Every 0 hours a Piers Rugyard NFT is auctioned. People can bid on an NFT with a minimum increase of 0 XRD. Once the auction ends, it must be settled to start the next. Settling an auction is incentivized with 5% of the highest bid as a reward! If an auction ends without a bid, you can just bid 0 XRD to win and settle immediately.

Auctions take 0 hours. If a bid is made 0 minutes before the end, the auction gets extended.

You must bid higher than the current highest bid by 0 XRD. Bids are final, you cannot retract them! You will receive your XRD back if someone else bids higher than you.

Once an auction has ended, it must be settled. If you act quickly, you will get 5% of the highest bid as a reward for settling, even if you are the winner of the auction (consider it a discount). A new auction will start immediately if auctions are enabled and an NFT is available. The winner gets his NFT either directly or in an account locker.

No. Check the code on Github if you must. There are some admin functions to change auction settings, mint NFTs and withdraw profits of course.