Once you’ve collected an NFT on Foundation, you now have the ability to list it for auction on the secondary market. First, learn about which works you can put up for auction here.
To participate, follow these steps:
Navigate to the "Collected" tab on your profile
Click the “List your NFT" button under the NFT you want to put up for auction
If you have not listed an NFT for auction on Foundation before, you will be prompted to approve the auction contract. This is a one-time transaction that gives you the ability to list NFTs for auction. If you have already minted an NFT previously, you can skip this step.
Set a reserve price for your work. A reserve price is the minimum amount in ETH you’d be willing to sell your NFT for. Collectors will need to place a bid at or above the reserve price to start an auction. Once an NFT is sold, 10% from the final sale price will be sent as a royalty to the original creator, and a 5% service fee is charged. Make sure to keep this in mind when setting your reserve price.
Once you’re ready to list your NFT for auction, you will need to complete the transaction with your wallet and pay a gas fee.
Wait for the transaction to complete. You can click the “View on Etherscan” link to check the status of the transaction. Etherscan is a useful resource to track all transactions on the Ethereum blockchain and it’s free to use. Learn more about Etherscan
Click “Continue” to go back to your profile where you can also track the status of the transaction.
The artwork status will change to “Listed” once the transaction is complete.
Once the first bid is placed, a 24-hour auction will begin, and your NFT will be held in escrow within Foundation’s smart contract until the auction ends.
The collector with the highest bid at the end of the auction will become the new owner of the NFT.
If a bid gets placed within 15 minutes at the close of the auction, the countdown will reset back to 15 minutes. This prevents bidders from "sniping" a work or bidding at the last second without allowing time for others to place a bid.