Reverse Auctions

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 Reward Points required when you redeem the item. Items start at a fixed amount of Reward Points, which reduces in fixed time intervals until it reaches its floor price.

How does a reverse auction work?

Prizes on Fan Rewards can be given away through a reverse auction (a.k.a Dutch Auction).

 

To participate in reverse auctions, you’ll need to hold the required amount of a team’s Fan Tokens and enough Reward Points.

• The auction will start at a fixed amount of Reward Points.
• The amount will be lowered in intervals until the item is redeemed.
• There is no bidding & it can be redeemed at any point.

Items which display a timer are currently under the hammer, meaning the auction is live. Once the timer is not present, the auction has reached its floor price.

Example

 

Starting Reward Points amount = 100,000
Time Interval and amount of Reward Points lowered = 5,000 Reward Points every 5 mins

 

The starting Reward Points amount, the time interval and the amount of Reward Points that is decreased will vary for each reward included in a reverse auction.

 

This makes it a time-sensitive auction. The lower the value, the higher the chance of the reward being claimed.

 

At what time intervals does the Reward Points 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 Reward Points 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.