An NFT auction is a public sale of non-fungible tokens, in which interested buyers can place bids on the tokens being auctioned. NFT auctions are typically conducted online, on platforms or marketplaces that specialize in the sale of NFTs.
Like traditional auctions, NFT auctions typically have a starting price and a minimum increment for bids, and the final price is determined by the highest bid at the end of the auction period. NFT auctions can be open to anyone who is interested, or they can be restricted to a certain group of buyers. They can also be conducted using a variety of auction formats, such as sealed-bid, Dutch, or English auctions.