Auctions

Rafffle auctions let you sell an NFT to the highest bidder. You can browse live auctions at rafffle.famousfoxes.com/auctions and create one at rafffle.famousfoxes.com/create_auction.

Auctions run on a Solana program. The NFT and every bid are held in escrow by the program until the auction ends, so neither side has to trust the other.

What you can auction

• NFTs only. Each auction sells one NFT. You can't auction fungible tokens.
• Standard Metaplex NFTs, programmable NFTs (pNFTs) and Metaplex Core NFTs are supported.
• The NFT picker only shows NFTs from verified collections. If your collection is missing, use the Contact us link in the picker to ask for it to be verified.
• Some Core NFTs whose collection enforces a royalty rule set can't be moved into escrow, so they can't be auctioned.

Bid currencies

Every auction takes bids in one currency, which you pick when you create it. You can choose SOL or one of the SPL tokens in the Rafffle token registry, the same list of tokens used for raffles. The team adds tokens to the registry over time, so the list in the dropdown is always the current one.

Auctions don't support Token-2022 tokens yet. Those tokens can still be used for raffle tickets, but they won't appear in the auction currency list.

If a project wants its token added, ask the team on Discord.

Creating an auction

1. Connect your wallet and open Create auction.
2. Pick the NFT you want to sell.
3. Choose when the auction starts. Leave Start immediately on, or turn it off and set a start date and time in the future.
4. Set the end date and time. The 24hr, 36hr and 48hr buttons fill it in for you.
5. Set the reserve price and choose the bid currency. The reserve price is the lowest first bid you will accept.
6. Set the minimum bid increment. This is how much higher, in percent, each new bid must be than the current highest bid. You can choose from 1% to 50%. The default is 1%.
7. Set the extension time in minutes (see Anti-snipe extension). Leave it empty for no extension.
8. Choose whether to pay creator royalties (see Royalties).
9. Accept the terms and click Create auction, then approve the transaction in your wallet.

Your NFT moves from your wallet into escrow when the auction is created. You also pay a small amount of SOL as rent for the auction's on-chain accounts.

Royalties

For standard NFTs, royalties are optional. If you turn them on, you choose what percent of the NFT's creator royalty to pay. For example, if the NFT has a 5% royalty and you set 50%, the creators receive 2.5% of the final price.

For pNFTs and Core NFTs, royalties are mandatory and fixed at 100% of the creator royalty.

Bidding

1. Open an auction and enter your bid. The form shows the minimum bid you can place, and Set min fills it in.
2. Optionally leave a message of up to 100 characters. It appears in the auction's activity.
3. Click to place your bid and approve the transaction.

The rules for a bid:

• The first bid must be at least the reserve price.
• Every later bid must be higher than the current highest bid by at least the minimum increment.
• You can't bid on your own auction.
• You can't bid before the start time or after the end time.

Your bid is moved into escrow right away. Each bid also pays a small amount of SOL rent to store the bid in the auction's on-chain history.

When you are outbid

When someone outbids you, your bid is refunded to your wallet in the same transaction as their bid. You don't need to claim it. If you have notifications turned on, Rafffle also tells you that you were outbid.

Anti-snipe extension

If the creator set an extension time, a bid placed in the final minutes of the auction pushes the end time back. The new end time is the time of that bid plus the extension time.

For example, with a 5 minute extension, a bid placed with 2 minutes left resets the clock to 5 minutes. Another bid in those 5 minutes resets it again. The auction only ends after 5 minutes pass with no new bid.

If the creator left the extension time empty, the auction ends at the original end time no matter when the last bid arrives.

When the auction ends

When the end time passes, the auction closes to new bids. Two separate actions then complete it, and each side does its own:

• The winner clicks Claim NFT. The NFT moves from escrow to the winner's wallet.
• The creator clicks Settle auction. The winning bid is paid out from escrow: first the Rafffle fee, then any royalties, and the rest goes to the creator.

Neither action depends on the other. The winner can claim the NFT even if the creator hasn't settled yet, and the creator can settle even if the winner hasn't claimed yet.

If nobody bids

If an auction ends with no bids, nothing is sold and no fee is charged. The NFT stays in escrow until you cancel the auction, which returns it to your wallet (see below).

Cancelling an auction

You can cancel your auction only while it has no bids. This works before it starts, while it is running, or after it ended with no bids. Cancelling returns the NFT to your wallet and refunds the rent for the auction's accounts.

Once anyone has placed a bid, the auction can't be cancelled. It runs to the end and the highest bidder wins.

Fees

Rafffle takes a fee from the winning bid when the auction is settled:

• 5% of the winning bid by default.
• 2.5% if you are a Famous Fox holder when you create the auction.

The fee is only charged when an auction sells. Holder status is checked once, at creation, and counts only if you have a Famous Fox Federation, Transdimensional Fox or Friends & Foes fox staked or on a mission in the wallet that creates the auction. A fox that is only held, or held in a linked wallet, doesn't count. The create page shows whether you get the holder rate before you create.

See Fees for all Rafffle fees.

Featured auctions

The Featured Auctions banner at the top of the auctions page shows auctions that end within the next 24 hours and whose creator:

• had a fox staked or on a mission when they created the auction (the same check as the holder fee), and
• meets the Rafffle Featured standards for linked X and Discord accounts.

See Featured for the Featured standards.

Notifications

If you have Rafffle notifications set up, you get alerts when:

• someone outbids you,
• someone bids on your auction,
• your auction ends (with or without bids), and
• you win an auction.

The "you won" and "your auction ended" alerts remind you to claim your NFT or your funds on Rafffle.

Addresses

What	Address
Auction program	FFAUags5SYJEioBUkPtKuArccNzcNgUubhssCH2jSbeH