Auction Rules

  1. Items may be sold by fixed-price listing or by auction. The rules and fees for both types of sale are described below.
  2. When a seller lists an item for a fixed price, the seller specifies only the price. Fixed-price listings do not expire, but may be cancelled by the seller. Gas fees on fixed price items are paid by the buyer.
  3. When a seller lists an item for sale by auction, the seller specifies a minimum bid amount, a duration, and a reserve price.
  4. NASFTY may impose a threshold reserve price on auctions, because of the recent substantial increase in gas prices. When such a threshold reserve price is in force, sellers will be able to set a higher reserve price, but not a lower reserve price. Items may be sold in an auction at the seller’s discretion for less than the threshold reserve price, but this will impact the charging of gas fees, as detailed below.
  5. The threshold reserve price is currently 1 ETH.
  6. Bids must be at least 5% higher than the previous bid.
  7. If no one placed a valid bid or if the highest bid is below the reserve price, and the auction duration expires without the seller having accepted a bid, then the seller keeps the item and the listing expires automatically.
  8. All auction listings expire when the expiration time is reached, except for automatic extensions as described below.
  9. If someone bids in the last 5 minutes of an auction, and if their valid bid exceeds all others, the auction will automatically extend by 5 minutes. This can continue for up to a week of extensions.
  10. If the seller receives at least one valid bid above the reserve price, the highest bid is above the threshold reserve price, gas prices are below 300 gwei, and the matching transaction costs less than 0.08 ETH, then NASFTY will cover the gas cost and automatically trade the item.
  11. When the duration is over or at any time before, the seller can manually accept the best bid. If the accepted bid is less than the threshold reserve price, then the gas cost is divided equally between the seller (as a deduction on sale proceeds) and the buyer (as a surcharge on the selling price).
  12. The highest bidder on an item is not guaranteed to win the item. The seller can cancel the auction at any point. The owner of the item has the option to hold onto the item, even if the top bid is above the owner's reserve price.
  13. NASFTY will charge a platform fee on all transactions. On the initial sale of any NFT the platform fee is 15% of the selling price. On re-sale of an NFT (i.e. a sale by a collector who has previously purchased the NFT) the platform fee is 5%. Gas costs are additional and will be paid as detailed above.
  14. If gas prices are 300 gwei or more, or if the matching transaction costs 0.08 ETH or more, NASFTY may at its discretion wait until gas prices drop before completing a transaction.