Auctions & Bids
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PaySwap enables you to also list products/subscriptions to be purchased through auctions. Here is a step by step guide to doing that:
Go to your channel's main page and click on the List Product button (click on List Paywall if you are creating a subscription product)
Fill in the form that pops up and set the field View Advanced Parameters (at the bottom of the form) to Yes to reveal the fields you will need to set up your auction.
Set the duration of your bid which is the maximum number of minutes that can separate each bid, anything above that will close the auction and consider the last bidder as the buyer
Also set a bid percentage increment value. In the image above, it is set to 10% meaning if the last bid was 100 tokens, then the next bid will be 100 + 10 percent of 100 which is 110 tokens. The one after that will add 10% of 110 and so and so on until there is no one willing to bid. If there is no bid for 10 minutes after the last bid, the last bidder wins the auction
Congratulations! You have successfully listed an auction. You should be able to view it listed along with the rest of your products like in the image below (auction products have a slightly darker background; the house product in the image below for instance is slightly darker than the others)
Bidding on an auction is pretty similar to buying a normal product:
Go to the auction product's page. If there is no bid yet, you will see a page like in the image below with no timer. You can also see that the next bid price is 0.1 which is the starting price. To bid, click on the Bid button and validate the transaction.
After our bid, there is a bid on the product, so the bid price changes. In the image below, you can see the next bid price displayed on the Bid button (Bid 0.11) with a timer next to it. In the example in the image below, we only have 9 minutes until the auction closes and the last bidder wins.
The bid price will keep changing until the auction closes. You should keep reloading the page to keep up with the latest bids and bid again if someone offered a better price than you.
