What is xBid?

Starting Price The starting price represents the initial price at the beginning of each auction. It is the minimum price accepted for the auctioned item and is set to initiate the bidding process. On the xBid platform, the starting price will be set at minimum 0.01 EGLD to ensure accessible and diversified participation. Price Increment System In the xBid platform, we have ensured that the bidding process is simple, transparent, and fair. When you decide to participate in an auction, you will find a special button that allows you to place an automatic bid. This will relieve you from the constant pressure of manually placing bids and ensure that you are always in the game. Each accepted bid in the auction comes with a fixed price increment of 0.001 EGLD compared to the previous one. This mechanism ensures that the bidding process remains just and that each participant has the opportunity to respond appropriately to price developments. For example, let's assume the accepted price for a specific item is 0.022 EGLD. In this case, the next accepted bid must be at least 0.023 EGLD. This ensures an incremental and competitive increase in prices throughout the auction. Auction Duration The auction conducted on the xBid platform is not restricted by a fixed time limit for completion. However, after each accepted bid, a timer will be activated for a duration of 60-180 seconds,depending on the event. This additional time period allows participants to reevaluate their strategy and decide if they want to place a higher bid before the auction concludes. Lack of Bids in the 60-180 seconds Period In case no new bids are made during the 60-180 seconds period, the auction will end, and the last accepted bid will be declared the winner. This approach ensures that the auction does not remain in a stagnant state and that the process concludes efficiently. Outbidding If another participant places a higher bid than the bid previously made by another participant, they will be considered the highest bidder, and the initial bid will be outbid. In this case, the participant who was outbid in the auction will be notified about the outbidding and will have the option to decide whether to bid higher or withdraw from the auction. Retrieval of Bidded Amounts If you have bid a certain amount and your bid has been outbid, you will not be able to retrieve the bid amount. Participating in the auction entails the risk of losing the bid amount if you do not become the highest bidder. It's important to be aware of this aspect and carefully consider the bids you place.