3 ms·

> 1. You can bid on one and when the bidding duration is over the NFT goes to the highest bidder Does anyone know if the bids are binding and use an escrow? I

by bko 5y ago

> 1. You can bid on one and when the bidding duration is over the NFT goes to the highest bidder Does anyone know if the bids are binding and use an escrow? I see crazy bids out there, but I always thought those could be bs. But if they are binding and get held in escrow (with gas fees and all), then they're legit. > - NFTs are swapped frequently to generate fake demand. Look at the transaction logs before buying High gas is a feature not a bug in that case. If you're spending hundreds of dollars in gas to create a phony transaction, then its pretty expensive.

Link- 5y ago
Bid require you to use WETH (Wrapped ETH) > WETH (Wrapped ETH) is a currency that allows users to make pre-authorized bids that can be fulfilled at a later date without any further action from the bidder. WETH is used to buy and sell with auctions on OpenSea. ETH and WETH are worth exactly the same amount and can be exchanged directly on your OpenSea profile. https://support.opensea.io/hc/en-us/articles/360063498293-What-s-WETH-How-do-I-get-it- https://support.opensea.io/hc/en-us/articles/360063498293-Wh... Also, gas fees do not rise with the amount of the transaction. So if you're selling for a really high price, gas fees are negligible.