Q: What are Auctions?
A: Auctions allow users to bid against others to win their favourite collectibles instead of purchasing them at a fixed price. Each auction has a base price, bidding window, and auto-extension feature, with the highest bidder at the close winning the collectible.
Q: Why are Auctions introduced on FanCraze?
A: Auctions bring:
Market-driven pricing, where the community decides the final value.
Fair access, giving users across time zones a chance to bid.
Excitement, as real-time bidding creates competitive action.
Q: Where can I find Auctions?
A: Auctions can be found in the "Pro Collectibles” next to the "Trade" section.
Q: How do Auctions differ from Instant Buy?
A: Unlike Instant Buy (fixed price purchases), auctions:
Allow competitive bidding instead of first-come, first-serve sales.
Remain open for a set duration, giving all users a chance to bid.
Offer auto-extension, preventing last-second "sniping" by bidders.
Q: How do I place a bid in an auction?
A: Follow these steps:
Go to the Auctions tab and find a collectible.
Click on "Place Bid" and enter your bid amount.
Confirm your bid. If successful, you will be the current highest bidder.
Q: How is the first bid calculated?
A: If you're the first to bid, your bid must be at least the Base Auction Price set by FanCraze.
Q: How do subsequent bids work?
A: If a bid already exists, your new bid must be at least:
New Bid = Current Winning Bid + Minimum Dollar Increment
For example, if the current highest bid is $50 and the minimum increment is $1, the next bid must be at least $51.
Q: What happens if nobody bids on an auction?
A: If no bids are placed, the auction expires, and the collectible remains unsold.
Q: What is an auto-extension, and how does it work?
A: If a new bid is placed within the final few minutes (e.g., last 5 minutes), the auction is automatically extended (e.g., by 5 more minutes). This prevents last-minute "sniping" and allows fair bidding.
Q: What is a Max Bid?
A: Max Bid is an automatic bidding feature where users set a maximum bid amount. The system then places bids on their behalf whenever they are outbid, ensuring they remain in the lead up to their Max Bid limit.
Q: How does Max Bid work?
A: When you set a Max Bid:
Your initial bid is the minimum increment above the current bid.
If someone outbids you, the system automatically places a new bid for you until your Max Bid limit is reached.
Q: What happens if someone bids higher than my Max Bid?
A: If a new bid exceeds your Max Bid, you will need to place a new bid manually to stay in the auction.
Q: Can I increase my Max Bid during an auction?
A: Yes, you can increase your Max Bid at any time before the auction ends.
Q: Can I cancel or withdraw my bid?
A: No, once a bid is placed, it cannot be withdrawn or cancelled if you are the winning bid.
Q: What happens if I lose the auction?
A: If you do not win, your bid amount is fully refunded after the auction ends.
Q: How do I know if I’ve won an auction?
A: You will receive a notification confirming your win, and the collectible will be added to Your Club.
Q: What happens to other bidders after the auction ends?
A: All unsuccessful bidders receive a full refund of their bid amounts.
Q: What if there was only one bid?
A: If only one bid was placed, that bidder automatically wins the collectible at their bid price.
Q: When does my wallet balance get debited?
A: Your balance is debited immediately when you place a bid. If you lose, your funds are refunded automatically.
Q: How long does it take to receive a refund if I lose?
A: Refunds are instant after the auction closes.
Q: Can I pay for an auction with Bonus Cash or Game Coins?
A: No, auctions only accept Cash from your FanCraze Wallet.
Q: Can I participate in multiple auctions at the same time?
A: Yes, you can bid on multiple auctions simultaneously, but your funds must cover all active bids.
Q: Why should I use the Max Bid feature?
A: Max Bid ensures you:
Stay ahead in bidding without manual adjustments.
Avoid missing out if you're offline.
Set a price limit without continuously monitoring the auction.
Q: Are auction collectibles different from Instant Buy collectibles?
A: Yes, auction collectibles are unique or high-demand items, often limited-edition releases or In-Season (E4) collectibles.
Q: Can I opt out of an auction after placing a bid?
A: Yes. If you are not the highest bidder, you can opt out of the auction before it ends.
Q: What is the Opt-Out feature?
A: Opt-Out allows users who are not winning the auction to instantly withdraw their bid instead of waiting until the auction ends.
If you Opt-Out, your funds are refunded immediately.
However, you will not be able to bid again on the same collectible.
This feature is useful for users who want their funds back instantly to participate in other auctions.
Moment Swap: Auction
Q: What is Moment Swap: Auction?
A: Moment Swap: Auction is a new FanCraze utility that allows users to burn an existing moment and mint a new one of the same rarity and player via Auctions.
Q: Where can I learn more about Moment Swap: Auction?
A: You can read the detailed blog on Moment Swap: Auction here.
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