Reserve auctions can be a great way to create extra hype around the selling of your token. When adding a timed countdown to the sale of your NFT can encourage collectors to get in quick. As the creator, you will be asked to set a reserve price for your NFT. The reserve price is the minimum amount you want to earn on that piece. Once a bid that matches your reserve price has been placed, the auction duration you set (between 1-10 days) will be triggered - starting your live auction.
Each subsequent bid offered after your reserve price will automatically be required to be 5% higher than the current bid placed. Collectors will not be able to offer anything lower.
If a bid is placed within the last 15 minutes of an auction, the countdown will reset back 15 minutes. This 15-minute reset window can continue as many times as necessary until the timer has finished. This extra time gives all bidders an extra chance to win the auction.