explain the difference between virtual auction and reverse auction?
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Answer:
A virtual auction brings all elements of an in-person auction to an online format. With large in-person galas not being the best option right now, virtual auctions allow supporters and nonprofits to meet virtually and still raise money for an important cause.
A reverse auction is a type of auction in which sellers bid for the prices at which they are willing to sell their goods and services. ... Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.
virtual auctions take the form of a single seller offering an item for sale, with buyers competing to secure the item by bidding the price upward. ... Reverse auctions are the other major form of auctions. In a reverse auction, a single buyer makes potential sellers aware of their intent to buy a specified good or service.