Currently 24h. Though it could change in the future. The end date and time for each auction will be clearly set and displayed by Artrade when the auction is created.
To ensure competitive and orderly bidding, there is a minimum increment required for each new bid. Your bid must be at least 5% higher than the current leading bid. This increment will always be rounded up to the nearest logical value for simplicity.
We will have the flexibility to offer items individually or group them into "lots" for specific events. For these events, we plan to introduce a dedicated "live auction" interface, inspired by professional platforms like LiveAuctioneers. This interface will provide a clear overview of all active lots and essential bidding information in real-time.
When a user places a valid bid, the system will update the current highest bid amount. This activity will be recorded both on-chain for ultimate transparency and off-chain to ensure a smooth, real-time experience in the user interface. When you place your first bid on an item, the funds are held securely in a temporary account created just for your bid (called a PDA). If someone outbids you and you decide to increase your offer, you don't need to send the full amount again. You only need to deposit the difference between your new, higher bid and the amount already held in your secure account. This makes increasing your bid quick and easy.
To prevent last-second "sniping", our auctions use a progressive extension system. When a bid is placed with less than 10 minutes remaining, the timer extends by decreasing increments: +10, +8, +6, +4, and +2 minutes respectively. After five extensions, no further time is added and the highest bidder wins when the timer reaches zero. at which point the highest bidder wins.