With NFT gaining a lot of attention, many people may not really understand how to get to the purchase of NFTs.
It’s easy to buy an NFT that is sold at a flat rate.
However, OpenSea also has a slightly confusing selling method called “auction bidding”.
※We are using metamask’s wallet this time.
Also, this time we will work on a PC, but the same procedure will be applied to a mobile wallet.
Let’s go to the NFT sales page
This time, we sold the NFT of NFTeruko, created in the following article, at auction and tried to purchase it ourselves.
As shown in the photo above, the “Bid” button is displayed when the item is listed at the auction.
First of all, click this “bid” button.
What is “WETH”?
When you press the bid button,
you will be asked to bid on WETH.
NFTs that are normally sold at a fixed price require “ETH”, but the trouble is that auction bids require “WETH”
Simply, the official name of WETH is “Wrapped ETH”.
WETH is an ERC20 compliant token that is characterized by being implemented to peg 1ETH = 1WETH.
Therefore, if you want 0.01 ETH WETH, you can covert (replace) 0.01 ETH.
So, let’s start by clicking “Convert ETH” in the above picture to get WETH.
※If you already have WETH, skip to the “Let’s bid” paragraph.
If you have ETH, select “ETH” like in ① and enter the value of WETH you want to exchange in part ②.
After entering the information, click “Wrap” in ③ to move on to the transaction authorization process.
After checking and setting the gas price,
click the “Confirm” button.
When you press the button, it will be in the Pending state, and if this is approved, you will get WETH.
Now you are ready to bid at the auction!
After confirming that your wallet has enough WETH, enter the value of WETH to bid on ②.
Finally, click “Bid” in ③,
and the following screen will appear.
Check the fee for your request
and press the “Confirm” button.
This fee is required when using WETH for the first time in OpenSea, so you will not be charged after the second time.
If the message “the offer was sent successfully!” is displayed as shown at the bottom right of the screen, the bid is complete!
By the way, you can check the list of people who have made offers in the “offer” column.
Keep in mind that if someone makes a higher offer than you, your purchasing rights will be transferred from you to another person.
You can also withdraw your offer by clicking “Cancel” on the right side of the offer column.
However, in that case, be aware that you will need a gas fee to do the transaction again.
We hope this article will help you buy the NFT you want to buy when it is being auctioned.