GamesPad Is Introducing The New NFT Marketplace Feature – An NFT Auction

GamesPad Is Introducing The New NFT Marketplace Feature - An NFT Auction

We’re excited to announce a new amazing feature of the GamesPad NFT marketplace – an NFT auction. 

GamesPad, a holistic gaming, NFT, and metaverse ecosystem, is launching new functionality on its NFT marketplace — NFT auctions. This feature will allow users to auction their GamesPad NFTs (Bot, Cyborg, Android, Humanoid and Crypto Ninja) or place bids on these NFTs auctioned by other users to win them.

An auction is a method of buying and selling goods or services by offering them for bidding, allowing people to place bets for a lot and sell it to the highest bidder. Auctions are popular because both buyers and sellers believe they will get a good deal buying or selling assets. Furthermore, by encouraging competition and excitement, NFT auctions will boost user participation in the NFT marketplace and underplay the effects of crypto winter.

In the world of NFTs, auctions have become a prevalent method of selling digital artworks. Many NFT auction sites have emerged, allowing participants to bid on rare NFTs using cryptocurrencies.

How Do NFT Auctions Work?

The GamesPad NFT auction is an alternative to a traditional English auction and works similarly. The main difference is that it’s designed to auction NFTs and place bets in cryptocurrencies, as well as users can access NFT auctions on the main page of the GamesPad NFT marketplace. Every NFT marketplace user is free to place one of the GamesPad NFTs on our marketplace.

Each auction will have a limited time and a minimum bid, the price below which a bid price will not be accepted. All participants will have to place their bids for NFTs in the specified cryptocurrency, which can be BNB or BUSD.

When an auction starts, the NFT is transferred to a smart contract. In terms of bidding time, an auction cannot continue for more than 30 days or less than seven days. By the end of the bidding time, the user with the highest bid will win the auction and receive the NFT. If a user places a bid 5 minutes before the end of an auction, the auction will be automatically extended for another 5 minutes more just like in a traditional English auction.

The NFT market is expanding rapidly and is projected to reach an incremental growth of USD 147.24 billion by 2026. GamesPad believes the NFT auction feature will help it stay at the frontiers of NFT innovations and encourage excitement around our NFTs.

About GamesPad

GamesPad is a holistic gaming, NFT and metaverse ecosystem. It is a one-stop shop for everything GameFi, metaverse and NFT that brings together a gaming incubator, game-specific multichain launchpad, decentralized venture capital, NFT aggregator and marketplace, in-house gaming and production studios, and much more. GamesPad is the culmination of years of expertise, research, and passion of the professional team committed to propelling blockchain gaming to the mainstream.