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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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What is a Crypto Wallet?

What is a crypto wallet?

Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinspot, which makes using crypto as easy as shopping with a credit card online.

Why are crypto wallets important?

Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Your holdings live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet provider like Coinspot.

Hardware wallets: Keys are stored in a thumb-drive device that is kept in a safe place and only connected to a computer when you want to use your crypto. The idea is to try to balance security and convenience.

Online wallets: Keys are stored in an app or other software – look for one that is protected by two-step encryption. This makes sending, receiving, and using your crypto as easy as using any online bank account, payment system, or brokerage.

Online wallets offered by a major exchange like Coinspot or widely used Ethereum based wallet provider Metamask are the simplest way to get started in crypto and offer a balance of security and easy access. (Because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification.)

Using an app like Coinspot Wallet or Metamask gives you easy access to your crypto holdings. You can:

Manage all your digital assets in one secure place
Control your own private keys
Send and receive cryptocurrency to and from anywhere in the world
Interact with usernames rather than long, hexadecimal “public key” addresses
Browse dapps (decentralized finance apps)
Shop at stores that accept cryptocurrency

See our blog post here for how to set up a Metamask wallet.

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NFT & Web3 Key Terms

Here’s a list of key terms used in the NFT space. It’s helpful to review before you get started!

Non-Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs) are unique digital assets that were initially available on the Ethereum network and more recently on other L1 networks. NFT’s are immune to duplication while allowing them to be owned and traded between owners of digital wallets. Examples of NFTs include art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, among many others.

For further information on NFTs, see our blog post here

Blockchain

A blockchain is one example of a distributed ledger architecture that mutualizes the infrastructure to facilitate the process of recording transactions and information across a network. In simple terms you can consider a blockchain as a decentralised database.

For further information on blockchains, see our blog post here

Ethereum / ETH

The Ethereum blockchain is the most a popular blockchain for minting NFTs, and ETH is the single unit of exchange used to for transactions on the Ethereum network.

For further information on Ethereum, see our blog post here

Gas Fees

Gas fees are unique to public ledgers and are essential to incentivise the many providers of services to run and operate the networks. In the case of NFT’s, think of gas fees as a transaction charge for using the Ethereum blockchain. Gas fees vary according to demand, and are determined by the number of transactions currently being undertaken on the network (high volume, high gas fees).

For further information on gas fees, see our blog post here

Crypto Wallet

A crypto wallet has many forms. Common examples include iOS Apps, or a physical hardware device for cold storage that allows individuals to store and retrieve digital items such as cryptocurrencies and NFTs.

For further information on crypto wallets, see our blog post here

Wallet Address

Also known as your “public key,” a wallet address is your unique identifier. It is the “address” others will use when they are transacting with you and sending you cryptocurrencies or NFTs.

However, in nearly all cases (not all!) your NFTs and crypto do not technically ‘live/are held’ in your wallet but exist on public chains and are known and belong to the wallet address. Your wallet simply contains the keys to that address.

Private Key

A string of numbers (often 256 characters long) that represents your signature to authorise transactions on the network. This is your singular private identifier to ownership of the assets on the network. Never share your private key with anyone!

Seed Phrase

Your seed phrase – also known as a “mnemonic phrase” or “secret recovery phrase” – is a list of words (usually ranging from 12-24 words) that can be used to recover your crypto should you forget your password or lose access to your wallet.

You will receive or be asked to create a seed phrase to write down when you first create a crypto wallet. When you begin using your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible.

Do not store your seed phrase on an online cloud storage service and never share it with anyone.

Collection

A collection is a body of work, like a store or gallery.

Dapp (Decentralized App)

A Dapp is a blockchain-integrated application that requires you to connect and approve all transactions with your wallet signature. Examples include OpenSea, Uniswap, and Zapper.fi.

Smart Contract

Smart contracts are pieces of code that define rules and execute transactions on blockchains. Dapps are powered by smart contracts – they underpin the buying and selling of NFTs.

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What are Gas fees?

“Gas” refers to the fee required to successfully conduct a transaction on Ethereum.

This fee goes directly to Ethereum miners who provide the computer power that’s necessary to verify transactions and keep the network running. Every time you bid or purchase an NFT, you’ll need to have extra ETH in your wallet so that you can pay for gas each time you mint an NFT, update a reserve price, or list a piece for auction. Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down.

Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction. If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it.

Check out https://ethgasstation.info/ for the current gas prices

Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a cent to the AUS dollar.

Curious to learn more?

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