Claiming the Proceeds and/or the NFT

After the settlement auction ends, the option must be burned before the proceeds are distributed.

The option can be burned by going its' page and clicking 'Burn Expired Option NFT'.

If the option expires in the money, the option holder will likely burn it because they'll want to claim the spread they've earned.

If the option expires out of the money, the option writer will likely burn it so they can withdraw the underlying NFT or write another call option with it.