Overview
A reserve auction is a timed auction triggered once the reserve price has been met. You, as the collector, can trigger this auction by offering the amount of the reserve price. Each bid being offered will automatically be required to be 5% higher than the current bid placed, and collectors will not be able to offer anything lower.
Once a reserve auction has begun, you will not be able to remove your bid. If you are outbid, your funds will be returned to your wallet automatically once the auction has come to an end.
If a bid is placed within the last 15 minutes of an auction, the countdown will reset to 15 minutes. This 15-minute reset window can continue as often as necessary until the timer ends. This extra time gives all bidders involved an extra chance to win.
You can filter for reserve auction NFTs via the homepage.
Simply select "Reserve not met" or "Live"
This is a step-by-step guide to buying an NFT that is listed in a reserve auction.
Connect your wallet to Zora
Click on the NFT you want to bid on.
Click the "Place Bid" button under the NFT
If you are the first bid, the bid must exceed or meet the reserve price listed. If the reserve price has already been met, all subsequent bids must exceed the current bid by 5%.
Input the amount you are bidding
Click "Place Bid"
Once you have clicked continue, your wallet will prompt you to confirm the amount you are bidding and will display the amount of gas required to complete the transaction.
Click "Confirm" and wait for your transaction to succeed.
You can check the status of your transaction via Etherscan. A direct link to your transaction will be within your wallet.
Once your transaction has succeeded, the bid amount will be deposited from your wallet, and your bid will be active. This will now trigger the 24-hour countdown.
Your bid has been placed! 🎉
What's Next?
If there are no competing bids on the NFT, then you will not have to do anything further with your bid while the 24-hour countdown timer is active.
If another collector bids on the same NFT, you can follow the same steps above to place a competing bid. All subsequent bids must exceed the current bid by 5%.
We recommend signing up for email notifications to get up to date with your bids. We will notify you if someone has outbid you.
Once the auction has ended, and if you're the winning bid, you will need to claim the NFT to have it transferred out of the escrow contract and into your wallet. Click Here for instructions on how to claim your NFT.