How to bid/buy an asset

Unlockd's Marketplace offers a streamlined process for acquiring assets, whether through immediate purchase or by participating in auctions.

You can opt for a direct buy at a fixed price, bid in an auction, or secure an asset instantly with a fixed buyout price while financing it with a loan.

Here's a step-by-step guide on how to navigate these options:

Buy Instantly at Full Price

1. Start the Process: Navigate to the asset you're interested in on the Marketplace and click the "Buy Now" button, which displays the item's fixed price.

2. Choose Wallet Destination: A modal appears where you can choose to transfer the NFT directly to your personal wallet or your Unlockd Account. If you plan to use the NFT as collateral for a future loan, sending it to your Unlockd Account saves you a step.

   • Note: If you haven’t yet created an Unlockd Account, you’ll be prompted to do so. Refer to Creating Your Unlockd Account for a step-by-step guide.

3. Complete the Purchase: Confirm your selection, sign the transaction, and pay the necessary gas fee. The NFT is now yours.

Buy Instantly, Finance with Loan (Buy Now, Pay Later)

1. Start the Process: Navigate to the asset you're interested in on the Marketplace and click the "Buy Now" button, which displays the item's fixed price.

2. Select Financing Option: In the "Buy Now" modal, choose "Finance with Loan" to split the payment between a downpayment and an instant loan.

3. Configure Your Loan: Adjust the downpayment to dynamically update loan details like liquidation price, health factor, and remaining debt. This helps you understand the loan's terms before committing.

4. Finalize Purchase: Confirm your downpayment and loan details, sign the transaction, and the NFT is purchased with these terms.

5. Monitor your Loan: A new loan has been created, and you will need to meet its obligations to be able to withdraw the asset.

Bid in an Auction at Full Price

1. Place Your Bid: Click "Place Bid" on an auctioned asset.

2. Commit Your Bid: Enter an amount higher than the current bid. Your funds are locked in as soon as you place the bid.

3. Follow the Auction: If outbid, your funds are promptly returned. Stay updated on the auction's progress directly within the platform.

Bid Now Pay Later (Part Downpayment, Part Loan)

1. Place Your Bid: Click "Place Bid" on an auctioned asset. You'll need an Unlockd Account for this step.

   • Note: If you haven't created an Unlockd Account, a prompt will guide you through the setup. Check Creating Your Unlockd Account for detailed instructions.

2. Initiate a Financed Bid: For the "Bid Now Pay Later" option, specify your bid and how much you're putting down upfront. The rest will be covered by an instant loan if your bid wins.

3. Detail Your Bid and Downpayment: Enter the total bid and downpayment amounts. The interface will show real-time updates on how this affects your potential loan.

4. Secure Your Bid with Financing: After setting your bid and downpayment, a transaction confirmation is needed. If successful, the downpayment is processed, and the remainder is covered by a loan from Unlockd.

Claim an NFT from a Full-Price Bid Win in an Auction

1. Locate the NFT:

   • Via Buy NFTs Section: Navigate to the Buy NFTs tab in the Marketplace. Find your won item; the only available action will be to "Claim" it.

   • Via My Activity: Alternatively, access the "My Activity" tab where your successful bid is listed. The "Claim" option will be readily available next to the relevant item.

2. Complete the Claim: Clicking "Claim" prompts a transaction for you to sign and includes a gas fee. Upon confirmation, the NFT is transferred to your Unlockd Account. This process ensures that the asset is immediately available for you or for initiating loans.

Claim an NFT from a Bid-Now-Pay-Later Win in an Auction

Automatic Loan Creation

Winning an auction through the Bid-Now-Pay-Later option automatically creates a loan with the NFT as collateral. Therefore, a direct claim action is not required as the NFT is already utilized within your Unlockd Account for the loan.

Managing Your Loan

To access or eventually reclaim the NFT, you'll need to manage or settle the loan. Detailed steps for these actions can be found in the corresponding sections of our user guide. Managing Your Loan provides insights into adjusting loan terms, adding collateral, or repaying the loan, while Settling Your Loan guides you through the process of loan closure and reclaiming your NFT.

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Related documentation

pageLiquidatorspageMarketplacepageLiquidations

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Screenshots in these guides are mock-ups and may differ from the live platform, particularly in text details. The Unlockd team regularly updates guides to reflect UX improvements.