1. The auctioned NFT will be won by the highest bidder;
2. The countdown for each auction is 24 hours, when the auction countdown is less than 1 hour, each bid will add 10 minutes to this auction, and the auction will be extended by up to 1 hour.
For example, A gives a new bid when there are 35 mins left in countdown, the countdown will be increased to 45 mins. Then B gives a new bid, making the countdown increased to 55 mins. Then C bids, the countdown will be increased to 1 hour. If D gives a new bid now, the countdown will stay at 1 hour. If there is no new bid before the 1-hour bid runs out, D will get the auction item.
3. According to the smart contract, every new bid needs to be 10% more than the previous one. The system will then distribute 20% of the 10% increase to the previous bidder and 80% to the seller will take.
**4.**3% of the seller’s profit is the auction fee for MoonSwap NFT platform.
For example, the original bid for an NFT is 5000 cMOON. The first bidder gives 5500 cMOON, and the second bidder makes a bid of 6050 cMOON, the difference between the two bids is 550 cMOON. The system will inject 440 cMOON （80% of 550 cMOON） to the auction reserve pool, and the remaining 20% (110 cMOON) and the 5500 cMOON, as a total of 5610 cMOON to the previous bidder’s address.
The auction revenue (excluding user’s rewards) The rest is the seller’s income.
3% of the seller’s profit is the auction fee for MoonSwap NFT platform.
100% of the token of the first bidder will enter the smart contract