Mist Peer-to-Peer NFT Auction House and NFT Transfers

Mist NFT
3 min readAug 27, 2021


Ready to buy, sell, and flip Mist NFT items and Characters on a custom marketplace??

After a very packed few weeks of NFT Island go-live, Desktop Client alpha and testing, and a few NFT sales (which sold out quite quickly), we are ready to take the next step of the NFT Universe journey.

Mist’s very own NFT Auction House (AH) will go live this upcoming Monday at 2pm UTC. It will be live on the Desktop client.

Additionally, NFT Transfers from account to account will be available via the in-game Marketplace which will also be live 2pm UTC on Monday.

Auction House — How it Works

The Mist Auction House will be simple to use for buyers and sellers. It features an easy-to-understand UI. It will allow players to easily buy, sell, and browse NFTs. Remember, there are NO Mist NFTs available on any other platform (Opensea, etc). Those are all FAKE! The only place to buy and sell these NFTs is our marketplace.

There are sections for Sellers, Buyers, and a section for people to browse all active auctions.

For Sellers (How-to):

  • Go to “Create Auction” Tab
  • Select the NFT you want to sell
  • Set the duration of the auction (each extra day increases the fee by just 1%)
  • Select which token you would like to receive as payment (Mist, WBNB, USDT, or USDC)
  • If you would like to set a buyout price, check the box and set the price (this will allow people to buy the item for that buyout price)
  • You can set a minimum bid amount
  • Once all these parameters are set, you can start your auction (follow the MetaMask prompts)
  • You can view active auctions in the “Active” tab
  • When the auction finishes, you will go to the “Active” tab, click the auction, and click “Claim” to obtain your funds Metamask prompts

Extras for Sellers:

  • Sellers obtain a portion of the buyer’s bidding fees. The more people bid on your auction, the more of the fees you will obtain.
  • Listing Fee formula: listing_fee = buyout_price * (initial_fee_percentage + (duration_hours / 24) * daily_fee_percentage)
  • Auction Cancellation fee: this is equal to the bidding fees paid by the highest bidder. This fee is returned to the bidder.
  • Fees are in place to prevent bots from abusing the system, or from users abusing by placing bids and backing out of sales

For Buyers (How-To)

  • Go to the “Browse” tab
  • Search for NFTs you want to bid on
  • Place a bid (highest bid at the end of the time will buy the NFT)
  • If the sale has a “Buyout Price” you can pay the buyout price to automatically win the NFT. The NFT is automatically sent to your wallet.
  • When the auction finishes and you win, you will go to the “Active” tab, click the auction, and click “Claim” to obtain your NFT and follow the Metamask prompts

Extras for buyers:

  • When you place a bid, you send the bid amount to the Auction Contract
  • If someone bids more than you, your funds are returned to you automatically
  • Bidding on an item has a small fee associated with it.
  • “Buying-out” an item does NOT have a fee associated with it.

Peer-to-Peer NFT Trading

Finally, one other long-awaited feature is available that will help users send their NFTs from one wallet to another. Our system will allow you to do this transfer more safely (but still use caution!). The main usecase of this feature will be for users to transfer between their own wallets. DO NOT SEND NFTS TO ANYONE PROMISING TO PAY YOU FOR THEM/SEND YOU MONEY. This is likely a scam! Be safe.