HOW DO NOUNISH AUCTIONS WORK?
HOW DO NOUNISH
AUCTIONS WORK?
HOW DO NOUNISH
AUCTIONS WORK?
One noun is auctioned every 24 hours, forever. One interface for participating in noun auctions is nouns.wtf, which is a website built and maintained by the project founders ('Nounders'):
One noun is auctioned every 24 hours, forever. One interface for participating in noun auctions is nouns.wtf, which is a website built and maintained by the project founders ('Nounders'):
One noun is auctioned every 24 hours, forever. One interface for participating in noun auctions is nouns.wtf, which is a website built and maintained by the project founders ('Nounders'):
In the auction above, Noun 8, which is the 9th Noun (Noun IDs start at 0) is for sale. The current bid is 88.88 ETH (Ether), and there are 2 hours, 21 minutes, and 50 seconds remaining in the auction. If this auction ends with no further bids, 88.88 ETH from xaix.eth ($286,824 USD as of this writing) will be automatically and trustlessly sent to the Nouns DAO Treasury and xaix.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.
You can see all the Noun ERC-721 tokens here: https://opensea.io/collection/nouns
In the auction above, Noun 8, which is the 9th Noun (Noun IDs start at 0) is for sale. The current bid is 88.88 ETH (Ether), and there are 2 hours, 21 minutes, and 50 seconds remaining in the auction. If this auction ends with no further bids, 88.88 ETH from xaix.eth ($286,824 USD as of this writing) will be automatically and trustlessly sent to the Nouns DAO Treasury and xaix.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.
You can see all the Noun ERC-721 tokens here: https://opensea.io/collection/nouns
In the auction above, Noun 8, which is the 9th Noun (Noun IDs start at 0) is for sale. The current bid is 88.88 ETH (Ether), and there are 2 hours, 21 minutes, and 50 seconds remaining in the auction. If this auction ends with no further bids, 88.88 ETH from xaix.eth ($286,824 USD as of this writing) will be automatically and trustlessly sent to the Nouns DAO Treasury and xaix.eth will win this Noun, which means that the ERC-721 token will be transferred to their address.
You can see all the Noun ERC-721 tokens here: https://opensea.io/collection/nouns
Auction Settlement
Because of the way Ethereum works, Noun auctions must be settled after they are completed. The auction settlement transaction does three things:
1. Sends the current NOUN ERC-721 token to the winner of the auction
2. Generates the next Noun
3. Begins the next 24 hour Noun auction.
This means that if you win the auction you will not receive your NFT until the auction is settled!
Auction Settlement
Because of the way Ethereum works, Noun auctions must be settled after they are completed. The auction settlement transaction does three things:
1. Sends the current NOUN ERC-721 token to the winner of the auction
2. Generates the next Noun
3. Begins the next 24 hour Noun auction.
This means that if you win the auction you will not receive your NFT until the auction is settled!
Auction Settlement
Because of the way Ethereum works, Noun auctions must be settled after they are completed. The auction settlement transaction does three things:
1. Sends the current NOUN ERC-721 token to the winner of the auction
2. Generates the next Noun
3. Begins the next 24 hour Noun auction.
This means that if you win the auction you will not receive your NFT until the auction is settled!
Nounish Auctions
The description above outlines how the original Nouns auction works, but many newer DAOs have forked the auction mechanics and altered the variables. Some have a much faster auction cadence, like Lil Nouns which has an auction every 15 minutes! Wizards DAO has experimented with auctioning up to 5 Wizards at a single time, and Gnars DAO has implemented the Gnarving which is effectively similar to a Bitcoin halvening event and results in one Gnar, less often, forever.
Nounish Auctions
The description above outlines how the original Nouns auction works, but many newer DAOs have forked the auction mechanics and altered the variables. Some have a much faster auction cadence, like Lil Nouns which has an auction every 15 minutes! Wizards DAO has experimented with auctioning up to 5 Wizards at a single time, and Gnars DAO has implemented the Gnarving which is effectively similar to a Bitcoin halvening event and results in one Gnar, less often, forever.
Nounish Auctions
The description above outlines how the original Nouns auction works, but many newer DAOs have forked the auction mechanics and altered the variables. Some have a much faster auction cadence, like Lil Nouns which has an auction every 15 minutes! Wizards DAO has experimented with auctioning up to 5 Wizards at a single time, and Gnars DAO has implemented the Gnarving which is effectively similar to a Bitcoin halvening event and results in one Gnar, less often, forever.
Frequently Asked Questions
-What happens to my ETH if someone outbids me?
When a bid is received that is higher than the current highest bid, the ETH for your bid will be automatically returned to your wallet.
-The auction says I won, how do I receive my NFT?
Once an auction has completed, an additional transaction is required to 'settle' the auction. Settling the auction releases the previous NFT to the winner, mints a new NFT, and starts the next auction.
-Why did the timer extend at the last second?
When a new high bid is received within the last 2 minutes the auction timer is extended for an additional 2 minutes. This will repeat until no new bid is received in the last 2 minutes.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-Does it cost money to settle?
Yes, settling requires submitting a transaction to the Ethereum blockchain therefore there are gas fees associated with submitting this transaction.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-If I didn't win the auction but I settled, can I take that NFT?
No, only the highest bidder prior to the end of the auction can receive that NFT.
-I really liked that NFT but it didn't receive any bids and was burned. Can I pay to obtain it?
No, once an NFT is burned it is burned forever. There is no way to retrieve an NFT from the burn address.
Frequently Asked Questions
-What happens to my ETH if someone outbids me?
When a bid is received that is higher than the current highest bid, the ETH for your bid will be automatically returned to your wallet.
-The auction says I won, how do I receive my NFT?
Once an auction has completed, an additional transaction is required to 'settle' the auction. Settling the auction releases the previous NFT to the winner, mints a new NFT, and starts the next auction.
-Why did the timer extend at the last second?
When a new high bid is received within the last 2 minutes the auction timer is extended for an additional 2 minutes. This will repeat until no new bid is received in the last 2 minutes.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-Does it cost money to settle?
Yes, settling requires submitting a transaction to the Ethereum blockchain therefore there are gas fees associated with submitting this transaction.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-If I didn't win the auction but I settled, can I take that NFT?
No, only the highest bidder prior to the end of the auction can receive that NFT.
-I really liked that NFT but it didn't receive any bids and was burned. Can I pay to obtain it?
No, once an NFT is burned it is burned forever. There is no way to retrieve an NFT from the burn address.
Frequently Asked Questions
-What happens to my ETH if someone outbids me?
When a bid is received that is higher than the current highest bid, the ETH for your bid will be automatically returned to your wallet.
-The auction says I won, how do I receive my NFT?
Once an auction has completed, an additional transaction is required to 'settle' the auction. Settling the auction releases the previous NFT to the winner, mints a new NFT, and starts the next auction.
-Why did the timer extend at the last second?
When a new high bid is received within the last 2 minutes the auction timer is extended for an additional 2 minutes. This will repeat until no new bid is received in the last 2 minutes.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-Does it cost money to settle?
Yes, settling requires submitting a transaction to the Ethereum blockchain therefore there are gas fees associated with submitting this transaction.
-Who can settle?
Anybody can settle any auction, it does not have to be the winner who settles.
-If I didn't win the auction but I settled, can I take that NFT?
No, only the highest bidder prior to the end of the auction can receive that NFT.
-I really liked that NFT but it didn't receive any bids and was burned. Can I pay to obtain it?
No, once an NFT is burned it is burned forever. There is no way to retrieve an NFT from the burn address.
