Prizes on Fan Rewards can be given away through a reverse auction (a.k.a Dutch Auction).
To participate in reverse auctions, you’ll need to hold the required amount of a team’s Fan Tokens and enough Reward Points.
The auction will start at a fixed amount of Reward Points.
The amount will be lowered in intervals until the item is redeemed.
There is no bidding & it can be redeemed at any point.
Items which display a timer are currently under the hammer, meaning the auction is live. Once the timer is not present, the auction has reached its floor price.
Example:
Starting Reward Points amount = 100,000
Time Interval and amount of Reward Points lowered = 5,000 Reward Points every 5 mins
The starting Reward Points amount, the time interval and the amount of Reward Points that is decreased will vary for each reward included in a reverse auction.
This makes it a time-sensitive auction. The lower the value, the higher the chance of the reward being claimed.