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TCG World Metaverse News for November 12th 2022




The Sprite Report Issue 212



Auctions on the TCG World Marketplace


As a buyer, there are two different ways to buy on the secondary marketplace: Buy it Now or Auctions.


Buy it Now is simple: Go to the listing, Press the "Buy" button, approve the transaction in your wallet and the plot gets transferred shortly afterwards!


Auctions are slightly different, and it's very important you know how they work.


The auction screen looks like this:

You can Place a bid, or there may be an option to buy it now as well.


This section is very important:

Sellers are able to set a time limit for their auctions. When a bid is placed, that starts the auction timer. For the example above, if someone were to bid on this listing, the auction would finish 7 days after the 1st bid.


Here are the set durations possible:

Yes.. at the end there's an option for 12 months. Can you imagine a 12 month auction? That's a bit extreme if it doesn't have a Buy it Now! But I'm loving the 15 minute and 3 hour options!


So you place a bid, you can actually set the bid amount, as long as it's above their asking starting price:

Set the bid, agree to the terms, look for the pop-up in your wallet, and you start the auction! Assuming you're the first bidder, of course.


Important: The amount you bid is taken from your wallet and put in an escrow account. At the same time, the NFT is also taken from the sellers wallet and put in the same escrow wallet. They will stay there until the end of the auction.


Fast forward.. You've won the auction! Congrats!


Important: As a seller or buyer, you need to know that you have to settle the auction in order to get your plot, and the seller their coins. Below is how you settle it as a buyer.


FYI, I did not get any email or notification that I'm aware of for winning this auction. I had to check on the auction itself. Here is what it looked like:


The listing says "Over" and "Auction Closed" Plus the original auction details.


This pop up says I won the auction:

Now.. this also says I will get 0.25 BNB, obviously I won't - the seller will get that.


Have your wallet open and Press "Receive NFT" - a pop-up for a gas fee will appear in your wallet. The gas fee is to send the NFT to your wallet. Land is on BSC so it was relatively cheap.


Because you're a potential new land owner, you get an invite to the exclusive Plot Owner Group!


If you're already a member.. you can ignore and close this message.


After that, you get this lovely message: