Items placed on the Auction market will have a deadline for all bids, and the NFT holder can set different ways of choosing the auction. The default will be Gamerse Auction, which means that when you put your NFT on the auction, you will get back one or a bundle of NFTs with the highest market value from bidders. This kind of “surprise package” is a way for people to experiment with NFTs and get interesting swaps.
When setting up an NFT auction swap, the owner can specify certain types of NFTs that they want in return, threshold values, or restrictions on what kinds of NFTs they receive. For example, someone swapping a sports player NFT might specify that they only accept bids of swaps for other players in that specific league.
Gamerse works like an escrow service to ensure that all Auction bids are valid and that the bidder has the funds or NFTs that they are bidding for the swap. Gamerse always locks the tokens of the 2 highest bidders, to ensure that their bids are valid.
Auctions can also simply be set in currency, with the bids in dollars and payment in USDT or other cryptocurrencies. People can make the bid and payment in whatever cryptocurrency they want to pay in, and Gamerse will make the conversion to the crypto that the owner wants to receive in the end. Auction bids will be performed off-chain to reduce transaction fees, such that not every bid is recorded on the blockchain. However, all bids will be public and transparent in the app and the final trade bid and swap will be settled on the blockchain.