At the Gate NFT platform, NFT assets can be traded in three different forms, one of which is the auction. Generally, the highest bidder becomes the buyer after the end of the auction. If no bid is submitted at the end of the auction or the highest bid is lower than the reserve price, the auction will fail and the asset can be relisted.
Step 1: To submit a bid in the NFT auction, please go to the NFT homepage and click on the “Marketplace” or “Start Exploring” button.
Step 2: Click on the “Filter”, and choose the “On Auction” option to view the NFT assets that are listed for auction in the Gate NFT market.
Step 3: Click on the NFT you want to buy to enter the NFT asset details page and click on the “Bid” button.
Step 4: Enter the bidding price in the pop-up bidding window. The amount displayed below is the minimum bid price. You can increase the bid price by clicking the up arrow button. Finally, click on “Confirm your bid price” to submit the bid.
- Input bidding price: you can enter the bidding price manually, or adjust the price by clicking the up/down arrows on the right side, with the increment or decrement subject to the setting by the seller;
- Increment: Price increment made by each new bid must be equal to or higher than the set range.
Please note:
- The margin will be deducted only for the first bid you make. For the subsequent bids, no margin will be deducted;
- If the bidding is unsuccessful, the margin will be automatically returned to the spot account of the bidder after the end of the auction;
- If the bidding is successful, the margin will be automatically converted into price after the end auction, and the final payment will be deducted from the spot account of the bidder;
- Bidding will not result in the lock of account funds. In order to ensure smooth payment of the auction price, please keep an amount in the spot account that is sufficient to cover the final payment. If there is no sufficient balance to deduct, resulting in the failure of the deal, the margin will be automatically paid to the seller.
Risks Warnings
- Gate NFT only provides the platform for minting, trading, and storage of NFTs, while it cannot decide on issues like the copyright, quality, physical object, implied value, etc. of the NFTs. Users need to decide by themselves whether to trade.
- The NFT transaction takes place at a low frequency. After being minted and listed, it may take some time for the NFT to sell out. Transactions cannot be undone once completed, so sellers must be very careful when setting the product’s price.
- NFT is a kind of blockchain digital asset, loss of which may cause incalculable losses to investors due to its scarcity. So investors should properly keep private keys, wallets, and so on to ensure asset safety.
- The platform currently only supports some external mainstream platforms, and the receiving address used is not the spot wallet address. Please check the deposit address and supported contracts when performing the deposit, because you may be unable to retrieve the assets if they are wrongly deposited.
- The platform supports uploading content first before minting; the content information cannot be changed once the work is completed.
- Gate NFT supports the issuance of multiple copies of the work. Investors need to confirm the quantity before trading to avoid inaccurate valuation.
- For the works displayed or sold on Gate NFT, we do not guarantee there are no copies thereof on other platforms or public chains either at present or in the future. Users need to verify by themselves before trading.
