NFT Auction FAQ
How do I register for an auction?
All bidders need to register by creating an account on RtistiQ. You can use your social or email login to gain access to a Torus crypto Wallet created directly or register using MetaMask wallet.
There is no need to hold Crypto's on this wallet, as payment is completed via a separate interface for cryptocurrencies through our partner Payment Gateways..
What is a crypto wallet and how do I set one up?
A crypto wallet holds your cryptocurrencies and any NFTs or other digital assets you have bought with those cryptocurrencies. There are many providers, with some offering higher security than others. We recommend completing your own due diligence before choosing the wallet which is right for you. At the moment we only support Metamask as external wallet to register and hold NFTs
How do I place a bid?
Bidding on RtistiQ is easy with our automatic bidding system. Select your bid amount as long as it is greater than or equal to the next minimum bid shown on the bidding screen, then click the “Bid” button. You would be asked to finalize the payment for the Bid via credit card or Crypto-currency. Kindly note that the entered amount represents your current Bid amount. Your full amount will be processed and kept on-hold through our payment gateways and displayed on RtistiQ. All bids placed on RtistiQ are final and non-retractable.
If you click the Bid button and you are not logged in, you’ll be asked to login to your account and connect your wallet (will be shown on top of the page). Please ensure you have a registered account before proceeding. For more information, see this guide.
What are bidding increments?
The first bid amount must be greater than or equal to the reserved price shown. From there, each bid must exceed the current bid amount by the step-up price shown. If no step-price is shown then you can make small increments to the top bid price.
What is a reserve price?
The reserve price is the minimum price for selling auction lots. Every lot in our NFT auctions open at their reserve price and the first bid on each lot must meet or exceed this minimum amount of USD price shown.
How do I know when the auction will close?
For NFT auctions on RtistiQ, the closing time noted at the top of the auction page indicates when the first lot will begin to close. The countdown timer on the artwork pages will display the end time for each lot. The timers would specifically show if there are any time extensions for the lots for any last minute bids.
For charity auctions there would not be any time extensions and the final time noted for the auction would be the last for all the lots.
Is my name visible to other users when bidding?
No your names are always masked with your Blockchain Wallet Address for all other users. Only you can see your name against the bid placed for a better reference.
Gas Fees, Buyer's Premium & Taxes
Are there any Gas fees incurred?
All Gas fees for the transaction and bids on RtistiQ is absorbed by the platform. You don't have to pay anything additional
What is a buyer’s premium?
A buyer’s premium is an additional charge the winning bidder pays on top of the item's hammer price. There is no buyer’s premium on RtistiQ NFT auctions.
What about taxes?
The bid price is inclusive of sales tax. If you are the winning bidder and sales tax does not apply to your purchase, you will be responsible for the entire bid price and will not be entitled to a refund of sales tax.
How does payment work?
Once you’ve placed your bid, you would given the option for payment through Credit Card or Crypto-currency to complete the bid. We have partnered with Triple-A in Singapore, which is the first MAS (Monetary Authority of Singapore) licensed organization for Crypto payments and offers a secure transaction processing interface.
To facilitate faster bidding only the first bid placed is put on hold on your card or transacted for crypto until the end of the auction. No further transactions are made on your card or crypto wallet for any further bids made. All refunds and card holds will be released after the end of auction if you do not have any winning bids.
What happens if I win a lot?
If you are the winning bidder, you’ll receive an email to finalize the transaction and an order is created to process the final bid placed. You will be subject to additional “Know Your Customer” checks. Once complete, the NFTs would be transferred to your wallet. For physical NFTs RtistiQ will initiate the shipping of the lots to your delivery location.
Emails and Alerts
Bidders can confirm on the Artwork Bid history once a bid has been successfully placed, and would also receive notification of the bid placed. Bidders will receive an email to notify them when they are outbid and after the auction, all bidders will be contacted via email to notify them if they were the winning bid or not. Please be sure to register with a valid email address and to check your email frequently during an auction to make sure you receive all relevant updates.
Updated on: 30/06/2022