When you decide to sell an NFT by a) reserve auction, you b) decide the crypto you would like to receive and then c) set the minimum price that you will accept. This is also known as the reserve price. Then d) you decide on the time you would like the auction to last. The auction begins after the reserve price is met.
For full instructions on how to list an NFT for reserve auction, you can visit: How to list an NFT for reserve auction.
It's important to note that when you list an NFT for reserve auction, the NFT is taken into escrow by OIX. In order to get your NFT out of escrow, you will have to unlist it. You can find full instructions here: How to unlist an NFT
Similarly, when you bid on an NFT, your bid is taken into escrow by OIX. Note that once you place a bid, you can't cancel it.
Let's look at an example
Say you decide to set the reserve price for your NFT at 1 ETH. Your NFT will remain up for auction until it gets a bid of 1 ETH.
If the reserve price isn't met, the NFT will remain up for auction until either the reserve price is met or you unlist it.
After a buyer bids 1 ETH, the auction will be open for the duration you set.
If you set the duration at 24 hours, bids will be accepted for the following 24 hours.
Every bid needs to be at least 10% more than the previous bid.
If a bid is made during the last 15 minutes of an auction, the auction will be extended by another 15 minutes. This will continue until 15 minutes elapses with no bid.
The highest bid at the end of this time will win the auction. Then the buyer can claim the NFT.
a) Every bid you make will show up in the Bids tab. You can also find the following information:
b) The price of the bid.
c) The highest bid in the auction.
d) The time left in the auction.
e) The status of your bid.
f) An option to view the NFT.