How It works

In this Reverse Auction, unlike other auctions, as the auction continues, the price of the Auction Item Decreases rather than increases. It means, if there is no bid for higher price, the purchase price is reduced, and the Auction Item is made available to those at the bidding table at the lower price. As the Auction continues, the price continues to drop until someone at the bidding table purchases the item.   

If you are on the bidding table and it's your turn, you are provided with an opportunity to bid on the Auction Item.  If you submit a bid, which means accepting the current price, the item is purchased at the price offered to you.   

Each auction follows the same process: 

1- An Auction for an Auction Item is announced to begin at a set date and time, and for an initial price:

2- When you click on that item, it will take you to auction page/table:

3- In this page (Virtual bidding table) Interested bidders with pre-purchased tokens may purchase one or more seats via a non-refundable entry fee (Seat Price) at this virtual bidding table that is established for that Auction Item.

4- To purchase a seat, bidder needs to click on a seat and a pop up window will show and here bidder can set a desirable price for this item: 

which will be set for this bidder like this: 

5- Starting from the virtual bidding table’s seat #1, each consecutive Bidder is allowed few seconds to purchase the item at the current price or pass the option to purchase the Auction Item to the next person. (You can see this action in the presented video above)

6- Once the round is complete the current price is reduced, and another Bidding round begins.

7- Once any Bidder accepts the purchase price, the table is closed.

8- If the Bidder is unable to attend a virtual auction at the set date and time the Bidder can preset their desired purchase price (called PreSetBid). With PreSetBid, as the Auction continues and the price of the auction item drops, when the purchase price matches the PreSetBid price that Bidder purchases the item. At any time before or during the auction any bidder can change his/her PreSetBid.

9- If no one in a Bidding Rounds accepts the price, another bidding round commences until the Auction Item is purchased or the purchase price goes to $0. Once a price reaches ZERO, it is treated as a 0-dollar purchase for the first seat at the Bidding Table (Shipping Fees may apply).

10- All unsuccessful Bidders are only charged the entry fee.

11- If the Item Auction table doesn’t have enough participant bidder at the time auction, that auction is canceled and the enter fees will be refunded to the bidders in that auction table.