SuiNS Live Auction

SuiNS
5 min readMay 17, 2023

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Auction Preview

Sui Name Service (SuiNS) is an open, distributed naming service launching on the Sui blockchain. SuiNS enables you to bid on .sui domain names for the Sui blockchain to establish your on-chain identity.

Upon launch, SuiNS is introducing a Live Auction so everyone has an equal opportunity to secure their chosen name on the Sui blockchain. If you win an auction, you receive a year-long subscription to that domain name, represented by an Admin Key NFT. As the owner of a valid subscription NFT, you set the parameters for the domain name, like the wallet address the name points to.

Valid names

For the Live Auction, a valid SuiNS name must:

  • Be at least 3 characters and no more than 63 characters.
  • Include only alphanumeric characters, a-z and 0–9, and the dash symbol, ‘-’.
  • Begin and end with a letter or number.

Names are not case sensitive (for example, suins is the same as SuiNS).

Bid on your Sui name

Direct a browser to suins.io and search for the name you want to use. As long as the name is valid and is not already registered, you can place a bid (in SUI only) to attempt to win the auction for the name. You cannot place a bid greater than the amount of SUI in your wallet, as the bid amount is transferred from your wallet at the time you place your bid to secure it. If someone outbids you, your bid is automatically withdrawn and the SUI you bid are sent back to your wallet.

If you are the first person to place a bid, you must place a bid higher than or equal to the current name reserve price displayed.

After an auction starts, you can place a bid to compete for the relevant name. If someone places a bid higher than your latest bid, you can place another bid higher than the current highest bid. You can place another bid each time you are outbid. Gas fees apply to each bid you make and are not refundable.

All auctions are available to bidders for a 48-hour auction period following the start of the auction. Any bids placed within the last 10 minutes of an auction extends that auction for an additional 10 minutes. The auction period ends after there are no additional bids placed within the final 10 minutes.

Win your Sui name

Place the highest bid for a name and you win the auction, securing a subscription to the name for one year. You can renew subscriptions for names beyond the initial subscription period.

After the auction ends, check the auction page on suins.io to see the results. If you have the highest bid, you can claim the NFT representing your subscription. Funds for losing bids are automatically withdrawn and returned to users who did not win the auction with their bid.

There is no time limit in which you must claim your NFT. If you win the auction, however, the one-year subscription starts at auction start regardless of when you claim your subscription NFT.

If you win the Live Auction for your Sui name, you can sell the name on the secondary market. However SuiNS does not facilitate any such sales, and SuiNS receives a 2.5% royalty as part of the sale.

How to place a bid

To win rights to the year-long subscription for your desired .sui domain name, you must first place a bid.

  • Go to the SuiNS website.
  • Type the name you want into the search bar and click Return.
  • SuiNS displays the .sui name. The name can be in one of three states:
  • Taken: The name has already been auctioned. Click the Info or Auction details buttons for more information on the .sui name or auction, respectively.
  • Live Auction: An initial bid has already started the auction. A timer displays the time remaining before the auction ends. Click the Place a bid button to place a bid higher than the current highest one.
  • Auction Sale: The name needs an initial bid to start the auction. Click the Start auction button to place the initial bid and begin the 48-hour auction.
  • To place a bid, include the amount of SUI you want to bid and click the Start auction or Place bid button, depending on the current state of the auction.
  • SuiNS opens your wallet so you can approve the transaction.

How to claim your NFT

When the auction ends, you can check the auction results to determine if you were the highest bidder. If you were, you can claim your Admin Key.

  • Go to the SuiNS website.
  • Type the .sui name you bid on.
  • The result displays a status of Taken. Click the Auction details button.
  • The auction details page displays the results of the auction. If you were the highest bidder, the details include a Claim your domain button. Click the button to claim your Admin Key.
  • SuiNS opens your connected wallet so you can approve the transaction fee to receive your Admin Key in the form of an NFT in your wallet.

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SuiNS

Sui Name Service is building the next-generation of Identity Services on the Sui blockchain.