Collectibles are listed on 7Moments in a Reserve Auction format.
Below are some of the main characteristics of 7Moment’s auctions:
• Built on Ethereum: Every interaction with Auctions (placing bids, withdrawing, winning and claiming Collectibles, etc.) on 7Moments is recorded on the Ethereum blockchain. ETH is the cryptocurrency used for all transactions on the Ethereum network, and it is the only cryptocurrency which can be used for placing bids on 7Moments. All of the Collectibles on our Platform can be bid on and purchased with ETH.
• Start at a Reserve Price: Athletes/Celebrities backing the relevant Collectible set a starting price for the Auction and prospective buyers must place bids at or above this price. Reserve prices are made public on the Platform.
• Time & time extensions for auctions: The set time for an auction in a Collectible is made available on 7Moments. If a bid is placed within the last 12 hours of an Auction, the Auction time will be extended by 12 hours. The 12-hour time extension gives time for each bidder to have the opportunity to place a bid, and for the Collectible to find its true market value. Time extensions will be applied for as long as a new bid is placed within 12 hours of an earlier bid.
• Fees: Every action on ethereum blockchain is subject to a Gas Fee (please see the Terms for more information). Each bidder pays a fee for placing a bid, withdrawing a bid (when it was outbid) and claiming the NFT (when bidder has won the auction),
• Active withdrawal of losing bids: If you are outbid, you must withdraw you bid actively in order to reclaim your ETH to your wallet (please see item 3 below for simple instructions). This applies even if the Auction for the relevant Collectible has closed.
How to take part in the auction process, etc:
1. Connect your MetaMask wallet by clicking on the “Connect wallet” button. Then press the “Confirm” button in the MetaMask popup.
2. Put bid. If no bids have been put, the starting bid must be equal to or exceed the Reserve Price specified on the website. Each bid is binding and the bid amount is reserved until the Collectible is collected or the bid is withdrawn. A bid cannot be withdrawn unless a higher bid has been placed. If there are already bids placed, new bids must exceed the previous bid and must be equal to or exceed the “minimum bid” value specified on the website when you click “put bid”. Note: you must pay the Gas Fee to put the bid. After you confirm the bid amount, click confirm in the MetaMask popup.
3. Withdraw bid. If your bid was outbid by someone, you can now withdraw your bid. To do this, open the website, and click the button “Withdraw bid”. In the MetaMask popup, confirm the transaction. Note: You must pay Gas Fees to withdraw your bid.
4. Claim the Collectible. If your bid is the highest and the auction has ended, you can now claim your Collectible. In order to do this, open the website and click “Claim NFT” and confirm the transaction in MetaMask popup. Note: you must pay Gas Fee to claim your Collectible. Congratulations, now you own the Collectible as specified in the Terms. In order for it to be displayed in your MetaMask wallet, follow the instructions on the website.