A bidding and sales event which often involves aggressive and competitive contests to acquire commodities and services.
An auction is a lively event that involves individuals known as bidders who compete to acquire commodities and services. The event has a supervisor known as the auctioneer who announces commodities to be sold, starting (asking) prices, and winners. In the crypto ecosystem, this entire event is always online and live, and has crypto enthusiasts competing to obtain crypto assets, especially collectibles.
The rule of winning auctions is to bid the highest price. Nevertheless, there are innovative twists such as including time limits to bidding or using mystery boxes that make auctions more exciting.