Auction Rules

• The auctioned items are bid with ETH.

• The NFT is won by the highest bidder.

• For each auction, the starting countdown clock is set to 24 hours.

• When there is less than 1 hour on the countdown clock, a new bid will increase the countdown clock by 10 minutes while the countdown clock is capped at 1 hour.

• The starting bid of each auctioned NFT is 1 ETH. If one bid is won, the next bidder needs to bid 10% more of the previous winning bid. A 10% price difference is created in such way, where 20% of the price difference is distributed to previous winning bidder, and 80% is distributed to the Auction System Reserve.

• 5% of Auction System Reserve will become DEGO NFT fund, 95% of Auction System Reserve will be injected into Reward Pool under Gego Module.

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