SuperRare has brought an innovative timed auction format that allows the users to buy and sell digital artwork in a more strategized and easier way.
A digital art trading platform, it helps the users to sell their digital artwork online in an open offer and fixed price sales format.
SuperRare Launches Timed Auctions for Digital Artwork
Superrare has now announced the launch of the auction system on which the artists can put their work for auction for a specified period.
With this format, the users would be able to trade their artwork in a more profitable and fun way getting maximum benefits. The company’s official blog post said that the product and engineering teams toiled for several months to redesign the bidding and auction system on SuperRare and is now rolling out two Timed auctions. The company is currently hosting an auction week, which provides early access to auction.
The two new formats are reserved auctions and scheduled auction that are entirely secure, tamper-proof, and noncustodial. They work on the Non-Fungible Token concept in which the highest bid is considered. The offers are stored in the smart contract for the specified duration on the Ethereum blockchain.
Scheduled Auctions
In the Scheduled Auctions, the sellers can select the start and end date-time along with the starting bid price. The auction is scheduled for a specific time, and the artwork listed on the network is flagged with a timer to show the remaining time for the auction. The users can bid on the amounts based on the starting bid price. The bidders cannot cancel their bids, and the bid is returned if someone else wins the auction ( the highest amount bid wins at the end of the auction).
Reserve Auctions
Resave Bids, on the other hand, work on the reserve price and are started when the price is met. The seller selects a public reserve price based on which the auction begins. The artwork indicator showcases the set reserve price, and the bidding starts when the reserve price is met. The users would be able to place the first bid on the specified reserve price, after which the auction begins and lasts for 24 hours.
SuperRare brings the new formats to augments its digital artwork marketplace and explores more possibilities in the Decentralized Finance space. The company is faring exceptionally well in the NFT artworks segment, with a substantial number of artworks sold in the last one year.
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