How Is This Not A Scam?!
The huge discount is possible because the seller earns fees from each bid – rather than just the final winning bid.
As a result, the winning bidder can get a discount, and the seller can earn more than floor price from cumulative bid fees. Here are some key traits of this auction.
Unlike a standard auction (where only the winning bidder is required to pay), this auction requires all bidders to pay their bid amount.
Each bid will extend the auction by 24 hours. This allows worldwide participation without losing sleep. Plus, there’s no advantage to waiting until the last few minutes.
If you are the top bid when the timer runs out, you win the NFT. Click on "Claim NFT" in the menu bar to transfer the NFT to your wallet.
Quick Explainer Video
Watch this 2-min. video to learn how to bid and win on NFT Deals auctions.
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Frequently Asked Questions
We welcome your questions on Discord, Twitter, or via email. In the meantime, here's a selection of common questions.
This looks too good to be true. What’s the catch?
There is no catch! The massive discount against a collection’s floor price is possible because we operate a novel auction format where you pay-to-bid.
What if there are not many bids?
Then the buyer gets an incredible deal! There’s no reserve on this auction.
Should I bid now or wait until this auction gets closer to the collection’s floor price?
We leave that up to you! On the one hand, bidding early feels like you may be outbid by others who want this NFT. On the other hand, if everyone thinks like that, then people may decide to wait – giving you the win. That tension is what makes our auctions entertaining!
Why does the timer reset 24 hours after every bid?
Anything less than a 24 hour extension feels like we are excluding some part of the world. Not cool. Here, the world gets a fair chance to bid. Plus, there’s no advantage to waiting until the last few minutes if you know that your bid will extend the auction.
What is “Next Bid”?
In a "Fixed Increment" auction format, this amount represents the price should you bid in the auction. Unlike other auction models, where you determine your desired price, this auction automatically calculates the next possible bid.
What are the fees to bid?
In a 'Last Bid Standing' type auction, each bid is a non-refundable payment to participate in this auction.
In a 'Fixed Increment + Outbid Refund' type auction, the smart contract returns a portion of your bid back based on the amount of time remaining in the auction when you bid. The earlier you bid, the more money you get back. The remainder of your bid is the fee to participate in this auction. By spreading the fees across many bidders, the huge discount is made possible.
What are the rewards?
Rewards include "Free Bids," which are usable in future auctions. Other Rewards include points that are accumulated based on your activity, such as bidding. Later, those rewards will be convertible into our $NFTD token when it launches.
How do Free Bids work?
Every time you place a bid where you pay WETH to participate (a "Paid Bid"), you are eligible to receive 2 "Bidder" NFTs. At the conclusion of a given auction, the "Bidder" NFTs are distributed via an airdrop to the wallet addresses that submitted the Paid Bid(s) in that auction. Later, you can 'burn' those "Bidder" NFTs to place a bid instead of making a WETH payment to participate in an auction (the "Free Bids"). You can also keep the "Bidder" NFTs as collectibles or trade them on OpenSea.
Do you have a whitepaper on the tokenomics?
Not yet, but we are considering whether a reward-to-token conversion makes sense for the community. Ideally, a token can be tied to auction revenue. For now, rewards will be used only to identify active participants and send them cool airdrops, stickers, and invites to exclusive auctions.
How do I know if I have been outbid?
The simplest thing is to come back and check if you have been outbid. But we also offer an email notification feature. After bidding, a modal will pop up, giving you the option to subscribe to outbid notifications.
How can I trust that this is a legitimate auction? Are you really holding a premium NFT?
Good question. Trust no one and inspect the smart contract! Please navigate to EtherScan and verify that this auction has the identified NFT escrowed in the contract. It’s there 🤑
What about gas fees?
At the early stages of an auction, the bid may be less than the amount of gas required to process the transaction. But, still, the total amount paid (bid + gas fees) will still be a huge discount on an NFT that you can win.
Is there a reserve price?
Nope. If the timer runs out at any amount, the auction will close and the winner can claim the NFT.
When does the auction end? Will it run forever?
It is theoretically possible for the auction to extend for a while if people continue bidding. But that would be economically irrational at some point. We expect most auctions will settle at significant discounts against the collection’s floor price.
Was a security audit performed for this project?
Not yet, but it’s on the roadmap. Consider this application experimental. Use at your own risk and for entertainment purposes only. In general, using crypto applications, wallets, protocols, and tools may expose you to risks including, but not limited to, smart contract bugs, systemic risk, flashloan attacks, economic incentive failures, liquidity crises, admin key exploits, governance exploits, and pegged assets such as stablecoins or tokenized BTC de-pegging.
Can I see who else is participating in this auction?
Yes, click on “Bid History” to see what other wallets have participated in this auction so far.
Won’t the bots just beat me?
We don’t think so, but we cannot control if others develop bots to play along. The smart contracts is designed to disincentivize bots. For instance, the resetting timer makes it less attractive for bots to snipe the auction in the final moments. Moreover, dynamic, auction-timer dependent fees encourage early bidding, which disadvantage bots that rely on calculating ideal bid strategies.
What is wETH and why use that instead of ETH for the auction?
wETH stands for "wrapped Ether.” It is a cryptocurrency used to make bids for digital goods on this and many other sites. There is a 1:1 exchange between wETH and ETH, so you can always convert it back and forth. We use wETH because ETH is not an ERC-20 token, which makes outbid rebates and other functions difficult or gas-heavy.
Why do I have to perform two steps to submit my first bid?
The first time you bid, you will need to approve NFT Deals to access your wETH. You only need to approve this once per auction. After that, you can simply click on the “Bid” button to approve the transaction with a connected wallet.
Where can I see other auctions on your site?
You can view live and expired auctions here. But there may not be other auctions right now. Rather than a sprawling marketplace with thousands of items for sale, we focus on a highly curated set of premium NFTs.
Are there other ways to earn rewards?
Yes. We’re always looking to connect with NFT influencers. Find our mods on Discord and request a special mission.
I’m an NFT seller and I want to sell my NFT with you. What do I do?
Find us on Discord and tell us more about your NFT. Or fill out this Google Form. We’re primarily focused on blue chip NFTs that have high trading volume and price floors. Additionally, we’re primarily working with sellers who have significant Twitter followers.
We're a tight-knit team of hackers who enjoy making products that users love. We won’t stop until all high-value, collectible NFT sales are running through NFT Deals.
Rod FuentesCo-founder & CEO
IP lawyer turned 3x startup founder (1x exit, 2019). Hosts "NFT Show & Tell" on YouTube for fun.
Sandeep ArnejaCo-founder & CTO
Full-stack developer for 15+ years, 2x startup founder (1x exit, 2019). Loves Solidity and Ant.Design.
You love hacking in Solidity and want to make NFTs accessible to all.
Enjoys making content like blogs, Tweets, and YouTube video.
Stay In Touch
The NFT Deals community is focused on bringing together NFT degens, newbies, traders, flippers, and creators to power the future of auction technology. Over time, our novel auction protocol should become increasingly decentralized so that it is governed by a DAO that empowers even the smallest entrepreneurs to earn income by hosting their own NFT auction house. Join us.