1. Participation Requirements: To participate in the auction, you must have a verified Alt account. Click here to sign up! Completing verification and linking a bank account is the only way to fund your account, and other forms of payments (PayPal, credit cards, etc.) are not accepted.
2. Timing: Auctions will open on Sundays at 9 PM ET. Bidding ends between 9-10 PM ET the following Sunday. Check out when the next Liquid Auction opens here.
3. Placing a bid:
- Maximum bids: Bidding starts at $0.99. All bids are placed using the "maximum bid" model; when you place a bid, you should enter the maximum amount you’d like to pay for the item. This bid amount is private and will only be visible to you.
- Bid amount: You can bid up to 3x your Alt total balance so long as no individual bid exceeds this total. When bidding, your withdrawable cash is earmarked based on the highest bid you have active. For example, let's say your total balance is $500 and you have placed two bids of $100 and $90. In this case, your withdrawable amount is $400 ($500 less your highest bid amount). You can track your active bids here.
- Automatic bidding: We'll bid in increments on your behalf to keep you in the lead up to your maximum bid. These increments are based on the auction's current price. If you are outbid, you will be notified via email. If you are outbid immediately, another earlier bidder has a maximum limit equal to or higher than yours. All non-winning bids will be automatically returned to your Alt balance after you are outbid.
|Current price||Bid increment|
|$0.01 - $0.99||$0.05|
|$1.00 - $4.99||$0.25|
|$5,000.00 and up||$100.00|
4. Updating a bid: Your bid can be updated from the auction listing page until the end of the auction. A bid cannot be canceled after it is placed.
5. Winner selection: The item will be sold to the highest bidder upon auction close. In the event of a tie, the first bidder who placed the winning bid amount will be selected as the winner.
6. Payment: The auction winner will pay one bid increment above the second-highest bid amount or their maximum bid, whichever is lower. In the event of a tie, the winner will pay the effective price at which the auction closed. Winner payment will be automatically processed at the close of the auction.
As a precaution, between 6-7 PM while the auction is ending participants with active bid(s) will not be able to withdraw funds. This is to ensure they are able to cover their full amount due at the end of the auction. In the event that the winner of an auction is not able to pay in full for won item(s), they will not receive title to these item(s) or be able to withdraw funds. They will have 5 days to deposit the remaining amount onto the platform. If payment is not made in full, their deposit will be withheld and their account will be permanently suspended.
7. Compliance: Although alternative assets like sports cards are not a regulated security, our mission at Alt is to treat these assets as a true financial asset class which includes holding ourselves to a high standard of compliance. Alt's Liquid Auctions are meant to provide an auction experience that is transparent and that customers can trust. To achieve this, the product has been built with controls in place that disallow disingenuous bidders. We have also taken additional steps by laying out guidelines for employee engagement with Liquid Auctions which prohibit any employee from engaging in Liquid Auctions if they possess material non-public information that would put them at an unfair advantage.