# Auctions ## Buy a Key to Get the NFT You Want When you win an auction, you get the Safebox Key for that NFT. With the Key, you can redeem the actual NFT by redeeming : * the Key * 1M µtokens So auctions let you buy keys to get specific NFTs - not random ones. {% hint style="info" %} Since 1M µtokens is pegged to floor price, the Key's value represents Premium over floor. {% endhint %} ## Isolate Exposure to Coveted Traits Auctioning Safebox Keys allows isolating exposure to specific rare and in-demand traits. Owners can choose to auction Keys for their NFTs with the most promising attributes poised for appreciation. As a bidder, you can target Keys tied to traits you believe will become more scarce and valuable over time. ## Power Bidding Extends Auctions If a bid exceeds the previous bid by a significant amount, the auction can extend up to 24 hours. This gives more users globally a chance to evaluate and participate. Power Bidding enhances accessibility, competitiveness, and price discovery. The highest bidder wins the Safebox Key, granting redemption rights over the auctioned NFT. Auctions bring transparency and efficiency to obtaining ownership of Flooring Protocol's most elite NFTs. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.fp.io/features/auctions.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.