Auctions on Drops by Legitimate are in held in the reserve auctions format (this just means that there is a minimum initial bid or “starting price,” rather than the auction starting at zero).
Auctions last for 3 days from the time of the first bid. When the first bid is received, a countdown to the end of the auction is initiated on the blockchain.
if the initial bid is received immediately as the auction launches, the auction will be open to bids for 3 days
if the auction receives no bids, it remains open for bids indefinitely until a bid is received, or the creator decides to take down the auction
Bids received during the final 15 minutes of the auction will each extend the auction duration by another 15 minutes and this can repeat until there are no more bids. This 15 minute extension gives everyone a chance to bid when factoring in the transaction processing times on the Ethereum network.
Drops are conducted on the Ethereum Mainnet and use Ether (ETH) as payment.
Bidding requires an additional gas fee which covers the cost of transactions and computation on the decentralized Ethereum network. We do not receive these gas fees and these fees are not refundable.
The bid amount will be deducted from your wallet when you bid, and refunded immediately if and when a higher bid is received.
New bids must be at least 10% above the previous bid.
Winners receive the tagged physical product and the associated digital NFT.
After you win an item, Legitimate will contact you (at the email address you provided while bidding) to confirm shipping information.
You will receive a locked version of the NFT immediately.
Once you receive the physical asset, scan the LGT tag and
unlock the NFT to gain access to the full digital NFT.