Quix/Stratos currently only support Dutch auctions (timed auction with a declining price) and will soon include functionality for English auctions (timed auction sold to the highest bidder).
In a Dutch auction, the seller sets a starting price, an ending price, and the auction duration. Over that duration, the price of the NFT declines from the starting price to the ending price. At any time during that period, a buyer can choose to purchase the NFT for the price it is listed at, ending the auction and transferring ownership to the buyer immediately.
