NTWRK offers two different types of auctions: Flash Auctions, and Standard Auctions.
Flash Auctions
Flash Auctions have a preset time limit, and the timer will not reset once the bidding process has begun. This creates a sense of urgency among buyers, as they have a limited time to place their bids. Flash Auctions can be advantageous for sellers as they generate a sense of competition among buyers and can potentially result in higher bids.
Standard Auctions
Standard Auctions are the most commonly used auction type on NTWRK. In this type of auction, the bid timer resets to 10 seconds each time a bid is placed in the last 10 seconds of the auction. This allows buyers to bid multiple times and ensures that each bidder has an equal opportunity to place their bid.
To enable a Standard Auction, simply leave the Flash Auction box unchecked.
Understanding the differences between these auction types is important for both buyers and sellers on NTWRK. By selecting the right auction type, you can optimize your chances of achieving a desired price for your item. Buyers can also use their knowledge of the different auction types to strategically bid and potentially win the item they are interested in.