# Auctions

Welcome to our new Auctions beta! We're bringing the thrill of live auctions to Courtyard.io for the first time. Our auctions are no-reserve, meaning there's no minimum price set, and they last for a week, giving you ample time to participate. Plus, enjoy extended bidding for added excitement at the auction's close. Happy bidding!
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<figure><img src="https://1503933505-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MgAFhP-8heBmPI6LAmj%2Fuploads%2F6ZVei8kpr7yBtSVGCUaB%2Fimage.png?alt=media&#x26;token=7e8ae931-5aed-404c-ab8f-3bf0ab00abe4" alt=""><figcaption><p>Extended bidding explained <a href="https://emojipedia.org/high-voltage">⚡</a></p></figcaption></figure>

**What is a no-reserve auction?** \
A no-reserve auction means there’s no minimum price for the card being auctioned.<br>

**Is there a buyer's premium?**\
Yes, there is a 10% buyer's premium that will be applied after the auction ends. The buyer will pay 10% in addition to their bid, meaning that the seller receives the full bid value that the buyer placed.<br>

**What payment methods are accepted?**\
Auction winners can purchase via credit card and USDC on Polygon. You will be paid out in USDC to your Courytard.io wallet.<br>

**What happens if the buyer doesn’t pay?** \
We will evaluate this on a case by case basis and ban users where appropriate. If the auction winner does not complete payment within 7 days, the card will be returned to you and the user will be banned from participating in future auctions.<br>

**Can anyone participate in auctions?**\
Yes! Once you verify your phone number, you'll be able to participate.

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**Will proof of funds be required?**\
Yes, once bids pass a certain threshold, you will be contacted to provide proof of funds. Courtyard reserves all discretion to remove any bids suspected of being fraudulent.