How does Buy It Now work?

Sellers on Silky Road have the option to add a Buy It Now (BIN) price to their auction listing. This allows buyers to instantly purchase the asset at a fixed price—typically higher than the reserve price—eliminating the need to participate in the bidding process and avoiding any uncertainty.

How Buy It Now Works

• Immediate Purchase: When a Buy It Now price is set, any buyer can purchase the asset immediately at that price, provided it matches the listed terms. The BIN option cannot be used to negotiate different terms, assets, or services beyond those specified in the listing.
• Existing Bidders: If a buyer who has already placed an approved bid chooses to use Buy It Now, they will automatically win the auction and become the buyer.
• New Buyers: If the buyer has not previously bid, the seller will have the opportunity to review the buyer's profile before accepting or rejecting the BIN offer.

Payment Process

Buyers complete payment through Silky Road using a supported method (USDC, Bitcoin, PayPal, or Stripe). Once payment is confirmed, the standard asset transfer process begins.

For larger deals, the buyer and seller may also choose to complete payment using Silky Road's optional escrow, which secures funds by smart contract until the transfer is complete.

Seller Response Time

If a seller does not respond to a Buy It Now offer within 72 hours, Silky Road will automatically reject the BIN offer, and the auction will continue as normal.

Important Notes

Buy It Now is not available for fixed-price listings (also called classified listings) or expired auctions that ended without a sale. In such cases, buyers and sellers may still negotiate via offers and counteroffers, providing similar flexibility.

If you have questions about using Buy It Now or need support during a transaction, Silky Road is here to assist at every step.