The silent auction is an exciting new release format for edition pieces on Nifty Gateway.
The goal is to have the editions go to the people who want to collect them the most.
A silent auction works as follows:
For a select period of time, all users will be able to place a bid on the piece. Each user will only be able to place one bid. There will be a minimum bid price, as well as an estimate for each piece.
Once the period of time has concluded, the highest bidders who will all receive one of the editions, and they will pay the price that they bid on the piece.
For example, let’s say that an NFT is an edition of 10, and the silent auction is open for 10 minutes.
After the period of 10 minutes, whichever users had the 10 highest bids will win the auction.
The user that had the highest bid will receive edition #1 in the collection
The user that had the second highest bid will receive edition #2 in the collection,
And so on, and so forth.