An action that is taken during an auction to indicate your interest in buying an NFT at a particular price.
By placing a bid, you are committing a certain amount of your funds into a smart contract, which will automatically be used to purchase the NFT if the seller agrees to sell at your bid price. Auctions will typically have a minimum bid (the lowest price you can offer) and will feature multiple bids from potential buyers who want to acquire the NFT.
