So, in a prefunded bidding fee auction bids are purchased
towards items. Each item has a predetermined pre-funding requirement amount
that needs to be satisfied for the item to become a live auction item. Users
may fund the item, which will count toward satisfying the pre-funding
requirement amount of the item. For funding the item, the users are provided with
a number of bid credits corresponding to their funding amount, which can be
used by the users in bidding on any of the live auction items. Each of the live
auction items are associated with an independent countdown timer indicative of
the time remaining until the end of the auction, and each bid placed by the
users adjusts the countdown timer.
Start using it for free on Facebook.