How do Gamicon auctions work?

Here are some general rules that may apply to NFT auctions:

1. Auction format: NFT auctions can be conducted in different formats, such as a traditional ascending bid auction, a descending bid auction, or a sealed bid auction. The auction format should be clearly specified before the auction begins.
2. Starting bid: The starting bid for the NFT should be determined and announced prior to the auction based on the results from the game.
3. Reserve price: A reserve price can be set, which is the minimum price that the seller is willing to accept for the NFT. If the highest bid does not meet the reserve price, the seller is not obligated to sell the NFT.
4. Bid increments: The minimum amount that a bidder can increase the current bid should be specified, typically in the range of 1-10% of the current bid amount.
5. Duration of the auction: The duration of the auction should be clearly stated, along with the time and date when the auction will end.
6. Payment and delivery: The method of payment and delivery of the NFT should be agreed upon before the auction begins. Payment can be made in cryptocurrency or fiat currency, depending on the agreement between the seller and buyer.
7. Buyer’s premium: A buyer’s premium may be added to the final bid amount, which is an additional fee paid by the buyer to the auction house or platform.
8. Dispute resolution: In the event of any disputes or issues that arise during the auction process, a mechanism for dispute resolution should be established beforehand.

It is important to note that rules for NFT auctions can vary depending on the platform or auction house. Therefore, it is recommended to carefully review and understand the specific rules and regulations of the platform or auction house before participating in an NFT auction.