Coinbase NFT now allows creators to launch auctions and collectors to place bids on auction listings.
What are auctions and bids?
An auction is an event where potential buyers compete to acquire an item by placing offers (or bids) at the price they are willing to pay for the item.
A bid is 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.
Placing a bid
Auctions on Coinbase NFT are made visible to collectors once the Auction is set up by the seller or creator.
To place a bid, visit the details page of the NFT.
If the NFT has been set up as an auction, you can select ‘place bid’. You will also be able to see other bids that have been placed in the activity section or the bids list.
All bids will be conducted using WETH. wETH is different from ETH as it can be used for transactions that are not immediately pulled from your wallet. Instead, it allows for a delayed transfer of funds which are used for both offers and bids
Enter your bid amount and set an expiration date for the bid. The default length of time is 3 days but this can be edited.
Note: Offers made during the auction will remain active and can be accepted by the seller after the auction ends.
If you do not have enough WETH in your wallet, you will be prompted to add more ETH to convert to WETH in order to place a bid.
Once you have enough WETH in your wallet, you can proceed to sign the transaction in order to place a bid.
Once the bid has been submitted, your transaction will be processed and you should receive a confirmation.
