What is a Reverse Auction?
A reverse auction works on a price-reduction model, meaning the item actually gets cheaper over time until it is redeemed. To participate, you’ll need to hold the amount of Fan Tokens and SSU required when you redeem the item. Items start at a fixed amount of SSU Loyalty Tokens, which reduces in fixed time intervals.
How does a reverse auction work?
- The auction will start at a fixed amount of SSU.
- The amount will be lowered in intervals until the item is redeemed.
- There is no bidding & it can be redeemed at any point.
Time Interval and amount of SSU lowered = 5,000 SSU every 5 mins
At what time intervals does the SSU price drop?
The time interval for the price drops may vary from one reversed auction to the other. Once the item has been added to Fan Rewards, you will be able to find the information in the item description.
By how much does the SSU price drop each time?
This may vary and you will find this information on the description of the Fan Reward.
How do I know if I have successfully redeemed an item in a reverse auction?
Complete the checkout process by entering the delivery details and once you’ve managed to successfully complete this, a message will pop up showing your order confirmation. You’ll also receive an email shortly after with more details. You can also check the status of your redemption in the Transaction History section of the Wallet.