MOOAR Auction is a dynamic NFT auction platform built on the Polygon network that uses GMT tokens for bidding.
Participants deposit GMT tokens into their account to start bidding. Each auction specifies details like minimum bid requirements and increments to ensure fairness and transparency. Bids are placed in real time, and if a bid is submitted within the final 30 seconds, the timer resets to 30 seconds to provide every participant with a chance to respond.
The Auction Bot can be set up to help users with the bidding process. The Auction Bot automatically places bids for the user during the final 30 seconds of the auction. Users set a maximum bid limit, and the bot places the minimum necessary bid to keep the user in the lead during that final countdown.
The Bidding Rewards system enhances engagement by incentivizing participation. If a user is outbid, that user will receive a reward. The reward increases if there is a larger difference between the user's bid and the previous bid. Additionally, a higher bidding price raises the reward multiplier, which can boost the reward. These rewards are credited to the user's account and can be withdrawn through the dashboard. However, if a user wins the auction, that user forfeits the Bidding Rewards. The win-win design of our auction ensures that every participant benefits: if a user wins the auction, they secure the NFT; if they are outbid, they receive bidding rewards for their active participation.
What token is used for bidding?
Bidding is done using the GMT token.
How do I participate in the auction?
Before you can place a bid, you must deposit GMT tokens into your account on the platform.
How do I deposit GMT tokens?
Click on the deposit button in the top right corner of the Auction page, enter the desired amount of GMT tokens, click Deposit Now, and confirm the transaction. We want to ensure the asset security, and we used the “secured deposit” method that might take 1-6 minutes.
What happens after I deposit GMT?
Once your GMT tokens are deposited, your account balance will be updated, allowing you to start bidding on the available NFT auctions.
Is there a minimum bid requirement?
Each auction may have its own minimum bid requirement. Please refer to the specific auction details for more information.
Who can participate in the auction?
Anyone with a Polygon-compatible wallet and deposited GMT tokens is eligible to participate in the MOOAR NFT Auction.
How to get Bidding Rewards? (Outbid Rewards)
If you're outbid, you'll receive a reward. The reward increases if there's a larger difference between your bid and the previous bid. Additionally, a higher bidding price itself raises the reward multiplier, which can boost your reward. Check the Outbid Rewards estimate before bidding to see how much you might earn.
If I win the auction, do I get Bidding Rewards?
If you win the auction, you don't get Bidding Rewards.
How do I withdraw Bidding Rewards?
You can withdraw Bidding Rewards using My Dashboard on the Auction page. It is located in the top right corner of the page.
What is the "Minimum Increment"?
The Minimum Increment is the smallest amount by which you must raise the current highest bid to place a valid new bid.
How does the Auction Bot work?
The Auction Bot automatically places bids for you during the final 30 seconds of the auction. You set a maximum bid limit, and the bot will place the minimum necessary bid to keep you in the lead during that final countdown.
Can I adjust or cancel my bid after placing it?
Once you have placed a bid, it cannot be adjusted or canceled.