> For the complete documentation index, see [llms.txt](https://conjee-1.gitbook.io/conjee-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://conjee-1.gitbook.io/conjee-docs/nft-trading/nft-auction-rules.md).

# 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