How auctions work on NFTm

During Auctions, NFTm holds the NFT in a vault and holds every live bid in escrow. When it ends, NFTm sends the NFT to the winner and pays the seller, or returns the NFT and refunds every bid.

1. What you need

A Solana wallet, enough SOL for the listing fee or your bid, and an NFT that NFTm can auction. Compressed NFTs and some locked or frozen tokens cannot be auctioned. The NFT page will say so before you sign.

• Auctions
• Auction terms

2. Start an auction

On an NFT you own, choose Start an Auction. You can also choose Auction an NFT on the Auctions page.

1. Pick a duration: 24 hours, 48 hours, 3 days, 7 days, or 10 days.
2. Set a starting bid. You may set a private reserve. Other people never see that number.
3. Read the listing fee (0.005 SOL, not refunded) and any account deposit. The deposit comes back if the NFT does not sell. If it sells, it pays for the winner's token account.
4. Tick the acknowledgement. One wallet approval pays the listing fee and moves the NFT into NFTm's vault.

Note. While NFTm holds the NFT, holder perks such as Discord roles may pause. They resume when the NFT is back in a collector's wallet.

3. Bid

Connect the wallet you will bid from. The bid is one total in SOL. Fees come out of the seller's proceeds, not on top of your bid. You cannot bid on an auction you started from that same wallet.

• A new high bid in the last 2 minutes resets the clock to 2 minutes. That can happen more than once.
• If you are outbid, NFTm returns your SOL automatically. The highest bidder cannot withdraw.
• If your screen is stale and the bid is too low, or if it lands after the end, NFTm refunds that bid. The notice will not tell you to try again on a bid that may already have landed.
• The countdown follows NFTm's clock, not your phone's clock. Outcomes use the time on the blockchain.

4. Cancel, end, and decide

You may cancel in the first 12 hours, or any time the reserve is not met. You cannot cancel in the last 4 hours. Cancel returns the NFT and refunds every bid. The listing fee is kept.

• If the reserve is met, or there is no reserve and there is a bid, NFTm sends the NFT to the highest bidder when the clock ends. You do not sign again.
• If the high bid is below the reserve, you have 24 hours to accept or decline. Silence declines. Decline returns the NFT and refunds every bid.
• If nobody bid, NFTm returns the NFT and the account deposit. You can start a new auction or list at a fixed price.

5. Fees

The seller pays a 0.005 SOL listing fee at the start. It is not refunded, including if NFTm voids the auction. On a sale, NFTm takes 2% of the winning bid. Creator royalties and, for a store item, the collection fee come out of the same bid. Those rates are locked when the auction starts.

6. Open auctions

You can auction a supported NFT that is not in an NFTm store. Those auctions are labelled Not in an NFTm Store. NFTm does not review them in advance. Check the collection address before you bid. Use Report if something looks wrong. NFTm can hide an auction from discovery or void it after the fact.

7. What NFTm will not do

• NFTm will not let the highest bidder take their SOL back while they are still highest.
• NFTm will not show your reserve amount to anyone but you.
• Bidding on your own auction from another wallet is shill bidding. You will be banned if we find out.
• Wash trading and other manipulation are banned under the Terms of Service.

• Auction terms (Terms of Service)
• Start an auction