Tutorial : How To Bid On Auctionity


How to bid on Auctionity Hello everyone and welcome to this tutorial in which we’re going to learn how to deposit ETH onto your Auctionity wallet and than bid in an auction. Here we’re on app.auctionity.com and you can see all the auctions currently running. On the left-hand side you can choose between Etheremons and Cryptokitties. Here we’re gonna pick cryptokitties, and let’s click on this cute one with the rainbow for example. As you can see, an auctioneer has been designated for this auction and has added a presentation video before the official livestream. Now let’s pick another kitty, this one for example. Here there’s no auctioneer but that’s not a problem for what we want to do. So I’m just going to click on bid. This will prompt a new window. If you are not yet connected to Auctionity with your wallet, you will be asked to choose between Ledger, Trezor and Metamask. Here we are already connected with Metamask. However, we haven’t deposited any ETH yet, you can see the balance is 0 ETH. Choose the amount of ETH you wish to deposit onto your Auctionity account. It’s better to add more ETH than what you’re going to need for just one bid, since you’re going to pay the same gas price no matter the amount you deposit. So better deposit one big amount in one setting than several smaller amounts in many settings. You can withdraw your deposit anytime Once you have entered your deposit amount, gas limit and gas price, click ‘submit with Metamask’ (or Ledger or Trezor depending on the wallet you’re using). This will prompt a Metamask window asking you to confirm the transaction. Review it and confirm. Now wait for the transaction to be validated on the Ethereum blockchain. You’ll then get a message confirming that your transaction went through and showing you your available deposit. In order to place bids with no gas cost for each action you need to switch to the Auctionity private network. Just copy the link, open Metamask, choose Custom RPC paste the link to the auctionity network, then click save. You can now sign you bid with Metamask, in the transaction window you’ll see everything at zero. That is because you are on a private network, but you are spending real ETH. If you win the auction, the amount will be taken from your deposit just like with a normal deposit account. My bid has been taken into account, the current price is at 0,001 ETH and I’m the leader of the auction, so if no one tops my bid I will win this auction, just like in a regular ascending auction. Now I’m gonna go into my Auctionity dashboard. For the saleroom you login with your wallet but to access the dashboard you need to provide a name and email address, mainly so that you can receive transaction emails from the platform. This is your dashboard. Go into ‘deposit history’. Here, you’ll be able to see all your deposits with links to the transactions on Etherscan and the Auctionity block explorer. On the left-hand side, the amount that is ‘engaged’ is the amount of ETH you have used to place bids but for which auctions are still running and you are still the leader, the amount is released as soon as you are not the leader of an auction anymore. The available amount is the amount you can use to bid on other auctions. You can also withdraw you deposit at any time. If you go to the ‘bidder’ section, you will see all the auctions on which you have placed a bid and whether you are still the leader for theses auctions. and that’s it! You know everything there is to know about placing a bid on the Auctionity platform Good luck with your bids, see you soon! Thanks for watching

Leave a Reply