How to Bid for Auctioned NFT Assets on Gate (Web) ｜ Gate

Applicable Scope

This guide applies to Gate Web
Before you start: Ensure you have sufficient funds in your spot account to cover the bid amount and margin
Estimated time: 5 m

Objective

This guide will walk you through how to place a bid on auctioned NFT assets in the Gate NFT Market on Gate Web.

Steps

Step 1: Navigate to the NFT Marketplace

1. Go to the Gate NFT homepage.
2. Click on either the "Marketplace" or "Start Exploring" button to access the NFT trading platform.

Step 2: Filter for Auction Items

1. Click on the "Filter" button.
2. Select the "On Auction" option to view all NFT assets currently listed for auction in the Gate NFT market.

Step 3: Select an NFT Asset

1. Browse through the available auction items.
2. Click on the NFT asset you want to bid on to enter its details page.
3. Click the "Bid" button to proceed.

Step 4: Submit Your Bid

1. In the bidding window that appears, enter your bid price or use the up/down arrow buttons to adjust the amount.
2. Review the minimum bid price displayed below the input field.
3. Ensure your bid meets or exceeds the minimum required increment.
4. Click "Confirm your bid price" to submit your bid.

Bidding Parameters:

• Input bidding price: You can enter the bidding price manually or adjust it using the up/down arrows. The increment/decrement follows the seller's settings.
• Increment: Each new bid must equal or exceed the minimum increment set by the seller.

Notes

Margin and Payment:

• Margin is deducted only for your first bid on an asset. Subsequent bids on the same asset do not require additional margin deductions.
• If your bid is unsuccessful, the margin will be automatically returned to your spot account after the auction ends.
• If your bid is successful, the margin will be automatically converted into the final payment, which will be deducted from your spot account.
• Bidding does not lock your account funds. However, you must maintain sufficient balance in your spot account to cover the final payment.
• If your account lacks sufficient funds to complete the transaction after winning the bid, the margin will be automatically paid to the seller and the transaction will fail.

Auction Rules:

• Generally, the highest bidder becomes the buyer after the auction ends.
• If no bids are submitted or the highest bid is lower than the reserve price, the auction will fail and the asset can be relisted.

NFT Trading Risks:

1. Gate NFT provides a platform for minting, trading, and storing NFTs but does not determine copyright, quality, physical objects, or implied value of NFTs. Users must conduct their own due diligence before trading.
2. NFT transactions occur at low frequency. Once listed, it may take time for NFTs to sell. Transactions cannot be undone once completed, so carefully consider pricing decisions.
3. NFTs are blockchain digital assets. Loss of private keys or wallets may result in permanent loss of assets. Properly secure your private keys and wallet information.
4. The platform supports specific external mainstream platforms. Deposit addresses differ from spot wallet addresses. Verify the deposit address and supported contracts before depositing, as incorrect deposits may result in irretrievable loss of assets.
5. Content information cannot be changed once an NFT work is minted on the platform.
6. Gate NFT supports the issuance of multiple copies of works. Verify the quantity before trading to ensure accurate valuation.
7. Gate NFT does not guarantee that works displayed or sold on the platform do not have copies on other platforms or blockchains. Users must verify this independently before trading.

FAQ

Q1: What happens if I place multiple bids on the same NFT?

A: You can place multiple bids on the same NFT asset. Only your first bid requires a margin deduction; subsequent higher bids on the same asset do not require additional margin payments.

Q2: Can I cancel my bid after submitting it?

A: No, bids cannot be canceled once submitted. Ensure you carefully review your bid amount and auction terms before confirming.

Q3: What is the minimum bid increment?

A: The minimum bid increment is set by the seller and varies by NFT asset. You can view this information on the asset details page before submitting your bid.

Q4: How long does it take to receive my margin refund if my bid is unsuccessful?

A: If your bid is unsuccessful, the margin will be automatically returned to your spot account immediately after the auction ends.

Disclaimer

The content provided herein is for reference and educational purposes only and does not constitute any financial, investment, trading, or legal advice, nor does it constitute an offer or solicitation to buy or sell any digital assets. Gate makes no express or implied representations or warranties regarding the accuracy, completeness, or timeliness of the information contained herein. Product features, interfaces, rules, and fee structures may be updated or adjusted at any time. Please refer to the latest announcements and the actual information displayed on the Gate platform for the most accurate details.
Digital asset investments involve significant risk, and prices may fluctuate substantially. You may lose the entire amount of your investment. Please make decisions cautiously based on your own financial situation and risk tolerance after fully understanding the associated risks. If necessary, you are advised to consult an independent professional financial or legal advisor.
For more information about potential risks, please refer to Gate's Risk Disclosure and User Agreement.