Auction details to the first ever collection of History-Backed Tokens.
A total of 13 exhibits will be available for the first auction. Each piece has a reserve price that needs to be met for the auction to start. Once reserve is met, a timer of 72 hours will commence, leaving time to participate in the auction as well, with each bid requiring a minimum of 10%. Should the top bid be overbid within the last 30 minutes of the remaining timer, the auction will be extended by 30 minutes to allow for enough time for a fair bidding exchange.
Ethereum in the contract:
When placing a bid, the Zeitls issued smart contract will collect the amount of Eth until it has been overbid. Once a higher bid has been placed, we return the Ethereum to the wallet. This is to ensure that there are no fraudulent bids and that each bid is visible on the blockchain.
Each bid will require a small amount of gas, as previously mentioned each bid will be a separate transaction for the blockchain. This gas fee should be quite miniscule, however.