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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