Hiro Auctions provides an open marketplace for users to trade items through competitive bidding within a set time frame. The system ensures fair participation by validating a user’s ability to afford bids, and guarantees reliable exchanges between the highest bidder and the seller at the end of each listing.
An auction listing is essentially an item for sale with a series of bids. Key elements include:
The end time of the listing.
The current highest bid or starting bid.
The minimum required bid for the next participant.
Listings can only be created for items in the seller’s Hiro Inventory.
Each auction progresses through a simple, linear process:
Creating a Listing: The seller chooses an item from their inventory, and it is removed from their possession until the auction concludes.
Bidding: Other users bid, with amounts deducted from their wallets to ensure they can afford the bid at both placement and auction close. Users cannot bid on their own listings or on those where they are the current highest bidder. Bidders that were outbid get their currency back immediately, no waiting until the end of the auction.
End of Auction: The listing concludes, and both the seller and winning bidder are notified to claim their rewards.
The list of item_sets that are allowed to be sold in this type of auction.
bid_start
AuctionBidStart
Defines the minimum starting bid and which currencies will be used to bid on this auction listing.
bid_increment
AuctionBidIncrement
Defines the minimum difference between the current bid and the next bid amount, expressed as either a flat amount or a percentage based on current bid. If both a flat value and percentage are specified, both must be satisfied by any new bid for it to be allowed.
extension_threshold_sec
int64
If a bid is placed within this number of seconds from the listing ending, the listing is extended.
extension_sec
int64
The number of seconds to add to the listing. This time is added to the original listing end time, not based on the time the bid was placed.
extension_max_sec
int64
The maximum total number of seconds that may be added on to the original listing end time.
fee
AuctionFee
Flat or percentage-based fee paid by the seller when collecting the winning bid amount. The successful bidder does not pay an additional fee when claiming their item at the end of the listing. If both a flat fee as well as a percentage are specified, the fee will be the minimum amount that satisfies both conditions.