NFTX Auctions are an automated mechanism that provide all sellers the opportunity to receive a premium on their sale. Upon entering the vault, the price decays exponentially over a 10 hour window, starting at 500% of the current spot price.
Example: Bob sells an NFT into NFTX and receives 1 ETH. Alice really likes this particular NFT and purchases it within the auction window for +1 ETH above the current vault price. Bob receives an additional 0.9 WETH (90%), and 0.1 ETH (10%) is shared amongst Liquidity and Inventory Providers.
Premiums are paid out in WETH
