Real-time auctions refer to a type of auction where bids are placed and updated in real-time, allowing for immediate and dynamic competition among buyers. Unlike traditional auctions, which have a set end time, real-time auctions continue until there is a clear winner, creating a sense of urgency and excitement. These auctions are typically conducted online, utilizing advanced technology to facilitate the rapid exchange of bids and information. Real-time auctions are commonly used in the sale of goods and services, as well as in financial markets, and have revolutionized the way in which transactions are conducted, providing a more efficient and transparent process for both buyers and sellers.