What Are Auctions?
Auctions give the community an exciting new way to buy collectibles. Instead of instantly buying at a fixed price, to win a collectible on the FanCraze Auction, users need to bid against other users. New Collectible Auctions start at a base price, have an expiration date and time, and are awarded to the highest bidder.
Why Auctions?
- True Market-Driven Pricing: The community decides the final sale price, ensuring a market-driven price for each collectible.
- Fair Access: Unlike first-come, first-serve sale Instant Buy sales, auctions remain open for a set bidding window, giving fans across different time zones a shot at newly listed collectibles.
- More Engagement & Excitement: Real-time bidding ramps up the fun, as prices can rise quickly and auctions can be extended if new bids arrive near the end.
How to Find Auctions?
- On your FanCraze Marketplace webpage, you will notice a new tab next to “For Sale” called “Auctions.”
- All collectibles available via auction will appear there, each with its own dedicated bidding window.
Key Auction Details
- Single Listing Account: All auction listings appear from a dedicated account named @auctions.
- Public Bidding (Like “Make Offer”): Auctions function similarly to the “Make Offer” feature, but here all bids are publicly visible. To outbid, a new bid must exceed the current winning bid.
- Auction Parameters: Each collectible auction is set up using:
- Base Auction Price (the minimum starting price)
- Minimum Dollar Increment (the smallest amount you must beat the current winning bid by)
- Auction Start Time and Auction End Time (expiry date & time)
- Auto-Extension time (to keep the action going if new bids pop in just before the auction ends)
How Bidding Works?
- First Bid: If you’re the first to submit a bid, your minimum bid is calculated as:
First Bid = Base Auction Price
- Subsequent Bids: If there’s already a winning bid, your new bid must be at least:
New Bid = Current Winning Bid + Minimum Dollar Increment
- If no bids are received, the auction simply expires.
- If one or more bids are received, the highest bidder at the close of the auction wins.
Auto-Extension
- In the final moments of an auction, if a new bid arrives within the “auto-extension period” (for example, the last 5 minutes), the auction automatically extends by a set amount of time (again, typically 5 minutes).
- This prevents “sniping” and gives everyone a fair chance to respond to last-second bids.
Placing Your Bid (And Your Max Bid)
We have incorporated a novel concept called Max Bid that allows you to keep bidding on a collectible automatically without having to outbid others manually every time. The process is quite simple.
- Go to any collectible auction and set your Max Bid amount
- The bid placed will be the minimum increment against the current winning bid
- Bids will automatically be submitted on your behalf any time you are outbid up to your Max Bid
When your bid is automatically incrementing, the bid will increment by the minimum increment amount (i.e. $1 in the example below)
Examples of How It Works
Scenario 1
- Current Price: $50
- User A sets a Max Bid of $100
- The price immediately rises to $51 (the next valid increment), keeping User A in the lead.
Scenario 2
- Current Price: $51
- User A’s Max Bid: $100
- User B enters with a Max Bid of $75
- The price rises to $76 (User A remains the winning bidder, because $76 is still under A’s Max Bid of $100).
Scenario 3
- Current Price: $76
- User A’s Max Bid: $100
- User B’s Max Bid: $75
- User C enters with a Max Bid of $100
- The price rises up to $100, but User A remains the winning bidder (since User A placed the $100 Max Bid earlier)
Important Note: If a new bid exceeds your Max Bid, you’ll need to manually place a higher bid to stay in the race.
Editing or Withdrawing Bids
- Editing Bids: If you decide to raise your bid or increase your Max Bid, you can do so, provided you still meet the minimum increment rules. You will only pay the difference between your previous bid and your new bid.
- Withdrawing or Cancelling Bids: Once a bid has been placed, it cannot be cancelled, so bid carefully.
- Refunds: Any unsuccessful bids get refunded after the auction ends.
After the Auction: The Winner
Once the auction closes (no more bids and the timer runs out):
- If there was at least one bid: The highest bidder wins the collectible.
- All other bidders automatically receive a refund.
Why Auctions Are a Game-Changer?
- Longer auction windows give every collector a shot, no matter their location or schedule.
- The dynamic bidding environment creates more excitement, engagement, and potentially even better bargains for the most savvy collectors.
- Continuous Supply Drip: Auctions allow us to gradually release new In-Season (E4) collectibles.
Dive into Auctions and place your bids NOW!
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