📚Best Practices

Bidding best practices

• Pick rare traits which are still well in demand by the community. You can check the sales stats as well as the trait floor price history one each trait.

• Define your risk and make sure you can still profit even with the maximum bid price.

• Patience is key, you might not always be the highest bidder but you can still end up there when other bids are accepted or expired.

• Use Maximum active bids & Asset Limit on CTOs to ensure you're not exposing to much liqudity at the same time.

• Use the built-in security features

  • Always set hardcap bid price to put a red line when bidding relative to the collection floor price (percentage)

  • Work with trait floor and/or collection floor caps in case of dropping floors.

  • Use the max # assets limit to make tasks stop if your wallets are owning the maximum amount of assets already

• Use validity times of 10 minutes on CTOs and something between 1-6 hours on token bidding tasks (depending on the size of the task, usually we calculate 1 hour per 1000 bids)

• If you want to sell an NFT it's worth engaging with the Discord community to find a potential buyer if it wasn't taken of your hands already. Sometimes patience is key here too to wait for the next buyer instead of dropping your profit margin.