When viewing an auction for an NFT, here is what you need to know when placing a bid.
- There are a few simple steps needed in order to place a bid on a marketplace product
- Be sure to have added funds to your account, which can be done in the My Wallet section.
- From there, on the marketplace page, simply find a listing you want to place a bid on. Once you open it up, click Place Bid on the item in the Auction tab.
- When you place a bid, you will be given a screen. Look over the details of the transaction and click that you accept the Terms and Conditions.
- You can see active bids on auctions in the My Wallet part of your account as well.
What else should I know about placing a bid?
- As an owner of an NFT, you can create auction listings with a set start/end time and also set the price for a minimum bid, or the lowest price that bidding will start at.
- Owners can only cancel auctions as long as no bids have been placed, once bids are placed the highest bidder will win the auction
- Once a buyer places a bid, you will not be able to cancel that bid.
- Buyers will be able to place a new bid that is higher than their old bid if they wish to do so.
- Funds that are placed on items via bids are excluded from a user's available balance (if a user places multiple bids, only the amount for the highest bid will be frozen).