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.