NFT STARS Auctions
You’ve found a work of art on NFT STARS that you want in your collection. Here's a couple of things you need to know.
NFT STARS announces the date and time of every auction, in advance, on its website and social media channels. At the start of the auction a countdown to the end begins.
Currently, the marketplace accepts only WETH. More cryptocurrencies are coming in the future. And no to paying Gas, the act of placing a bid is free.
When you place a bid, the platform checks the balance of your wallet. Your bid will only be accepted if your balance is equal to or greater than the amount of WETH you are bidding. If it isn’t, the bid will be declined. If accepted, your funds (equal to your bid) are not put on hold by NFT STARS but you do give NFT STARS permission to perform a transaction. The platform subsequently creates a pending order. That's why collectors do not pay any fees and can place multiple bids.
For example, if you have 5 WETH in your wallet, you can either place 2 bids on different NFT per 2.5 WETH or 2 bids for 5 WETH. But if one of the 5 WETH bids goes through, the bid for another NFT will be declined.
Sure, you can place bids until you win the NFT you want for your collection. NFT STARS has no rules regarding the next bid and how much it should exceed the current bid. You can place an offer that’s just 1% higher than the previous one.
Each artist specifies the duration of every auction. It can be 24h, 48h or 72h. Every auction starts at a pre-designated time and ends within the set timeframe. If a user places a bid at the very last second, NFT STARS will not prolong the auction. When the bidding process closes, the artist approves the winning bid and the funds are transferred from the winner's wallet.
Go to your page and find the 'Auction' tab where you will find all the information logged. The NFT STARS team is working on issuing notifications so that you won’t have to check your account to find out the news.