NFT Auction Rules

• The auctioned items are bid with CONJ

• The NFT is won by the highest bidder

• For each auction, the starting countdown clock is set to 24 hours

• When there is less than 1 hour on the countdown clock, a new bid will increase the countdown clock by 10 minutes while the countdown clock is capped at 1 hour

• The starting bid of each auctioned NFT is 0.1 CONJ. If one bid is won, the next bidder needs to bid 10% more of the previous winning bid. A 10% price difference is created in such way, where 80% of the price difference is distributed to previous winning bidder, and 20% is distributed to the Auction System Reserve