This is an English auction with time extension to prevent bid sniping (the practice of waiting to bid until the auction is nearly over). DraftKings will define a minimum starting price, and in order to begin bidding, users must place a bid equal to or greater than the minimum starting price. Users may not withdraw bids, and the high bid can be found on the Auction Details page. In order to place a new bid while a bid is outstanding, users must enter a bid amount equal to or greater than the current bid plus the bid increment. Near the end of each auction, any bids placed in the "extension window" will extend the duration of the auction by the extension window. The "extension window" will function like a countdown clock that resets when new bids are placed. Once the auction ends, the top bidder will receive the NFT.

Users must have 100% of the amount they are bidding in their account to place a bid. If not fully funded, a bid is not accepted. 100% of the top bid will be held in escrow and will not be available to the user for other purchases or withdrawal while in escrow. When the top-bidder is outbid, the funds for that user are released from escrow, and the funds from the new top-bidder are then placed in escrow. When the auction is complete, the winning bidder's escrowed funds are disbursed to complete the purchase.