MakersPlace is the premier market for rare digital artworks — digital art with authenticity and rarity guaranteed by blockchain technology.
Timed auctions are becoming a much more common occurrence on MakersPlace and within the rare digital art space. And for good reason —Timed auctions with visible reserve prices help inspire a sense of urgency and excitement, encouraging collectors to get their best bids in quickly, or risk losing out on the artwork. Until recently, all timed auctions on MakersPlace were manually and individually coordinated by a member of our team, but that is now changing!
We are excited to announce the roll out of our timed auction and reserve price features. Now, artists have the capability of initiating and managing their own timed auctions, as well as setting a visible reserve price on their artworks.
The feature is in the process of being rolled out, so if you are an artist that would like to try it out please reach out to a member of our team on Discord.
How To Set a Timed Auction/Reserve Price
- Publish your artwork
- Go to Manage Store
- Select a published creation
- Click on advanced settings (“gear” icon)
4. Input a Reserve Price and/or Auction End Time
Important Details to Note:
- This feature will be released over the coming weeks. Reach out to a member of the MakersPlace team on Discord to have it enabled for your profile.
- A reserve price/timed auction must be individually set for each edition for multi-edition artworks.
- An offer must stand for 15 minutes. If a last minute bid is placed, the auction will be extended until an offer stands, un-countered, for 15 minutes.
- Once an auction officially ends no more offers can come in. Artists must manually accept the final auction offer.
- The auction close time must be at least 10 hours in the future and cannot be modified in its final 6 six hours.
- All auction times are based on your local time zone.
- Reserve prices must be higher than 0.1 ETH. Reserve prices offer collectors insights into the artists’ target price, but collectors can still make offers below the reserve price.
We hope you all enjoy these important new features. Please do not hesitate to reach out to our team with feedback or questions.
Get in Touch
If you ever have any questions, please reach out to us or our community by joining our Discord community.