Learn about how the bidding process differs from a site such as eBay.
Unlike eBay, we use an extended bidding time model similar to high-end auction houses. It works like this.
- When auctions reach the originally scheduled end time, 20 minutes are added back to the clock. This means we are in “extended bidding.”
- Each subsequent bid will then reset the clock to 20 minutes.
- This continues until an item goes 20 full minutes without a new bid. At that point the auction is over and the high bidder wins.
- Anyone can bid during extended bidding, you do not have to have bid during the regular period.
We use a spot bidding model. Meaning that any bid you place is to a specific amount you choose. The only bid increment requirement is that you bid at least 1 whole $BPX above the previous bid.
Spot bidding is used because our auction is “on-chain” and therefore fully transparent. If we allowed you to place a “max bid” it would either be visible on-chain or we would have to manage it off-chain which isn’t desirable.
That said, spot bidding adds an interesting element of strategy and skill to our auctions. You can choose to bid in certain ways to deter (or invite) additional bidders. We are interested to see how our community uses spot bidding.
BPX auctions have a 20% buyer’s premium added to final bids. The full final amount is clearly presented to bidders and you should be sure your bids account for this premium.
Yes, those unfamiliar with an auction house model may be saying w.t.f.? Some of you may be encountering the concept of buyer’s premiums for the first time and wonder why don’t we take our fee from a single total (on the seller side) in a less transparent way.
More on the buyer's premium here.