🥃IBO Auctions
How Do You Play BIDSHOP Liquidity auction?
Place bids between 00.01 and 99.99 to win “Winning Ranks.” Then defend your Winning Rank with more bids until the end of the auction. (Creation Month Auctions last 4 hours each.)
What is the winning rank?
The highest unique bid is ranked #1.
If you hold rank #1 at the end of the auction, you’ll win the auction prize.
How do You Hit the Winning Rank?
On The Dynamic Ranking Table, you can see the position of your bids in relation to a Winning Rank. Use the table to guestimate bids as you fight with competitors for winning spots.
How do You Hold a Winning Rank?
As competitors bid for the winning rank, your bid position will change - even if you temporarily hold the winning rank. Competitor Bids above you will demote your Rank, and equivalent bids will burn your bid position. To defend, you must actively re-bid new values to win back your spot.
What is a Demotion?
Example: Let’s say you bid 99.00 and win Rank #1. If another competitor bids 99.01, now you’re demoted to rank #2 and lose your winning spot. Time to bid again!
What is a Burnt Bid Position?
Example: You bid 99.99 and win Rank #1. Seems like the highest possible bid, right? Not if it gets burned. Which happens when another competitor bids the same number. In this case, slot 99.99 would get burned, removing it as a viable position for you and everybody else. Then 99.98 would become the next highest available bid (until it gets burned.)
How do I Know my Bid is Active or Burnt?
When you place a bid, you will see it “active” on the Ranking Table. If, however, the bid is equivalent to a pre-existing bid, it will be burned, and a notification telling you so will pop up.
What happens when an Auction Reaches the Minimum Amount of Bids?
The auction will continue until the timer reaches zero. If the auction times out and minimum bids have been met, then it will conclude, and winners will earn their prizes.
Last updated