# Exclusive Auction

WealthKey introduces a new kind of auction called an **Exclusive Auction**, designed to make buying and selling Exclusive Pass fairer and more exciting for everyone. It's different from traditional auctions, with one set price or a time limit.

There are **5,000 Exclusive Pass** in total. The person with the highest bid price will receive Pass and be **The Top 10 Auction Winners!** Depending on their bid amount (the system calculates this), they'll get an amount of the Pass. The auction continues until the Pass are out or a set time runs out.

### Frequently Asked Questions For Auction:

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<summary>How to get Exclusive Pass?</summary>

The way to get Exclusive Pass is to participate in an Exclusive Auction and win it. When you are one of the winning bidders, you can get Exclusive Pass, with the number of Pass being averaged over the clearing price and distributed when you claim it.

</details>

<details>

<summary>What is Exclusive Auction?</summary>

This auction is similar to a bucket auction in that it sets a single price for the whole auction, known as the "clearing price." You will receive as many Pass as you bid price. For example, if your bid is at or greater than 1.5 ETH and the clearing price is 0.5 ETH, you will get 3 NFTs

</details>

<details>

<summary>Can I change my bid?</summary>

Yes, you can *increase* your bid as many times as you want while the auction is ongoing. However, you cannot *decrease* or *cancel* your bid.

</details>

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<summary>Can I cancel my bid?</summary>

Unfortunately, you can not cancel your bid. However, if your bid is below the clearing price, it will be refunded automatically at the end of the auction.

</details>

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<summary>Is there be a minimum bid price?</summary>

There is a minimum 0.005 ETH deposit to be able to place a bid. This deposit is added to your bid to create your total bid amount:

0.005 ETH deposit + 0.005 bid = 0.01 total bid

If you do not win, your total bid will be refunded in full, including the deposit.

</details>

### **Example Scenarios:** <a href="#example-scenarios" id="example-scenarios"></a>

Let’s imagine 2 scenarios for an auction with 5 Pass available and 6 people bidding in the auction.

**In scenario 1 we have the following bids and clearing price:**

| Bidder | Amount & Quantity | Clearing Price               | Result                                    |
| ------ | ----------------- | ---------------------------- | ----------------------------------------- |
| A      | 1.1 ETH           |                              | Bid A gets 2 Pass and is refunded 0.1 ETH |
| B      | 1.0 ETH           |                              | Bid B gets 2 Pass                         |
| C      | 0.6 ETH           | **Clearing Price = 0.5 ETH** | Bid C gets 1 Pass and is refunded 0.1 ETH |
| D      | 0.4 ETH           |                              | Bid D is refunded 0.4 ETH                 |
| E      | 0.3 ETH           |                              | Bid E is refunded 0.3 ETH                 |
| F      | 0.1 ETH           |                              | Bid F is refunded 0.1 ETH                 |

\
**In scenario 2 we have the following bids clearing price:**

| Bidder | Amount & Quantity | Clearing Price               | Results                                   |
| ------ | ----------------- | ---------------------------- | ----------------------------------------- |
| A      | 1.1 ETH           |                              | Bid A gets 2 Pass and is refunded 0.3 ETH |
| B      | 0.7 ETH           |                              | Bid B gets 1 Pass and is refunded 0.3 ETH |
| C      | 0.5 ETH           |                              | Bid C gets 1 Pass and is refunded 0.1 ETH |
| D      | 0.4 ETH           | **Clearing Price = 0.4 ETH** | Bid D gets 1 Pass                         |
| E      | 0.3 ETH           |                              | Bid E is refunded 0.3 ETH                 |
| F      | 0.1 ETH           |                              | Bid F is refunded 0.1 ETH                 |

#### &#x20; <a href="#frequently-asked-questions" id="frequently-asked-questions"></a>
