There are two options available for you to choose:
What's the difference?
As the creator, you are able to choose how you would like to list your NFT. The options are between a reserve auction (which last for 24 hours, once the reserve price has been met) or you can choose to set a "Buy it now" price, which will bypass the auction process as a whole and transfer ownership once the price has been met.
We leave that choice to you as the creator. If you change your mind and want to change how your NFT is listed we give you option to change (prior to a reserve auction starting).
List for Reserve Auction
Listing your NFT for auction can be great way to create extra hype around the selling of your work. The way reserve 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.
Within the 24-hour auction window, collectors will be able to bid on your NFT and the one with the highest standing bid will win. Each bid being offered will automatically be required to be 5% higher than the current bid placed and collectors will not be able to offer anything lower.
If a bid is placed within the last 15 minutes of an auction, the countdown will reset back 15 minutes. This 15 minute reset window can continue as many times as necessary until the timer has finished. This extra time gives all bidders and extra chance to win the auction.
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 a chance 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.