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Making Offers for Specific NFTs Using Magic Eden's Item-Level Offers
Making Offers for Specific NFTs Using Magic Eden's Item-Level Offers

Your comprehensive guide to making personalized offers on specific NFTs with ease

Updated over a week ago

Welcome to the guide on how to make offers for specific items in a collection using Magic Eden's item-level offers feature. This article will walk you through the process, ensuring you have all the necessary information to make successful offers and manage your bidding wallet effectively.

Key terminologies

Before diving into the process of making offers, let's familiarize ourselves with some key terminologies:

Main wallet

This is your default wallet connected to Magic Eden. You can transfer funds between your main wallet and bidding wallet.

Escrow wallet

An account within your Magic Eden profile specifically used for making offers on specific NFTs. To make an offer, your Escrow wallet must have enough SOL (at least 50% of the item's "Buy Now" price).

How to place offers on a specific NFT

If you're interested in making an offer on a particular NFT from the collection, follow these steps:

Access the Item Details page

Go to the collection page and locate the NFT you wish to place an offer on. Click on the magnifying glass icon associated with that NFT. This action will open the 'Item Details Modal,' where you'll find more information about the selected NFT.

Initiate the offer

Within the 'Item Details Modal,' review the details of the NFT you've selected. To proceed with making an offer, locate the 'Make an offer' button situated next to the pink 'Buy now' button.

Manage offer funds

When you make an offer, the funds will be held in your Escrow wallet, allowing you to submit multiple offers using the same funds. To oversee, deposit, or withdraw funds from your bidding wallet, navigate to the 'Offers Made' section on your Magic Eden profile.

Enter offer amount

In the offer modal, you'll find a designated text box where you can input the price you'd like to offer for the NFT. Keep in mind that your offered price must be lower than the listing price.

Set offer expiry period

When setting an offer, you must also specify an offer expiry period. It's essential to be aware that bids will not automatically cancel if the NFT is sold or de-listed during this time. To address this, it's recommended to set an expiry period and actively monitor your offers.

Inside the Offer modal, locate the drop-down menu that allows you to choose the offer expiry period. The default setting is 7 days, but you have the flexibility to select from options like 1 day, 3 days, 7 days, 1 month, or even set a custom period that aligns with your preferences.

Minimum offer requirement

It's important to note that the minimum offer you can submit is 50% of the listing price of the NFT.

Review important details

While within the offer modal, you'll be able to view both the SOL balance in your primary wallet and the balance in your bidding wallet. Additionally, you'll receive a breakdown of the royalty percentage, any potential maker fee (if your offer is accepted), and the projected balances of both your primary and bidding wallets after the offer is finalized.

Confirm your offer

Once you've reviewed the provided information and are satisfied with the summary, proceed by clicking the pink 'Make Offer' button.

Complete the transaction

Clicking the 'Make Offer' button will direct you to your connected wallet. Here, you'll be prompted to confirm the transaction, thereby finalizing your offer on the selected NFT.

By following these steps, you'll be able to successfully place offers on specific NFTs within the collection using the Magic Eden platform.

Cancelling your bids

It's important to note that bids will not automatically cancel if an NFT is sold or de-listed. Follow these steps to cancel your bids:

  • Visit your profile page and click on the "Item Offers made" tab.

  • Identify the offer you wish to cancel and click on the plus icon to the left of the offer. Click "Cancel offer" at the bottom right of the screen to initiate the cancellation.

  • Cancelled bids will keep the funds in your bidding wallet by default, allowing for quicker bidding in the future.

  • To withdraw SOL from your Escrow wallet to your main wallet, click the three dots next to the bidding wallet and select "Withdraw". This action will empty your Escrow wallet and transfer bidding-related funds back to your main wallet.

With Magic Eden's item-level offers, you can easily make personalized offers on specific NFTs. By understanding the key terminologies, offer statuses, and following the step-by-step instructions, you'll be well-equipped to navigate the bidding process and manage your offers effectively.

If you have any further questions or need assistance, please reach out to our support team.

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