In a monet.market NFT Auction, NFTs are all revealed before the auction, and will be arranged based on the value of the NFT, from highest to lowest.
Buyers will place bids on those NFTs. The higher the bid, the better the NFT they will receive when auction ends.
If the buyer's bid gets pushed out by other bids, they will be refunded.
Parallel to the NFT Auction, there will also be a Royalty Pool Auction. Anyone can participate in the Royalty Pool Auction.
The Royalty Pool collects royalties that come from sales on the secondary market and rent from the rental market.