How to trade a NFT
Loopz will bring new functionalities into the platform and the ecosystem. We will update this guide once everything will be setup properly. This guide is related to the current platform functionalities.
Creation of a Trade
Step 1: Connect Your Wallet & Verify Address
To begin trading on NFT Trader (Loopz), you need to connect your cryptocurrency wallet. Click on the "Connect Wallet" button located at the top right corner of the website. Once your wallet is connected, you will be prompted to sign a wallet/signature request to verify your address. This step is crucial for ensuring that you have access to your wallet's assets and can authenticate your identity securely on the platform. Supported wallets include Metamask, Coinbase Wallet, Wallet Connect, and more.
Step 2: Create Trade Button
After successfully connecting your wallet, navigate to the main interface of NFT Trader (Loopz) and locate the "Create Trade" button. This button is your gateway to initiating a new trade. Click on it to start the process of setting up your trade deal. The platform’s user-friendly interface will guide you through the necessary steps to create a trade efficiently.
Step 3: Find Your Counterparty Trader
Next, you need to identify the counterparty trader with whom you wish to trade. Use the search function to find and select the trader you want to engage with. This step is essential as it allows you to view and select from the digital assets owned by the counterparty trader. Ensure you have the correct username or wallet address of the trader to avoid any confusion.
Step 4: Select Counterparty Trader's Digital Assets
In this step, you can browse through the NFT collections and specific NFTs owned by the counterparty trader that you are interested in acquiring. Use the search function to easily locate the desired assets. Additionally, you have the option to include other crypto tokens such as ETH or WETH in your trade proposal. If the NFT collection you are looking for is not listed, you can manually add it by inputting the Collection Address in the "Add NFT Collection" box. This flexibility ensures that you can tailor the trade to your exact preferences.
Step 5: Review and Verify the Trade
Before finalizing the trade, review all the details to ensure accuracy. This includes verifying the selected NFTs, any included crypto tokens, and the terms of the trade. You can also adjust the expiry date for the deal if necessary. This step is crucial for confirming that both parties are satisfied with the trade conditions and for preventing any misunderstandings.
Step 6: Confirm to Create the Trade Deal
Once you have reviewed and verified the trade, proceed to approve all the assets involved in the deal to be onchain. This requires a gas payment to facilitate the approval process. Following this, proceed to create the trade deal. Unlike the initial asset approval, the creation of the trade deal itself is free of charge. Once these steps are completed, the counterparty trader will be able to see your trade pending in their own Profile Page. This transparent process ensures that both parties are aware of the trade status and can act accordingly.
Finalize a Trade
Step 1: Connect Your Wallet & Verify Address
To get started with accepting a trade on NFT Trader (Loopz), the first step is to connect your cryptocurrency wallet. Click on the "Connect Wallet" button located at the top right corner of the platform's homepage. Once your wallet is connected, you will be prompted to sign a wallet/signature request to verify your address. This step is crucial as it authenticates your identity and grants the platform access to your wallet's assets. Supported wallets include Metamask, Coinbase Wallet, Wallet Connect, and more. Ensure your wallet is properly set up and funded to cover transaction fees.
Step 2: Active Trade Requests
Once your wallet is connected and verified, navigate to the "Active Trades" section. This is where you can find all the trade deals that have been sent to you by other users. Browse through the list of active trades to locate the deal you are interested in. If you do not see a trade you are expecting, try clicking the circle refresh button to update the list. This refresh ensures that all recent trade offers are displayed, providing you with the latest opportunities to review and accept trades.
Step 3: Check The Deal
After identifying the trade deal you wish to execute, click on the "Check Deal" button associated with that specific trade. This action will open up a detailed view of the trade proposal. Here, you can see all the terms and conditions, including the NFTs and any other digital assets involved in the trade. Carefully review this information to ensure that the deal meets your expectations and requirements.
Step 4: Review & Verify Trade
Thoroughly review the details of the trade on the "Check Deal" page. Verify all the assets involved, including the specific NFTs and any additional tokens. If everything looks correct, you have two options: you can either accept the deal immediately on the same page by clicking the "Accept" button, or you can close the window and revisit your Profile to review all your pending trades before making a final decision. This step is crucial for confirming that all trade details are accurate and satisfactory.
Step 5: Confirm to Accept the Trade Deal
If you are satisfied with the trade details and ready to proceed, click the "Accept" button. Following this, you will need to approve all the assets involved in the deal to be transferred onchain, which requires an ETH gas payment. Once the assets are approved, proceed with the fee payment to finalize and close the deal. Upon completion of these steps, the digital assets involved in the trade will be automatically swapped between the involved parties, transferring to the rightful owners' wallets. This seamless process ensures that both parties receive their assets securely and efficiently.
Last updated