Virtual Cofounder
Guides
Run Auctions

Run Auctions

Sell NFTs through timed bidding to get the best price.

What You'll Build

An auction contract lets you sell NFTs to the highest bidder over a set time period. Unlike fixed-price marketplaces, auctions create competition and can drive higher prices for desirable items.

Prerequisites

  • A wallet option ready — Keplr for mainnet, or use the test wallet to try it out
  • An NFT collection with items to auction
  • On testnet for practice, or mainnet for production

Step 1: Deploy an Auction Contract

Ask Virtual Cofounder to create an auction:

Deploy an auction contract

Step 2: Start an Auction

List an NFT for auction:

Start an auction for token 1 from my Cosmic Cats collection

With parameters:

Start an auction for token 1 from Cosmic Cats with a starting bid of 50 tokens and duration of 24 hours

You can specify:

  • Starting bid — Minimum first bid
  • Duration — How long the auction runs
  • Reserve price — Minimum price to sell (optional)

Step 3: Place Bids

Participants can bid on active auctions:

Place a bid of 75 tokens on the Cosmic Cats token 1 auction

Each bid must be higher than the current highest bid.

Step 4: Monitor the Auction

Check auction status:

Show me the current status of the token 1 auction

This shows:

  • Current highest bid
  • Highest bidder
  • Time remaining
  • Total number of bids

Step 5: End the Auction

When the auction time expires:

End the auction for token 1

If the reserve price was met (or there was no reserve), the NFT transfers to the highest bidder and payment goes to the seller.

Auction Types

English Auction (Default)

  • Bids increase over time
  • Highest bidder wins
  • Most common type

Reserve Auction

  • Has a minimum price
  • If reserve isn't met, seller keeps the NFT
  • Protects against selling too low

Tips for Success

Set Reasonable Starting Bids

A lower starting bid attracts more initial interest. The competition will drive the price up if there's demand.

Choose the Right Duration

  • Short (1-6 hours) — Creates urgency, good for engaged communities
  • Medium (24-48 hours) — Allows time for discovery and participation
  • Long (1 week) — Good for high-value items that need maximum exposure

Test on Testnet

Practice the full auction flow:

  1. Deploy auction contract
  2. Start an auction
  3. Place test bids
  4. End the auction

Next Steps

Auctions work great with:

Set Up a MarketplaceRun a Crowdfund