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How do auctions work on Tribul?Updated a year ago

Auction timer

Each lot has a 3-day timer for the first bid to be placed at the minimum bid price. If a bid is placed within this interval, the timer is automatically extended to 7 days. If a first bid is not placed within the initial 3-day window, the auction for the respective lot will close.

Placing bids

Bids can be placed by an individual or a tribe and can be placed at any time as long as your party does not hold the current highest bid. Each bid must be at least 5% greater than the previous bid.

If a bid is placed within the last 15 minutes, the auction timer will reset back to 15 minutes. This 15-minute reset window can be triggered repeatedly until the auction timer has expired.

Closing an auction

Once the timer expires, Tribul closes the auction and an NFT representing the physical artwork can be claimed by the highest bidder. All remaining bids are sent back to the bidders’ wallets.

Claiming the artwork

The winning bidder can choose either to take delivery of the physical artwork or enjoy free storage in Tribul’s NYC facility. Collectors can alternate between the two by simply contacting Tribul at [email protected].

  • If chosen to store with Tribul, the artwork’s corresponding NFT remains transferable and thus able to be sold on any Ethereum-enabled NFT marketplace.

  • If chosen to take delivery, the NFT becomes non-transferable.

  • The NFT is able to switch between transferable and non-transferable as many times as needed. These decisions are for the current owner to make.

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