Two constraints added to the 1/1 auction: a reserve price and a countdown timer. The auction only activates once a bid meets the reserve. At that point, a timed countdown (typically 24 hours) begins. Bidders compete. If anyone bids in the last 5 minutes, the timer extends by another 5 minutes. When the timer finally expires, highest bidder wins.
1/1 Reserve Timed Auctions