In this post, I aim to explore options and establish a set of guidelines to assist stackers in creating successful auctions within the ~Agora territory on SN and beyond. Hope it will be helpful, and please share your thoughts in the comment section below.
What I came up with as requirements is basically:
First things first!
Remember to stick with the [AUCTION] title format!
Auction Listing Format could be:
- Traditional English auction, with an open starting bid and incrementing buyer bids. In this case, you have to add this second tag
[Open at: 2.1 BTC]in the title to define the minimum amount a bidder can offer to start the bidding process. - For Dutch auctions indeed, the seller sets the highest starting price, and buyers decrease until acceptance. In this case, you have to add this second tag
[Start at: 2.1 BTC]in the title, so the first buyer will start the bidding process lowering until you are happy with it.
Suggestions & Recommendations
The fact that there's no system within SN to get a defied increment for the auctions could create many issues, like rapid price drops or bid jumping, confusion for honest bidders and a generic loss of transparency. We encourage the sellers to well think about how the auction will be executed. So make sure that at least you:
- Clearly outline the rules for participating in the auction. Include information on bidding, payment methods, shipping, and any other relevant details.
- Encourage users to bid by replying to the same item thread and keep it all unified.
- Specify the auction duration (if any) and when or how it will conclude.
Communication Channels
- Encourage participants to always communicate openly and transparently.
- The auction thread is open for curious plebs to publicly ask questions relevant to the item, as well as for buyers to publicly make a bid.
- Sellers must provide an external communication channel, preferably an anonymous
nostr NIP-07ornpub, for private inquiries and finalizing deals.
Promote your Auction
- Announce the upcoming auction in other relevant SN territories as a link, ideally maintaining the same title and tags format.
- Consider additional promotion through external channels like social media or newsletters to attract a wider and broader audience.
Closing the Auction
- Clearly communicate when the auction will close with a message in the thread, so when ordering the thread by "recent" buyers and curious visitors will know the auction has ended.
- Consider implementing a "soft close" option announcing a specific day ad time deadline in case you are in a rush to get rid of the item. Otherwise, just let it open and wait, if someone is interested will move the dust.
Payment and Delivery
- Instruct the winning bidder on the next steps for payment: if you shared
nostr npuborNIP-07, the buyer should be able to send you a zap, alternatively you can use your username@stacker.news to also receive the agreed amount. - Remember to provide or ask details on how the item will be delivered or collected. We suggest always using a Dead Drop location or a Dead Letter Box to preserve your anonymity and privacy.
- Remember to get paid before any delivery or shipment: you can always make a refund to the buyer if anything goes unexpectedly.
Feedback and Evaluation
After the auction concludes, encourage any participants to provide feedback on the process, so we can all assess what worked well and which areas for improvement to enhance in future auctions.
Post-Auction Discussions
Another important point that will help others create functional and successful auctions is to continue the conversation with all participants in the thread to discuss the auction results, (optionally final agreed price if both parties are happy to make it public) and share their experiences.
By following these steps, we can create together a well-organized and enjoyable auction experience for all stackers and visitors on the ~Agora territory. Following them do not guarantee the success of the auction, but as usually, we need to have patience and continue trying things out. Defining this steps is again only a guide, I want you to be creative and exploit the possibilities within the limits that SN offers to all of us.
NIP-05😅