Offers: how bidding works
Quick answer
An offer is an on-chain transaction that locks your TAO in the marketplace contract's escrow. If the seller accepts, settlement happens immediately; if not, you withdraw your TAO.
Offers are the mirror of listings: the buyer commits first. Because TAO is escrowed on-chain, a seller who accepts knows the funds are there.
Who this is for
Buyers who want to bid below the listing price, or on tokens that are not listed.
How it works
- 1Choose a token and an offer price in TAO.
- 2Submit the offer transaction; the TAO moves into escrow in the marketplace contract.
- 3The seller sees the offer and can accept it with one transaction.
- 4On acceptance the contract pays royalty and fee from the escrowed amount, sends the remainder to the seller and transfers the token to you.
- 5If the offer is not accepted, cancel it to withdraw your TAO.
Good to know
- Escrowed TAO is yours until the seller accepts; only you can cancel.
- Offers on a transfer-locked collection cannot be accepted until the creator unlocks.
- Gas is paid by whoever sends each transaction: you for the offer and cancel, the seller for accepting.
Written and maintained by the Elevate team. Last updated . Corrections: reach the team on the official Discord.
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