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Socios News

What is a Reverse Auction?

Fan Rewards is one of the most popular features on the Socios.com app. Fans can redeem huge rewards in exchange for SSUs, which they earn by engaging with their favourite team on the app.

You’ll notice that some Fan Rewards can be redeemed through Reverse Auctions, and we’re here to explain this simple concept.

As the name implies, a Reverse Auction is an auction that takes place in the opposite way of a traditional auction. In Reverse Auctions, a starting number of SSUs is set, which then goes DOWN, rather than up, until it hits the floor price.

So, say we have a Game-Scored Ball which starts at 600,000 SSUs, that price will go down at set time intervals till someone claims it or the floor price is hit. This means that with the right tactics, you can redeem rewards before someone else does.

Reverse Auction versus Forward Auction

Essentially, in traditional forward auctions – the price goes up at intervals dictated by the auctioneer. Online auctions use set time intervals to manage the time, which shows in a timer or counter.

Reverse Auctions work in reverse, with the price going down at set intervals.

Any time you want to see the updated price of a Socios.com Reverse Auction simply pull down your screen, release and refresh the page. Remember, we show the updated price on the top right of your screen as well as a ticker timer showing the next price drop.* 

*The timer will only show for those using the latest version of the Socios.com app. Keep your app up to date to use the latest features. 

Examples of Reverse Auctions at Socios.com

Fans have already claimed some amazing Fan Rewards via Reverse Auctions. We’ve auctioned off match tickets, Goal-Scored Balls, merch and more. Keep tabs on our Fan Rewards section to get your next reward at an SSU amount that suits you.

Socios.com’s Reverse Auctions key points

  • The Start price is set
  • The price drops at set intervals 
  • SSUs are needed to redeem rewards
  • You always get to keep your Fan Tokens, even if you did not redeem the Fan Reward.
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