# Create an NFT Dutch auction

## How to c**reate an NFT Dutch auction** <a href="#how-to-create-an-nft-dutch-auction" id="how-to-create-an-nft-dutch-auction"></a>

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.

<figure><img src="https://841106785-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MMLqjlwAt55S1SFAMyt%2F-MMeH8oEehxWCqSA-mfk%2F-MMeHeqpa1wCMwGECUPb%2FScreenshot%202020-11-21%20at%2011.12.35.png?alt=media&#x26;token=3518dc77-b44f-446f-a792-3670badf108f" alt=""><figcaption></figcaption></figure>

**The contract information section:**

<figure><img src="https://841106785-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MMLqjlwAt55S1SFAMyt%2F-MMeH8oEehxWCqSA-mfk%2F-MMeL11jNvJkr-u0FF_F%2FScreenshot%202020-11-21%20at%2011.27.13.png?alt=media&#x26;token=41658da4-68bc-4616-a07f-68af98f2ce93" alt=""><figcaption></figcaption></figure>

* **Token type:** select ERC721 or ERC1155. Find the token type on <https://etherscan.io/>​
* **Token contract address and token ID:** find the token contract address and token ID on Etherscan or <https://opensea.io/> (connect with Metamask or any other eligible wallet)

The NFT content will be automatically queried from Etherscan.

**The pool settings section:**

<figure><img src="https://841106785-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MMLqjlwAt55S1SFAMyt%2F-MMeH8oEehxWCqSA-mfk%2F-MMeLIpjoAUXsxT0a2cb%2FScreenshot%202020-11-21%20at%2011.28.27.png?alt=media&#x26;token=3fa3192f-2ff6-4187-b227-3227efe556c5" alt=""><figcaption></figcaption></figure>

* **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.
* **Participant:**
  * **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:

<figure><img src="https://841106785-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MMLqjlwAt55S1SFAMyt%2F-MMR6K1b4DCSWZu_BMsP%2F-MMR8fwoj4QwB-0zJG_C%2FScreenshot%202020-11-18%20at%2017.16.52.png?alt=media&#x26;token=c70106d6-6e80-4f4f-9dd9-811033e3941e" alt=""><figcaption></figcaption></figure>

* Approve Contract interaction:

<figure><img src="https://841106785-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MMLqjlwAt55S1SFAMyt%2F-MMR6K1b4DCSWZu_BMsP%2F-MMR9MC_MZzikmUIpQiM%2FScreenshot%202020-11-18%20at%2017.21.33.png?alt=media&#x26;token=1efac890-122a-4fc2-adb4-2d9217175bf9" alt=""><figcaption></figcaption></figure>

*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.*

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