In addition to being able to set a buy-it-now price and receive open-ended offers, Portion also offers the ability to sell work in a timed auction format. Here's the step-by-step process on how to bid on a piece of artwork at auction on Portion.
1) Add ETH to your wallet and navigate to Portion.io.
To bid on a work at auction on Portion, you'll need enough Ether (ETH) in your wallet to purchase the piece, as well as some additional ETH to cover gas fees for bidding. You can buy ETH by purchasing it on an exchange like Coinbase and transferring it to your MetaMask wallet, or purchasing it directly in MetaMask with Wyre. Your digital wallet serves as your one stop shop to store your NFTs and cryptocurrency. If you don't yet have an Ethereum wallet, see this in-depth tutorial on how to set up MetaMask, and add ETH to your wallet.
Many auctions support bids using Portion tokens ($PRT). You can purchase $PRT using your MetaMask wallet by going to Uniswap. It can be easily swapped with ETH, DAI, USDC, or whatever cryptocurrency of your choosing.
2) Connect Your Crypto Wallet.
Choose from the available wallet options. We prefer to use MetaMask.
3) Find the artwork you'd like to bid on.
Bids are not available on the work until the auction starts. Once the auction starts, you can click
Place a Bid and enter a bid that is higher than the current bid. If the seller has set a starting bid price, your bid must meet or exceed it. If you get outbid, your funds will be returned immediately and you can place a higher bid.
4) Confirm your bid
A MetaMask notification will pop up prompting you to confirm the bid amount and gas fees. You’ll need Ether (ETH) in your wallet to pay gas fees to the Ethereum Network. Portion does not charge you any fees. Typical charges to bid are around $10.
Note: The gas fees vary depending on the network congestion. Here's a good way to visually see gas prices given current network congestion. Keep in mind there is always an option to click
EDIT in the MetaMask window and choose "slow" option. It will take a little longer, but will cost less.
Confirm and then your bid will be processed on the blockchain!
Note: If a bid is placed within the last 15 minutes of an auction, the auction time is extended to 15 minutes after the time of the bid.
That’s it- you bid on an NFT on Portion!
Once the auction has ended, if you were not the highest bidder, return to the listing page to claim your funds.
Confirm the transaction and you're good to go!