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
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 wallet that you connected on Magic Eden. You will be able to transfer funds from your main wallet into your bidding wallet and vice-versa.
Bidding Wallet: This is an account within your Magic Eden profile that you could use 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 balance to cover the price of your bid. Deposit Sol to your bidding wallet equal to the offer price to make the offer active.
Making an offer
In order to make an offer, the bid value must be at least 50% of the NFT's listed price. The minimum bid amount can be viewed in the placement window:
Upon placing the bid, Sol will be deducted from your main wallet, and transferred to your bidding wallet. The funds exiting and entering can be viewed as the yellow and green text in the image above.
Once there are funds in the bidding wallet, you will now have the option to use the unlimited bidding feature, where you can place additional bids without being charged. Note that this feature should only be used by advanced bidders. See a detailed explanation on unlimited bidding here!
Cancelling your bids
Disclaimer: Bids will not automatically cancel when an NFT is sold or de-listed. They must be manually cancelled from the offers made tab, as they will become active again if the item is re-listed.
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 cancelled, funds will remain in your bidding wallet by default to allow for quicker bidding in the future. You can withdraw Sol to your main wallet at any time by clicking the three dots next to the bidding wallet. Here, there will be an option to "Withdraw all to main wallet". This will empty your bidding wallet, and withdraw all funds related to bidding back to your wallet.
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