How to bid on Foundation NFT marketplace
Before placing a bid, read more about how auctions work on Foundation.
- Connect your wallet to Foundation. (Need help setting up your wallet? Check out our simple guide here to learn how to set up a Metamask wallet.)
- Make sure you have enough ETH in your wallet to place a bid and pay for gas fees. You’ll need to pay a gas fee each time you place a bid. Learn more about gas fees here.
- Go to the artwork page of the NFT you would like to bid on.
- Click “Place a bid.”
If you place the first bid, the bid must exceed or meet the reserve price set by the creator. If the reserve price has already been met, all subsequent bids must exceed the current bid by 10% or 0.1 ETH, whichever is less.
- After you place a bid, your wallet will prompt you to confirm the transaction and pay a gas fee to complete the process. The funds will then be taken out of your wallet and placed in escrow in our smart contract.
If you’re outbid, funds will be deposited back into your wallet. You will receive a notification if you are outbid and will be allowed to place another bid if the auction is still active.
Note: The exact scope of the buyer’s rights are set out in Foundation.app’s terms of service.
You should be aware of the risk in NFTs and cryptocurrencies, which are volatile and may lose some or all of their value. Nothing in this article is intended as advice, and you should consider seeking your own financial and taxation advice.
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