Learn how to leverage Collection Offers on Magic Eden to streamline the process of buying NFT collections. This feature allows you to place offers on entire collections, saving you time and offering potential sellers the opportunity to liquidate their holdings instantly. Discover how Collection Offers work, how to use them effectively, and what exciting features Magic Eden has in store for the future.
How collection offers work
Collection Offers on Magic Eden provide a convenient way to place offers on an entire NFT collection. By making collection-level offers, you can specify the price you are willing to pay without having to select individual items. This feature significantly reduces the time spent on making item-level offers, particularly when bidding near the floor price.
Setting up a dedicated wallet
To make the most of Collection Offers, it is recommended to create a separate wallet solely for this purpose. This dedicated wallet should be funded with the total amount you intend to offer for the collection.
Making a collection offer
By following the steps below, you'll be able to navigate the intricacies of creating collection offers with ease and confidence.
Access the Collection Page
To start, navigate to the NFT collection for which you wish to create a collection offer.
Locate the "Make Offer" button
Once on the Collection page, you will notice the "Make Offer" button positioned at the top right corner of your screen.
Open the Collection Offer modal
Clicking the "Make Offer" button will open the updated Collection Offer Modal, which is where you can initiate the process of creating collection offers.
Choose buy quantity
Within the modal, you can select the quantity of NFTs you want to purchase or make an offer on. This is known as the "Buy Quantity."
Set the start price
Define the base price for your offer by setting the start price.
Trait-based collection offers (optional)
When the Collection Offer Modal is open, you are presented with the opportunity to create a collection offer based on specific traits. To accomplish this, simply click on the "Include Traits" button located next to the Buy Quantity slider.
By clicking this button, a table will be revealed, allowing you to select particular traits for your collection offer. This feature empowers you to tailor your offer to align precisely with your preferences and interests.
Configure "Decrease By" (optional)
If you intend to make offers on multiple NFTs, you can choose to include the "Decrease By" option. This option allows you to set either a percentage of the start price or a specific Solana amount that decreases for each accepted offer.
Review offer details
The collection offer modal will provide a comprehensive summary of your offer. This summary includes the number of NFTs you're making an offer on, the starting price, and the "Decrease By" details if applicable.
Royalty and deposit information
The summary will also display the royalty percentage set for the NFTs in the collection. Additionally, it will indicate the Deposit Required to submit the collection offer.
Submit your collection offer
Once you've inputted all the relevant information and confirmed that the summary matches your intentions, proceed by clicking the "Submit Collection Offer" button.
Confirm the deposit transaction
After clicking the submit button, you will be redirected to your connected wallet to confirm the Deposit transaction associated with your collection offer.
Manage your offers
To easily keep track of your offers, utilize the dedicated "Offers" tab. By clicking on this tab, you can view all the offers made on the specific NFT collection. Moreover, if you've made or received individual item offers, you can view those details from the "Item Offers Made" and "Item Offers Received" tabs.
Instant selling: Simplifying the selling process
With the introduction of Collection Offers, all NFT holders now have the option to instantly sell their NFTs. By having a Collection Offer, the highest "Instant Sell" button is displayed prominently at the top of the project's collection page.
Sellers can effortlessly select the number of items they want to sell, making the process quick and efficient.
Tips for careful offer placement
It is crucial to exercise caution when filling collection offers to avoid mistakenly selling rarer NFTs. Take care to double-check your selections before confirming the offer.
What's next? Exciting features on the horizon
Magic Eden is continuously enhancing the Collection Offers feature to provide an even better user experience. You can read more about how Collection Offers link with the Magic Eden AMM in our Help Centre. The platform also welcomes community feedback to further refine and adjust these features.
Frequently asked questions
How do royalties impact collection offers on Magic Eden?
Your selected royalty setting (full, half, or none) will be applied to the collection offer(s) you make. This means that the royalty percentage specified by the collection creator will affect the total offer amount.
Can you provide an example of how royalties are calculated in collection offers?
Certainly! Let's say you're interested in a collection with a 5% royalty and you select "full royalty" when making an offer for 10 SOL. In this case, your total offer amount would be 10.5 SOL. Here's the breakdown of the calculation:
Note:
Offer amount + (Royalty percentage * Offer amount) = Total offer amount
For the example mentioned: 10 SOL + (0.05 * 10 SOL) = 10.5 SOL
Understanding how royalties factor into your collection offers allows you to make informed decisions and accurately calculate the total amount you're offering.
With Collection Offers on Magic Eden, buying NFT collections becomes a breeze. By following these guidelines, you can take full advantage of this time-saving feature and effortlessly expand your NFT portfolio.
Stay tuned for exciting updates and enhancements as Magic Eden continues to revolutionize the NFT trading experience based on user feedback.