[Feature]: Reserve Bid Trigger for Timed-Auction

[dragondotfun]

Which package is this feature request for?

auction-house

Feature

Timed auctions are one of the most utilized programs by creators. However, this great tool becomes a pain point for creators when no bids are placed before the timer expires, as it requires a creator to cancel the auction and restart it. Especially in the bear market, this tends to be the case more often than not. It would be a substantial value-add if the auctioneer program supported reserve price auctions where the auction timer is triggered by the first bid. This would allow creators to publish their auctions and forget about it, where as now if the auction expires with no bids, they need to manually update the listing afterwards.

Standard Change?

No

Ideal solution or implementation

From a UX/UI standpoint, the user journey would go as follows:

1. Token owner selects ‘Reserve Bid’ as the auction start trigger
   a. I specify token owner because the program should not be exclusively available to the creator
2. The token owner sets the minimum amount for the reserve bid (i.e., if the reserve bid was set at 5 SOL, the timer will not start until a 5 SOL bid is placed, but a bidder can bid above the minimum bid for the first bid)
3. The token owner sets the auction duration. (i.e., if the duration is set at 24 hours, then the auction timer will start upon the reserve bid being met, and will expire 24 hours after reserve price is met).
4. If the auction expires both the author and the highest bidder should be able to finalize the sale
5. If no bids are placed, the author can cancel the auction.

Alternative solutions or implementations

N/A

Other context