold at least 0.5 AUCTION in their wallet
- Private opens to exclusive users or groups secured by password
6. Once all parameters are entered, click the launch button and approve the transaction in Metamask (or whichever wallet used). Two transactions are needed to launch the auction:
- Approve spending limit:
- Approve Contract interaction:
If a transaction error with very high gas fee (usually over 200 USD), appears please do not proceed and go back to the parameter page to check if everything is entered correctly.