As you may remember, SwapNFT has a system of different pricing methodologies. And one of them is Auction Pricing. But how does SwapNFT Auction work? Let’s have a look.
First, users place their NFTs on the SwapAuction.
When the NFTs are placed on the Auction market, there will be a deadline for all bids, and the NFT holder can set different ways of choosing the Auction swap.
The default will be NFT-swap max, which means that when you put your NFT on the SwapAuction, you will get back one or a bundle of NFTs with the highest market value from bidders. This kind of “surprise package” is a way for people to experiment with NFTs and get exciting swaps.
When setting up an NFT auction swap, the owner can specify certain types of NFTs they want in return, threshold values, or restrictions on what kinds of NFTs they receive. For example, someone swapping a sports player NFT might specify that they only accept swaps for other players in that specific league. SwapNFT works like an escrow service to ensure that all Auction bids are valid and that the bidder has the funds or NFTs bidding for the swap. SwapNFT always locks tokens of the 2 highest bidders to ensure that their bids are valid.
Auctions can also simply be set in currency, with the bids in dollars and payment in USDC or other cryptocurrencies. People can make the bid and payment in whatever cryptocurrency they want to pay in, and SwapNFT will convert to the crypto that the owner wants to receive in the end. Auction bids will be performed off-chain to reduce transaction fees, such that not every request is recorded on the blockchain.
However, all bids will be public and transparent in the app, and the final trade bid and swap will be settled on the blockchain. SwapNFT is a platform for the masses, and we want NFTs to become mainstream. This is why all of our NFT prices are in USD price, unlike most marketplaces whose listings are valued in ETH.
Our platform will accept fiat payments for buying $SOCIAL tokens and NFTs. This makes it easy for users who are unfamiliar with cryptocurrencies and wallets to buy NFTs and participate on our community-driven platform.
To see more information about SwapNFT, visit our website:
https://swapnft.io/
