The Make Offer feature enables users to submit personalized offers for NFTs listed on Mavis Market. This feature will increase liquidity for sellers and give buyers the ability to place bids on NFTs they want to buy. Owners of an NFT can decide whether to accept or reject offers – if they accept, the seller will pay any gas fees required from the total sale price.
What is WRON?
WRON is a token on Ronin that allows users to place bids on Mavis Market. One WRON token is equal to one RON token. However, WRON is the only token users can use to make offers. It’s easy to swap RON to WRON directly in Mavis Market as we’ll explain below.
Note: You’ll be able to see your WRON balance on Mavis Market and on the Ronin Wallet.
Let's define a couple key terms related to the Make Offer feature on Mavis Market:
This is the amount of RON in a user’s Ronin Wallet. This is different from the Offer Balance, which is described below.
This is the amount of Wrapped RON (WRON) a user has available to make an offer on an NFT.
How to Swap RON balance <> Offer balance
Click the Display Name icon at the header and select "Swap RON/WRON". Users can also swap from WRON back to RON anytime.
Remember: 1 WRON = 1 RON
How to Make Offers on Mavis Market
Users can make offers on any NFT listed on Mavis Market except locked NFTs. There is a maximum of 100 active offers per user. When a user reaches 100 offers, they’ll see the following message after clicking the "Make Offer" button.
In the "Offers Made" tab on the My Profile page, users can view the offers they made for NFTs.
Understanding Offer Status
We'll break down some of the important parts of the Offer Status in order for us to better understand the concept in the Mavis Market interface.
There are two statuses of offers on Mavis Market: valid and invalid.
- An offer becomes valid after a user with sufficient funds makes the offer, but the seller has not yet responded. The seller will be notified of the bid and can choose to accept or decline it. Once accepted, the offered amount will be deducted from buyers’ Offer Balance.
- It’s possible that a single NFT has multiple valid offers. If a seller accepts one valid offer, ownership of the NFT will transfer to its new owner – ie. the rightful buyer. In this case, the other valid offers will remain on the NFT and the new owner will see them in their Offers Received tab.
- An offer becomes invalid when the user who made it has insufficient funds in their wallet. A user can refill their WRON balance to make that offer valid again.
- An offer also becomes invalid if it expires. In this case, it will be automatically removed from the list of offers sent and received.
Offer Received Tab
The "Offer Received" tab displays a list of NFTs for which users have received offers.
Active Offers on the NFT Details Page
In the “Offer" component on the NFT Details page, users can see all offers made by other users for the specific NFT.
Users are considered “offer-owners,” and can cancel their offers by clicking the “Cancel offer” button.
Owners of the NFT can accept the highest offer, which can be found at the top of the list.
Making an Offer
To make an offer, follow these steps:
1. Choose the NFTs you want to buy
2. Click "Make Offer"
3. Input offer information including Price and Duration.
- The offer amount must not exceed the WRON in your Offer balance.
- You can only make one offer per NFT at a time.
- The maximum number of offers users can make is 100 at a time.
By clicking "Make Offer," you confirm sending the offer to an NFT.
Canceling an Offer
It's important to note that offers will not automatically cancel if an NFT is sold or transferred. Offers will continue to be active until they expire. The new NFT owner will receive these offers. In short, NFT ownership may change, but valid offers are retained.
Follow these two methods to cancel your bids:
1. Visit your My Profile page and click on the "Offers Made" tab.
2. Identify the offer you wish to cancel and click "Cancel.”
1. Visit the NFT detailed page for which you made the offer.
2. Click "Cancel offer.”
By default, users will receive email notifications for every offer accepted by others and for offers they receive from others.
To manage these notifications, go to Settings and edit your email preferences. You can choose to receive notifications for accepted offers and adjust your settings for receiving offers.
You can also customize your preferences for receiving offers above the minimum threshold and set RON thresholds for different collections.