How does an Auction work?
In the Marketplace, you can carry out auctions in 2 ways:
Increasing Price
Initial price = low
Final price = high
Decreasing Price
Initial price = high
Final price = low
Both options will let you set an initial price and a final price, which will gradually decrease or increase over time. You need to specify the length when you create the auction.
Keep in mind that the initial price cannot be x100 more or less than the final price, otherwise you will not be able to list that auction. For example:
If initial price 1 ETH then the final price cannot be less than 0.01 ETH.
As described when listing the sale, an Axie auction is not a bidding process. A buyer can purchase the Axie at any time during the auction period for the currently displayed price. When the auction time expires, the Axie will remain on sale for the final price until cancelled by the seller or is bought.
For example:
An auction is listed to start at 2 ETH and to end at 1 ETH in the time range of 1 week.
A buyer can immediately purchase it by paying 2 ETH. If they wait 3 days, the price will be 1,57 ETH. If the auction is not cancelled, the price after 1 week and onwards will be 1 ETH.
This means that if someone wants to buy the Axie after only 3 days of said auction, they can do so, even if there is still time left.