How to Bid for NFTs on PlaNFT?

November 29th, 2022

One of the earliest ways to transfer property rights is through auctions, which have long been used for the sale of special goods. There are many auction types today in the field of Web3 NFT, with English auctions and Dutch auctions being the most popular. In an English auction, auctioneers open the bidding with a floor price, and collectors then outbid each other until there is no counter-bidding left and the item is sold to the highest bidder. Instead of using an ascending price format like English auctions, Dutch auctions use a declining price format. Generally, these auctions begin with a high price and then drop it successively until someone accepts it.

Users can participate in auctions on PlaNFT while enjoying the flexibility and transparency of price changes in the NFT market.

How to bid for NFTs on PlaNFT

PlaNFT supports users to bid for NFT in cryptocurrencies such as wETH/wMATIC, which is wrapped by smart contracts so that the native token can be used as an ERC-20 token in an NFT auction transaction. Wrapped Matic and Wrapped ETH can convert to MATIC and ETH in a ratio of 1:1, and users can convert any available WMATIC to MATIC and WETH to ETH.

What is WETH？

Wrapped Ether (WETH) is the ERC-20 compatible version of ETH which had been developed before the ERC-20 standard was established. Thus, the original format of ETH is not compliant with its ERC-20 standard. ETH needs to be wrapped into an ERC-20-compliant WETH that enables pre-authorized bids to be fulfilled at a later date without any further action from the bidder. Wrapping an ETH into a wETH does not change its value, 1 WETH is always equal to 1 ETH.

It is the same for wrapping MATIC to WMATIC and BNB to WBNB.

Users can log into PlaNFT via several crypto wallets such as Metamask, Coinbase Wallet, etc. However, they must maintain their private keys and complete transactions after several approvals, which is not an easy task. It is recommended to use a Google account to create an Avatar Wallet account on PlaNFT without writing down or memorizing private keys and completing repeatedly approvals before transactions, ensuring decentralization and security at the same time.

Connect to Avatar Wallet via Google account

Buying cryptocurrency via debit/credit cards

For better timeliness, PlaNFT has partnered with Ramp Network and allows users to purchase cryptocurrency via debit/credit card without a must to go through the CEX process.

Easy purchase of cryptocurrencies using credit/debit cards

Select the NFT of your choice

For example, you can browse Beanz on the marketplace.

Make offer

Click Make Offer to pre-pay and place a successful bid after the wallet authorization.

Leave a message and keep updated

After bidding, users can subscribe to this NFT by clicking the Subscribe button under Listing & Offer on the NFT details page. The PlaNFT marketplace bot will notify the bidders of the price status of this NFT in Telegram in real-time.

Users can find the dialog box icon at the bottom of the NFT details page, and start a dialog by clicking on the button to leave a message to the seller and negotiate the price.