Why 24hr Reserve Auctions?
KnownOrigin has now had offers and buy-now functionality for many years. However, a frequently-made request has been for more advanced auction mechanics. Well, say hello to 24hr Reserve Auctions — a method first pioneered by a popular crypto artist and subsequently formalized by SuperRare.
This is the first of an entirely new set of features now available on KnownOrigin’s primary and secondary marketplace. With the launch of our new suite of smart contracts we have implemented our own take on the popular 24hr reserve auction sales mechanic. We have tried to create a simple, non-custodial and GAS efficient version of the now well-established and loved sales flow.
How does it work?
- Creators mint their works as normal, selecting 24hr reserve auction at point of creation
- They define a reserve price
- This reserve price can be changed at any point up to the time they receive a bid that meets the stipulated minimum figure
- When a collector places a bid on or above the defined reserve price the 24hr auction begins — there is no going back at this point!
- New collectors can come in and outbid any existing bidders
- Once you are the top bidder and the time has started you cannot withdraw your bid
- If a bid is placed in the last 15 minutes of the auction, the timer is extended by another 15 minutes
- At the end of the auction when the timer is complete — the seller OR buyer can result and complete the auction — exchanging the funds and the token
All actions are traceable on-chain and verifiable, creating rich histories for artworks — something which we believe will be of crucial importance for crypto historians of the future.
The first auction on KO
All round badass and incredible artist Griff was willing to be the guinea pig, listing his work in the first set of auctions at launch! 🙏
Not only that, he introduced the idea of collector royalties using our collectives feature, committing a portion of future royalties from his upcoming series to the original buyers of work from this existing collection. This is a powerful and innovative composable feature that we hope others will explore and make use of in the future.