What are the auction rules?

On Openlake, we use the English Auction system. Here are a few things we want you to know about how an auction works.

Bid Placement: Open the item details page of an on auction item, click “Bid Now”. Wallet signature is required for placing a bid. You can place multiple bids on the same item. Bid placement must be an intergral multiple of the price increment amount.

The Openlake auction system only supports WETH bidding at the moment. We will support more cryptos in the future.

Lead & Out: Highest bid is the lead. Once auction ends, if the seller has not made any deal, only the highest bid will appear in the bid accept list.

Deal: Within the auction time, seller can accept any bid in the item’s detail page. After the auction ends, seller needs to go to “Account” → “Auction” to accept a bid. Only the highest bid can be accepted at this stage.

Bid Cancellation: Buyer may cancel bid at any time within the auction time, but a transaction fee will be charged for each cancellation. To cancel a bid, go to “Account”→ “Bids”, then click on “Check Details” to enter the item details page to proceed operation.

Reserve Price: Before the auction ends, seller can accept a bid lower than the reserve price. After the auction ends, bids lower than reserve price will not display in the “Auction” page.

Delay Period: Any bids made in the last 1 minute of an auction will incur a delay period to the auction. The length of the delay period is determined by sellers while setting up an auction.

Bought-In: There is no bids or bidding does not reach reserve price. The item is left unsold and remain the owner’s property.