We have upgraded the way you make offers and bid on NFTs on Magic Eden. In this post, we share these improvements and teach you how to use this feature.
First things first: Most of your bidding action will take place in the “offers made” tab located in your Magic Eden profile page.
Under the “offers made” tab, you can view:
Under the “offers made” tab on your Magic Eden profile page, you will see your main wallet and bidding wallet balance:
When you make an offer on an NFT, you’ll see the status of that offer:
Before you can make an offer on an NFT, you would need to have sufficient funds in your bidding wallet (at least 50% of the item’s buy now price).
Here’s how to fund your bidding wallet:
(1) Click the “make an offer” button on an NFT.
(2) You will be prompted to fund your bidding wallet if you have insufficient funds.
(3) Alternatively, to fund your bidding wallet, you can head over to your profile page, click the “offers made” tab and click the 3 dots that will prompt you to deposit SOL from your main wallet.
(4) Once your bidding wallet is funded to 50% of the NFT's SOL value, you will be able to make an offer and bid on the NFT.
On Magic Eden, you can place unlimited bids on multiple NFTs. To do this, ensure that your bidding wallet is funded with the desired amount, and make bids at or under the value held in the bidding wallet.
Say you have your eye on a variety of NFTs and you want to get the best deal possible without having to choose which one to put funds towards. You can deposit 5 SOL (any amount works) into the bidding wallet, and you will now have the ability to place unlimited bids at 5 SOL or under. This means you could have over 100 SOL worth of bids active, while only putting up 5 SOL! Ensure that you click the option “Use bidding wallet (advanced)” to access this feature.
Drawing from the above image: if your bid for 5 SOL is accepted, the SOL will be deducted from your bidding wallet, making your other bids inactive. To fund the bid, click on the three dots next to your bidding wallet. This will give you the option to Fund all offers, or Fund the highest offer.
Here’s how to cancel an offer:
When offers are canceled, funds will remain in the users’ bidding wallet by default to allow for quicker bidding in the future. Users can withdraw SOL to their main wallet at any time.
Here’s how to withdraw your funds: