# Auction

You can make auctions to trade NFTs. To make an auction, you need to set below parameters

* NFT contract address
  * Your NFT's Ethereum smart contract address
* NFT token identifier
  * Your NFT's ERC721 token identifier (token id)
* Beneficiary
  * Beneficiary of your auction
* Auction end block
  * Ethereum block number to set auction period
* Minimum bidding amount
  * Auction bidding price from start

With these parameters, you can make new auction. Starting from minimum bidding amount (price), users can bid with higher FONs than current highest bidding price. When the block number is higher than auction end block, the auction ends and the highest bidder will take the NFT. And beneficiary will get the highest bidding price. When no one bid, then beneficiary will get the NFT back.

During the auction, NFT will be locked from the creator of auction. And all bidders will lock FONs to bid, but if higher bidder appears, then you can claim your FONs back.

Auctions will have 1% fees for INOFI platform, and this fees will be distributed to FON stakers.
