Auctions
English Auction
or Highest bid: where the highest bid wins at the end. The bidding starts with the starting price which is set by the seller of the NFT and increases with the continuous bidding from the different buyers until the price is reached at "Buy it now" price.
Under this auction process, only one quantity of an NFT will be listed for sale.
Dutch Auction
or Declining price: where the price falls until someone purchases.
A Dutch auction refers to a type of auction in which the price of an NFT is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price.
This is in contrast to typical auction(English Auction), where the price starts low and then rise as bidders compete among one another to be the successful buyer. This price may not necessarily be the highest or lowest price.