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:
- Your bidding wallet and main wallet balances
- The NFTs you’ve made an offer on with your offer price and its buy now price
- The status of your offers
Key Terminologies
Under the “offers made” tab on your Magic Eden profile page, you will see your main wallet and bidding wallet balance:
- Main Wallet: This is your default Magic Eden wallet. You will be able to withdraw funds into your main wallet from your bidding wallet.
- Bidding Wallet: Use it to make offers on NFTs. In order to make an offer, your bidding wallet needs enough SOL (at least 50% of the item’s buy now price).
When you make an offer on an NFT, you’ll see the status of that offer:
- Pending: Your offer is valid and waiting on the seller’s response. The seller will be notified of the bid and can choose to accept or decline your offer. Once they accept your offer, the amount offered will be deducted from your bidding wallet.
- Insufficient funds: Your bidding wallet does not have enough SOL in order to make an offer. Top-up your bidding wallet from your main wallet in order to have sufficient funds.
Funding your bidding wallet and making an 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.
Introducing: Unlimited Bidding
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.
How does this work?
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.
What happens if one of the offers gets accepted?
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.
Canceling your offer
Here’s how to cancel an offer:
- Head over to your profile page and click on the “offers made” tab.
- Once you’ve identified the offer to cancel, navigate to the “actions” column on the far right and click cancel.
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:
- Head over to the “offers made” tab on your profile page.
- Click on the 3 dots that are next to your bidding wallet.
- Select “withdraw all to the main wallet” from the drop down menu.
