The vendor ALWAYS gets their price, so there will be quantity and quality products for sale.
Bidders always have a fixed Entry Fee, and know how many other Bidders they are competing with.
No one is at risk, if an auction cancels, vendors do not lose the product and Bidders get credit for additional auctions.
The product price, usually retail, is displayed as the reference price. The vendor negotiates the net they must receive. A Total is calculated, such that 80% of Total, which is the vendor's net. The number of Bidders X Entry Price is computed to reach the Total required. When the required number of Bidders enter the auction, the auction will start.
Once the total number of Bidders and the Entry Fee is determined, the auction will be open on a first come first serve basis for individuals to "enter" the auction. Usually, once the specified number of bidders is reached, the entry closes. The auction will then Open for bidding and continue until a time limit or until all bids are spent.
Auction / Mall Products
The seller provides one item for the auction at retail. Only Bidders can access the merchant to purchase additional quantities. Each additional item is guaranteed to be sold at less than retail minus the auction Entry Fee. The vendor can sell inventory items at any discount, but cannot announce the discount publically.
- Normal Auctions – Items where the amount collected is approximately market value.
- Intrinsic Auctions – Usually items like Art with no known upper price.
- Scaled Auctions – Items with a desired top and bottom price. Like garage sale items.
- Charity Auctions – Raise funds for a Cause with no upper limit.
- General Auctions – Qualified Auction Share Token holders share profits proportionately with all other Qualified Auction Share holders.
- Participation Auctions – Only Qualified Auction Share Token holders who participate in the auction share profits proportionately with each other.
- First Mover Participation Auctions – Only First Mover Token holders who participate in the auction share profits proportionately with each other.
- You will need to play games of skill to place your bids. We will not tell you how the games help you bid, but you will either want to learn to play or "find someone" who can play for you.
- Games will vary in complexity based on the auction. The average person will be able to participate in most games, but it takes more than game skill.
- Try these as an example: