NFT Questions | Bitcointalksearch.org

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: Maus0728 on April 02, 2021, 01:42:27 AM

Quote from: Yogee on April 01, 2021, 01:32:14 PM

Their bids will be rejected by the contract if they do not have the required fund. It's as simple as you cannot send money that you do not have or below your actual balance.

Does that mean they give the required amount of their bid firsthand in the platform which is being escrowed by the platform itself using the contract? So, it's not just a plain text where they can withdraw their promises if ever the auction expires.

Yes. Their funds will be sent to the platform's escrow via smart contract once they successfully placed their bid.

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Do you have something to read where I can find an elaborate and technical answer to my questions? Perhaps, a general article on a website will suffice.

Most of the articles or tutorials I've read covers how to place your NFT up for auction but here's one that also gives you an idea on the bidder's side https://help.foundation.app/en/articles/4742997-a-complete-guide-to-collecting-nfts-and-how-auctions-work

Maus0728

legendary

Activity: 1904

Merit: 1563

Quote from: Enzo05 on April 01, 2021, 09:56:30 AM

I'm not an expert on this but I buy nfts but "not" bidding but this question is also my question on bidding nfts that I never experience participate in.

Do you mind if I ask? Why did you buy an NFT in the first place? Is it something that you hope for an opportunity to selling it a higher price or you just simply like the aesthetics?

Quote from: Yogee on April 01, 2021, 01:32:14 PM

Their bids will be rejected by the contract if they do not have the required fund. It's as simple as you cannot send money that you do not have or below your actual balance.

Does that mean they give the required amount of their bid firsthand in the platform which is being escrowed by the platform itself using the contract? So, it's not just a plain text where they can withdraw their promises if ever the auction expires.

Do you have something to read where I can find an elaborate and technical answer to my questions? Perhaps, a general article on a website will suffice. Anyhow, thank you so much for the answer.

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: Maus0728 on April 01, 2021, 08:30:48 AM

[1] Let's say for example there is one person who placed and manages to win the bid? What are process or ways to verify that the bidder can actually pay the price? We can never tell though if that person is just bluffing the bid and has no capacity to pay the bid he placed.

Their bids will be rejected by the contract if they do not have the required fund. It's as simple as you cannot send money that you do not have or below your actual balance.

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[2] How is the payment escrowed? Is it done by the platform itself?

Escrowed on the platform's smart contract.

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[3] What are the preferred platforms to use that has an ample volume of bidders?

You can check top NFT coins by marketcap https://www.coingecko.com/en/nft

Enzo05

full member

Activity: 938

Merit: 102

I'm not an expert on this but I buy nfts but "not" bidding but this question is also my question on bidding nfts that I never experience participate in. BUT my "guess" is the system that is managing the event of the bidding has the access to see the range of the funds of the bidder.

Maus0728

legendary

Activity: 1904

Merit: 1563

Hey people especially for members who are doing an NFT services or is selling their artworks to an NFT platform. I have a few questions.

[1] Let's say for example there is one person who placed and manages to win the bid? What are process or ways to verify that the bidder can actually pay the price? We can never tell though if that person is just bluffing the bid and has no capacity to pay the bid he placed.

[2] How is the payment escrowed? Is it done by the platform itself?

[3] What are the preferred platforms to use that has an ample volume of bidders?

Thank you so much everyone!

Topic: NFT Questions (Read 73 times)