1-of-1 English auctions
One unique NFT auctioned with a reserve price, anti-snipe time-extension, on-chain settlement and automatic refunds for outbid bidders.
How an auction works
You set a reserve price (the minimum first bid) and a duration. The auction opens to a public bid period. Each new bid must be higher than the current high bid by at least the configured min-bid increment. When the window ends, you (or the high bidder) call settle() - the NFT transfers to the winner and the funds (minus royalties + 5 % platform fee) go to you.
Anti-snipe
If a bid lands in the last X minutes (configurable, default 10), the end time is pushed forward by Y minutes (default 10). Snipers can't steal the auction by bidding 2 seconds before close - there's always a window for the previous bidder to react. This is a well-established anti-snipe pattern.
Refunds
When a higher bid replaces yours, the contract auto-pushes your previous bid into pendingWithdrawals[your_address]. You go to the auction page and click 'Withdraw queued refund' to pull it back. No custody, no manual moderation.
Cancel
If no one bids before the start time, you can cancel and reclaim the NFT. Once the first bid lands, the auction is locked - no take-backs.
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