The beginner’s guide to buy NFT assets at auction on Auctionity

Start by browsing assets for sale on Auctionity https://app.auctionity.com/ to decide which one(s) you would like to buy. Here’s how to proceed when you are ready to set up your account and make your first bid. It only takes a few minutes.

Step 1: Log in

Note that you do not need a standard login with email/password since your account will be linked to your wallet. To set up an account and login, use one of the following methods:

 

• Metamask. Install the browser widget and unlock your wallet with your seed phrase or password. For detailed instructions on how to set up Metamask please watch the official tutorial.
• Hardware wallet. You can either use Ledger or Trezor. Turn on the device prior to clicking on ‘Trezor’ or ‘Ledger’.

Select the address from which you would like to transfer ETH then click ‘Login’.

You will be asked to sign the transaction. There is no ETH transferred at this point, this is just to validate the pairing of your wallet with your account. This will take the form of a pop-up window for Metamask and a message on the screen for your Ledger and Trezor devices.

 

Then enter your name and email in order to access your dashboard, these will not be used for login in, they simply allow the platform to send transaction emails.

 

Step 2: ETH deposit

Welcome to the dashboard of the Auctionity Saleroom! If you go in the ‘bidder’ section you will get access to all your current bids. For now there’s nothing obviously since you haven’t placed your first bid yet.

Click on ‘Auctionity Saleroom’ in the top left-hand corner of the dashboard, select the asset you want to place a bid on.

Click ‘bid’, this will open a window prompting you to chose which wallet you want to transfer ETH from. This will only happen if you have not yet deposited ETH onto your Auctionity account. We are in the set up process for now, after that the process is much faster.

Choose the amount of ETH you want to transfer to your Auctionity account and use for bidding.

Tip: We advise you to transfer a large amount at once rather than several small amounts as the gas fees will be the same no matter the amount. In addition, the transaction validation time on the Ethereum blockchain is about 2 minutes, so it is wise to have enough funds available to be sure to win an auction and not have to top up at the last minute. Finally, you can withdraw this amount anytime, so no problem, your funds are yours.

Enter the amount you wish to deposit, than click on ‘submit with Metamask’ (or Ledger, or Trezor).

 

You will be asked to confirm the transfer, say yes. The transaction is then broadcasted to the Ethereum network, this takes about 2 minutes depending on the state of the network.

Step 3: Bid!

The setup is done, now is the time to bid! In Metamask, change network and select ‘Custom RPC’ then enter the url https://auctionity.network. Don’t forget to click ‘save’.

The amount of ETH you have deposited onto your Auctionity account is now mirrored on the Auctionity private network: this allows you to bid without having to pay gas fees for every bid.

Now when you click on ‘bid’, this will open a window (if using Metamask) or show a message on the screen (Ledger and Trezor) asking you if you want to validate the transaction. It will always amount to 0 because you are on a private network but it will be mirrored into your ETH balance on your Auctionity account, this is real money you are spending.

Validate the transaction, and boom: you have just placed your first bid on the Auctionity platform! You can repeat the process numerous times and not pay a single gas fee along the way. Just make sure to top up your Auctionity account so you don’t get caught without a penny when you want to bid an a must-have asset 😉.

If you encounter any difficulties in the process, visit our support page or feel free to get in touch with us to let us know how we can help. You can submit a request to the Auctionity team or discuss with some members of the community for help.

We will publish soon a starter guide to explain how to sell your Non-Fungible Token at auction on Auctionity.