In all auctions, attendees will purchase Tiamonds NFTs using LCX tokens exclusively. Each Tiamonds non-fungible token will have a starting price of 1000 LCX tokens (“opening bid”). In comparison, each bid will increase the starting price by another 1000 LCX tokens. The bidding process is managed on a fully decentralized platform at Tiamonds.com developed by LCX. All bids are on-chain transactions where the amount of tokens for the bid will be blocked on-chain during the auction bidding process and then used to execute the purchase if this was the winning bid.
Important Note: Any bids made in the last 10 minutes of an auction will extend each auction by ten more minutes. New bids offered in the last 10 minutes often extend popular auctions.
This continues until no one is willing to increase the bid any further. At this point, the auction is closed, and the final bidder receives the item at his bid price.