# Collecting with Ranked Auctions

Ranked Auctions are a multi-winner auction format designed for curated collections on fxhash. Artists select the specific hashes that determine each artwork's output, and collectors compete by bidding for a chance to mint one of these editions.

### Overview

* Bids are ranked from highest to lowest, with ties resolved by timestamp.
* There are only as many winning bids as there are artworks for sale.
* At the end of the auction, all winners pay the same settlement price—the lowest winning bid—with any excess automatically refunded.
* Bids are automatically refunded once they drop out of the winning list.
* At the end of the auction artworks are distributed at random to the winning collectors. Collectors can claim their assigned artwork.
* If the auction ends with fewer bids than available artworks, the remaining pieces become available on secondary.
* Auctions automatically extend their duration by 5 minutes, if a new bid is placed within the last 5 minutes of the auction. Up-to a total extension time of 30 minutes.

### **Bidding and Auction Interface**

fxhash's ranked auctions happen entirely in our new bidding modal that can be found on the auction project page:

<figure><img src="/files/vThhiFtjbjbxrSlkvj8j" alt=""><figcaption><p>Placeholder for now</p></figcaption></figure>

When connected you can view your own bids and their state on the left side of the modal. The right side shows a list of all bids.

<figure><img src="/files/8Eycb6ne3lrBq7BBkO8i" alt=""><figcaption><p>Placeholder</p></figcaption></figure>

**On fxhash bids happen in fixed increments.** You can select a preset price to bid at, and even place multiple bids at the same price (simply by placing a new bid). The interface will automatically suggest the lowest price point that you're required to bid at, depending on the engagement the auction has already received:

* If there are fewer bids than artworks in the auction, any new bid at or above the reserve price is accepted.
* If the number of bids matches or exceeds the number of artworks, new bids must beat the lowest winning bid by at least 4% (if it’s less than 0.15 ETH) or 6% (if it’s greater than 0.15 ETH).

**Once submitted, bids cannot be canceled by the participant.** They can only be canceled by the system if you’re outbid.

### Refunds and Rebates

If someone bids higher and your bid no longer qualifies as a winning bid, your funds will be automatically returned, and your bid will be canceled.

You may increase the price of your winning bid during the auction. The difference in price will be collected, and the bid’s timestamp will be reset.

At the end of the auction, all winners pay the same price, which is the lowest winning bid. If you bid more than that, the extra amount will be returned to the wallet you bid with.

### **Onchain Auctions**

We know collectors care about provenance. fxhash decouples auction and artwork while remaining fully onchain. The artworks live on Ethereum L1 (project code + editions), whereas the ranked auction runs on Base L2.

This keeps gas fees low and transaction times fast, without compromising on permanence—your artwork and its provenance remain on Ethereum mainnet. To participate, collectors only need to hold ETH on Base in their wallet. The same wallet address works across both chains. Auction settlement and artwork distribution is handled securely by fxhash.

### Auction Notifications

<figure><img src="/files/RP0J9YwHXjpzd384oki0" alt=""><figcaption></figcaption></figure>

When participating in an auction, fxhash will show the state of your bids and relevant notifications in a drop down in the nav-bar. Clicking on the notification will take you directly to the auction page, where you can review your auction position, increase an existing bid, or claim your artworks when the auction has concluded.


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