Once your NFT has been minted and you have chosen to list your NFT as a reserve auction, you will be required to add a reserve price before your piece can be listed. When choosing your reserve price it is important to remember that it is the minimum amount you are willing to accept for selling your NFT.
If you chance your mind and want to change your reserve price, you are able to do so up until your reserve price has been met. Once your reserve price has been met you will not be able to update it.
Choosing the currency for your reserve price is important as this will be only currency you are able to receive bids in. An example is, if you choose ETH as your currency of choice, collectors will not be able to bid in any currency that isn't ETH.
How to set you reserve price:
Click "List for sale" below the NFT you want to list
Click the option "Set reserve auction"
Approve your NFT to be moved into an escrow contract - Please note this step requires a gas fee
Once approving your NFT you will be asked to set the currency and amount you want to set as your reserve price
After you confirm the reserve price, your connected wallet will prompt you to confirm the transaction and pay one final gas fee to complete the process.
Congratulations! Your NFT has been listed as a reserve auction. You can view your NFT at the top of the "All Auctions" tab on the ZORA homepage.
Once your reserve price has been met, the 24-hour auction will begin.
If a bid gets placed within 15 minutes of the close of the auction, the countdown will reset back to 15 minutes.