Congratulations! You have minted your NFT on ZORA and you are ready for the next step.. listing your NFT!
This guide is here to help you understand how auctions and bidding work on ZORA! If you haven't set up an account yet or minted your NFT please follow the guides below to start minting!
You have two options to choose from when you are listing your NFT on ZORA. You are able to choose between a timed auction format (which last for 24 hours, once the reserve price has been met) or you can choose to sell it at a set price which will skip the auction process as a whole and transfer the NFT to the collector who purchased it. We leave that choice to you as a creator.
i. List for Auction
Listing your NFT for auction can be great way to create extra hype around the selling of your work. The way auctions work on ZORA is quite simple. You, as a creator will be asked to set a reserve price for your NFT. The reserve price is the minimum amount you want to earn on that piece. Once a bid has been placed that matches your reserve price, a 24-hour timer is triggered - starting your live auction.
ii. Set a "Buy it Now" Price
Not all creators choose to list their NFTs for auction and we have accommodated this with by giving the option to set a "Buy it Now" price. This options will bypass the 24-hour auction and will give creators and collectors to buy it on the spot.
Creators will be asked to select a currency and set a price they want to receive for their NFT and are able to list it this way. Setting a "Buy it Now" price is a way for a collector to instantly purchase a NFT and have the ownership transferred them to right away
If you haven't read it already, please read a bit more about How Auctions Work on ZORA and the different ways you can bid on an NFT. It is useful to understand the difference between reserve auctions or buying the NFT via the "Buy it now" price.
How can I track my bids?
You are able to track all of your active bids via the "Bids" button at the upper right of your page. You will need to make sure your wallet is connected for this button to appear.