Auction Bidding

1. Connect your Wallet

The first step is to connect your wallet to the platform. This is where your ETH will be managed for the bidding process.

2. Place your Bid

Once your wallet is connected, enter the amount of ETH you wish to bid on the BOX NFT. This is your bidding stake in the auction. If you were overbid, you can place further bids.

3. Sign Transaction

To finalise your bid, you'll need to sign the transaction. This confirms your bid and enters it into the auction.

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Bidding Currency

Keep in mind that the auction only accepts ETH as the bidding currency. This ensures consistency and accessibility for all participants.

Auction Closure

After the 6-hour auction window, the highest bidder wins the BOX NFT. It's a simple yet exciting process where the highest bid takes the prize.

Bid Refunds

If another participant outbids you, your ETH is returned immediately in the same transaction, ensuring you're only committed if you're the top bidder.

Reward Allocation

If you win, the ETH bid you placed is distributed among existing BOX NFT holders. They can claim these rewards by burning their NFTs, adding a layer of strategy to holding or selling the NFTs.

Auction Contract Security

The ETH used in the auctions is held securely by the auction contract, which is based on a bullet proof contract and will have its ownership renounced post-launch to ensure transparency and trust.

By following these clear steps, you can actively participate in gembox auctions, bidding to own unique BOX NFTs while engaging in a straightforward and secure process.