This is a pre-minted, limited edition where you choose the number of available NFTs within a given creation. Use Buy Now to create scarcity, or if you are using your NFT to offer something with limited availability such as 1:1 meeting.
Example: A creator mints an edition of 100 NFTs and puts them up for sale. The edition is numbered (1-100), and any number in the edition can be purchased at any time.
If you choose an Auction Drop, your NFT will be auctioned off to your Coin holders during a period of time that you define.
Example: A creator puts 1 NFT up for auction from 9am-12pm today starting at $10 and with a reserve price of $50. Coin holders bid the price up to $75 and there is some last minute bidding, so the auction goes until 12:45pm and is finally won by the highest bidder
You can only have 1 auction per NFT, so if your NFT does not sell, you will not be able to run another auction later
If a NFT is not sold at auction (because there were no bids or the price reserve was not met) it will go back to the creator’s wallet
You may list an NFT that has not been sold at auction on the marketplace (via a Buy Now Drop)
You can choose to set a starting price and a reserve price (ie. a minimum price that the NFT will not sell for unless it is met)
Bidders’ funds will be removed from their balance to be held in escrow until they are outbid or the timer ends and they win the auction
When there are less than 15 minutes remaining in the auction, any new bid will increase the auction timer by an additional 15 minutes. (eg. a new bid when there are 3 minutes left will increase the countdown timer to 18 minutes.)
No bidder may bid on top of themselves if they are the top bidder
Bids cannot be withdrawn once they are made.
Purchase funds will be transferred to the creator and any other primary royalty account once the auction has ended.
If you choose an Open Edition Drop, your NFT will be open for sale for a limited amount of time (eg. 1 week) and have a designated max number of editions. Use Open Edition to create urgency, or to offer something time-bound like tickets to an event.
Example: A creator sells a creation through open edition with a sale window of 1 week and a max edition limit of 100. 50 Coin holders purchase within that 1 week time period. The sale closes and 50 NFT editions of that creation are minted and randomly distributed to purchasers.
During the period of time your Open Edition is available for purchase, it will appear under "creations" in theNFT marketplace.
Specific edition numbers cannot be requested or purchased. Purchasers will receive a random NFT edition number once the sale period has ended.
NFTs are minted 24-48 hours after the sale period has ended and will be automatically distributed to the purchasers’ wallet
Purchase funds for all Open Edition sales will be held in a secure escrow account until the Open Edition sale period ends (because the edition max was reached or the time period has ended). Only after that sale period has ended and the NFTs have been transferred to the purchaser will the funds be released to the creator and any other primary royalty account.
Manual Sale & Distribution
You will only need the Coin holder’s RnB ID in order to send them the NFT. The NFT will appear on nft.rally.io but will not be purchasable for the primary sale - it can still be resold on the marketplace.
Free / Giveaway: If you choose to give away your NFT for free to someone in your community, you will be able to send it to the Coin holder directly.
Example: A creator runs a competition for their community in which the winner gets one unique NFT. The creator will be able to send the NFT to the winning Coin holder once the competition is finished.
Private / 3rd Party Sale: If you choose a Private Sale or to sell on a third-party site, you may handle all payments or experience off of Rally.io and then mint and send the NFT to the Coin holder directly post-sale. Use private sale if you’d like to sell your NFTs on your ecommerce site or as part of a ticketed event, for example.
Example: A creator sells a NFT on their own website off rally.io. The purchaser sends payment for the NFT and the creator mints the NFT on rally.io and sends it to the purchaser.
Rally Discord Bot Auction: If you choose to sell your NFT via the Discord Bot, you will need to mint your NFT using the form above and then use the Coin Bot Dashboard to set up your Auction.
Example: A creator offers a specific unique NFT to their VIP Discord community and runs an auction within Discord itself. When the winning bid is identified, the creator can mint and send the NFT directly to the winner.