There are two different listing options for your NFT:
As the owner, you are able to choose how you would like to list your NFT. The listing 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 owner of the NFT. If you change your mind and want to change how your NFT is listed you can do this, prior to a reserve auction starting.
List for Reserve Auction
Reserve auctions can be great way to create extra hype around the selling of your token. When adding a timed countdown to the sale of your NFT it can encourage collectors to get in quick. As the creator you 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 that matches your reserve price has been placed, a 24-hour timer is triggered - starting your live auction.
Within the 24-hour 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 an extra chance to win the auction.]
Listing with 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.