# Auctions

Auction listings are listings that allow sellers to set a minimum bid, and a buyout price, allows buyers to bid on the item

Minimum Bid is the lowest amount you want to start the bidding process at

Buyout Price is the highest amount you will take for the item

{% hint style="info" %}
Buyout Price allows users to buy the listing out right, without the need to bid on an item. For example, if you have a listing with a minimum bid of 50 ETH, and a Buyout Price of 100 ETH, a buyer can execute the buyout price and win the auction automatically
{% endhint %}

<figure><img src="/files/SCerp4n2rq03C0Js3Euy" alt=""><figcaption></figcaption></figure>

## Creating an Auction

To create an auction, go to the token's page you which to list.&#x20;

From there, select the "Auction" tab

<figure><img src="/files/fwgLTtmwfkEyZ74GfvRl" alt=""><figcaption></figcaption></figure>

Enter the Reserve (Minimum Bid) price and the Buyout Price

<figure><img src="/files/9Mye70b3uLCAGlj00rKs" alt=""><figcaption></figcaption></figure>

Select the listing duration (The time you want to allow the auction to be live)

{% hint style="danger" %}
For Listing duration, this is the window in which you will allow people to bid. The longer the window, the more people can have a chance to bid, but keep in mind, auctions with bids, WILL execute with the highest bidder. Think carefully about the Listing duration to ensure you allow for the bid to reach an amount you are happy with.
{% endhint %}

<figure><img src="/files/cgXLxjCm55OasNwVUmuj" alt=""><figcaption></figcaption></figure>

Once the auction has been created, share it on Oohhwwee Social to let everyone know you just listed an item for auction!

## Viewing your Auctions

When an auction is created, the token is held within the marketplace contract as an escrow, this means it will no longer be visible on your NFTs tab on your profile page.&#x20;

<figure><img src="/files/mXaoCUJMlY6MavIfCx7J" alt=""><figcaption></figcaption></figure>

To view your active auctions, click the "My Auctions" tab on your profile page. From there, you will see all the tokens you have listed for auction, see the time they have left, and the highest bid (if any) they have. Click View Auction to see more details or to cancel the auction.&#x20;

{% hint style="danger" %}
Important! Auctions with bid cannot be canceled, once someone has placed a bid on the auction, the auction must continue until the listing duration expires, or someone buys the item for the Buyout Price.&#x20;

Once the auction has ended, with a highest bidder, you can then collect payment, and transfer the item to the buyer.
{% endhint %}

<figure><img src="/files/jLAjpW0vDbiwIgmPubiZ" alt=""><figcaption></figcaption></figure>

## Auctions Overview

{% embed url="<https://www.loom.com/share/602309d0bf484aa4bf36bb23daef3123?sid=35a0be1f-5395-4e36-9b5f-cd8a37281071>" %}


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