How do JPEG'd auctions work?
JPEG’d auctions are Open Ascending auctions. The buyers will start bidding until there’s no more price bidding a higher price. The last person to bid, which is also the person who bids the highest price, will get the item.
Auctions last for 24 hours and at the conclusion the winner can claim the NFT. If a new bid is introduced less than 5 minutes before the end of the countdown, the auction is extended by 10minutes. This process repeats until there are no more bidders.
In the occasion you would have been outbid, you can place another bid with the total amount you are bidding. The ensuing transaction will be only for the amount to add to your last bid to match your bid.
You can withdraw your bid at anytime if you have been outbid.
At the end of the auction and if you are the weener, you will be able to claim your NFT straight from the auction page.