We're exciting to show you what we've been cooking-up behind the scenes of CSGOFloat with the first major update of 2021!
Auctions
Often times, we don't know the "true" value of our skins, especially when they're rare or have unique properties. Auctions are especially useful in these scenarios to figure out it's value.
CSGOFloat Market now allows you to list auctions that can be bid on by other users. Similar to sites such as eBay, when listing an auction you must specify the reserve price and duration.
The reserve price is public and is the minimum amount you're willing to auction your item for. Bidding will start at this amount and if it is not met after the auction expires, the item will be delisted.
The duration may be 1 day, 3 days, 7 days, or 14 days and the timer starts as soon as you list the item.
Once listed, the seller can remove the listing at any time before expiry if it doesn't have any bids. Similar to non-auction ("buy now") listings, you can optionally set a description or make it private.
Bidding
When you place a bid, the funds to satisfy that bid are immediately deducted from your Float Balance. This balance will be returned if you're outbid.
When bidding, you must bid at least more than the previous bid plus an increment. The amount of this increment depends on the size of the bid according to the following table:
| Bid Size | Increment |
|---|---|
| $0.00 - $1.00 | $0.05 |
| $1.01 - $5.00 | $0.25 |
| $5.01 - $25.00 | $0.50 |
| $25.01 - $100.00 | $1.00 |
| $100.01 - $250.00 | $2.50 |
| $250.01 - $500.00 | $5.00 |
| $500.01 - $1000.00 | $10.00 |
| $1000.01 - $2500.00 | $25.00 |
| $2500.01 - $5000.00 | $50.00 |
| >$5000.00 | $100.00 |
For instance, if the current bid is $110, you must bid at least $112.50.
When placing a bid, you have two options:
- Quick-Bid
- Auto-Bid
For Quick-Bids, you can immediately place the next minimum bid from a single button (with confirmation of course!). This allows quick response bidding in the heat of action.
For Auto-Bids, you specify the maximum price that you're willing to pay and our system will automatically outbid other users with the smallest possible increment up to your max price. This means that you may pay less than the maximum price you specified.
You cannot place an auto-bid with a maximum price that exceeds your current balance. If you place an auto-bid and your balance later depletes for other reasons (ie. you buy a different listing) below the maximum price specified, your auto-bid will be evaluated at your new balance instead.
This gets a bit complex, but here's an example illustrating this:
You currently have $1000 in Float Funds and place an auto-bid with a max price of $900 on auction A. Your auto-bid automatically bids the highest at $300 for auction A. You now decide to purchase a different "buy now" listing B with a price of $400. You now effectively only have $600 to bid on auction A and as such, if someone outbids you, your auto-bid will now be evaluated at a max price of $600 instead of $900.
You may choose to remove or overwrite your current auto-bid from your profile, but you cannot remove any existing active bids it placed on your behalf.
It is also possible that a user with an auto-bids in a way that is lower than the next possible increment. If their max price of $5.88 and you bid $5.50, then the system will auto-bid $5.88 on their behalf instead of $6.00.
Bid History
You may also see the bidding history for an item when it is listed. This shows who, when, and how much a user bid. In this instance, the buyer is represented with an obfuscated identifier. This is a randomly generated but stable identifier for each user on the site that cannot be directly linked to their Steam account. This allows you to identify if the same user is outbidding you, but not know who they are.
Watchlists
CSGOFloat Market now allows you to "watchlist" items and track them separately.
You can view your watchlist at csgofloat.com/watchlist and filter it by sold and listed status. You can have at most 50 active listings in your watchlist, but it will store all historical (sold or delisted) listings as well.
When bidding on an auction, you automatically add that item to your watchlist to make it easy to track auctions you're actively participating in. Otherwise, you can add any listing by clicking the "eye" icon in the top right.
Each listing also displays the amount of users currently watching it to signify it's popularity.
Summary
We're super excited to finally share this update with you folks and hope you like it. As always, we're incredibly grateful for the support from the community and appreciate the honor of serving hundreds of thousands of users through CSGOFloat Market, FloatDB, and the extension.
Til' next time, ciao.
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