iCoordinates.xyz
  • iCoordinates
    • Introduction
    • Getting Started
  • Features
    • Purchase Coordinates
    • Return Coordinates
    • Sell Coordinates
    • Auction Coordinates
    • Offer System
    • Lucky Draw
  • Operations
    • Owners of Coordinates
      • Customize Your Coordinates
      • Transfer Ownership of Your Coordinates
      • Return Your Coordinates
      • Putting Coordinates on Sale
      • Change Coordinates Price
      • Retract Coordinates from Sale
      • Put Coordinates on Auction
      • Cancel Auction for Your Coordinates
      • Confirm Auction as Owner
      • Accept Offer
      • Claim Lucky Draw Reward
    • Non-Owners of Coordinates
      • Purchase Coordinates
      • Buy Coordinates on Sale
      • Bid on Coordinates
      • Confirming an Auction
      • Making an Offer for Coordinates
      • Canceling an Offer
  • Protocol Accounts
    • Matrix Information
    • Coordinates
  • Developer
    • Smart Contract
      • Accounts
      • Error Code
      • Instructions
    • Integration with the Protocol
  • Terms and Policies
    • Terms and Conditions
    • Privacy Policy
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On this page
  • 1. Initiating an Auction
  • 2. Participating in Bidding
  • 3. Auction Conclusion and Ownership Transfer
  • 4. Cancellation Option for Sellers
  • 5. Transparent Auction Process
  1. Features

Auction Coordinates

Auctions are an exciting feature that allows users to bid on specific coordinates within the platform. Here are the key features of the auction functionality:

1. Initiating an Auction

  • Seller's Authority: Coordinates owners have the exclusive ability to initiate auctions for the coordinates they own.

  • Customizable Auction Parameters: Sellers can set a starting price and specify the end time of the auction, giving them control over the process.

2. Participating in Bidding

  • Bidding Flexibility: Interested users can place bids on the coordinates they desire, with the flexibility to place higher bids as the auction progresses.

  • Competitive Bidding: The auction encourages competitive bidding, enabling users to bid higher amounts to increase their chances of winning the auction.

3. Auction Conclusion and Ownership Transfer

  • Confirmation by Highest Bidder: At the end of the auction, the highest bidder can confirm the auction and complete the transaction, transferring the winning bid to the owner.

  • Seller's Confirmation: Sellers retain the ability to confirm the auction even before the end time if there are bids. They can also confirm the auction after the auction ends.

  • Ownership Transfer: Upon confirmation, the winning bidder gains ownership of the coordinates, establishing a clear and smooth ownership transfer process.

  • Refund for Previous Highest Bidder: In the event of a higher bid, the amount previously transferred to the protocol as custodial is refunded to the previous highest bidder.

4. Cancellation Option for Sellers

  • Cancellation Privilege: Sellers can cancel the auction if no bids have been placed, providing them with the ability to retain ownership of the coordinates.

  • Bid Inactivity Handling: This feature ensures that if no bids are made, the auction can be canceled, saving time and resources for both the seller and potential bidders.

5. Transparent Auction Process

  • Visibility: The auction process is transparent and visible to all participants, providing clarity on bid amounts and the status of the auction.

  • Real-Time Updates: Participants can track the auction in real time, enabling them to make informed decisions during the bidding process.

These features collectively enhance the auction experience for end users, making the process fair, competitive, and user-friendly. If you have any further inquiries or require additional assistance, please don't hesitate to reach out!

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Last updated 1 year ago