In order to make the market a safe and fair environment for everyone, you may find your market access has been restricted. Read on to find out more...
In order to make the market fair for everyone and prevent users from making fake bids or causing disruptions, we've implemented a number of restrictions.
Phase 1: Restricting New Accounts
Phase 1 of the rollout restricts new VeVe accounts from participating in an auction within the first 72 hours of opening. This does not affect your ability to collect your favourite items with the Buy-Now option or purchase digital collectibles in the Store.
However, new users will have to earn their stripes and wait three days before they can participate in an auction.
Auctions are often nail-biting events, with the final sale price being decided in the last few minutes, and sometimes even seconds! If you win an auction, you have 24 hours to pay for your collectible (you can also use this time to add Gems to your account, if you need them).
The phase 1 updates also include protection to sellers with Auctions - where winning bidders do not complete payment within 24hrs, the bidder will be restricted from the Market for 3 days.
Phase 2: Auction Escrow Fee (coming soon)
Phase 2 of the rollout will provide additional protection for sellers by requiring bidders to commit 10 Gems into escrow in order to participate in an auction. The Gems remain held until the auction is over when the 10 Gems are returned to bidders who did not win.
The winning bidder receives their 10 Gems upon payment of the auction. If payment is not made within the 24hr window, the 10 Gems go to the seller, who missed out on payment.
You can the full announcement related to these changes here: VeVe Auction Overhaul