How does bidding work?

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.
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  • 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.
    Screen Shot 2021-05-14 at 3.58.08 PM 
  • You can see active bids on auctions in the My Wallet part of your account as well. 
    Screen Shot 2021-05-14 at 3.58.27 PM

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).