If you are looking to run a contest on MV you can do so through the Personal Contest service!
Activating a contest will allow members to bid for the prize you've listed for the period of time you set. The rules of the contest beyond that will be up to you, so make sure to specify your contest rules in your description.
To set up you Personal Contest, first go to your Profile > Services >click Add next to Contest.
Add all the details including your title, description, start/end dates, etc. and you can also add a banner image which should be 1172x372 in size. Make sure to click <Save> when you're done!