Coinbase NFT Announces New Drop Auctions for Creators
Coinbase NFT is launching a new feature: drop auctions for NFT creators. This announcement comes via a recent tweet from the company.
Collectors will bid on NFTs using WETH (Wrapped ETH), as long as they have the available funds in their crypto wallet. Once the bid is placed, other collectors can bid higher until the countdown timer reaches zero. If a bid comes in with two minutes or less remaining in the auction, the auction will be extended by five minutes for up to one hour after the official auction end time.
The number of total bids and bidders will be directly viewable on the auction page, and there will be a minimum bid increment requirement for new bids.
Auctions require WETH to bypass gas fees, and collectors who do not have WETH can convert ETH using Coinbase Pay.
"If you have ETH in your Coinbase Wallet (or any other wallet), but no WETH, you'll be guided to quickly wrap the ETH to WETH with a few simple clicks," Coinbase NFT explains. "If you don't have sufficient funds, you can use Coinbase Pay to add funds from your Coinbase account."
ETH and WETH are identical in price.