How to Buy an NFT on Singular
Last updated
Last updated
This guide will show you how to buy an NFT (Non-Fungible Token) on the Singular. Singular, home of Modular NFTs, is a digital marketplace for buying, selling, and trading the most advanced NFTs in the world.
There are currently two ways you can buy an NFT on Singular:
Instant buy - this refers to the option to purchase an NFT immediately at a fixed price, without participating in an auction.
GBM auction - this is a specific type of auction on the Singular platform where bidders are incentivized for participating. When someone is outbid, they receive their bid back, plus an additional incentive.
This guide will cover both scenarios.
Before you can buy an NFT on Singular, you must have a wallet. If you do not have one, read this guide to learn how to create one. If you want to know more about wallets, then read this in-depth beginners guide.
Connect your wallet. Before you can purchase any NFTs, you must first connect your wallet. Click the ‘Connect’ button at the top right of the website. Select your preferred wallet and connect to Singular. You will be asked to sign a transaction approving Singular to manage your NFTs. Review the information and sign the transaction (or ‘approve’ it).
Find the NFT you would like to buy. You can start by browsing the homepage. If you want more options, go to the explore page. Here, you can use the search bar and filters to find exactly what you are looking for. Use the NFTs and Collections buttons at the top of the page to focus your search on one or the other. For instance, if you're searching for a specific collection like Kanaria, make sure to select 'Collections' instead of 'NFTs'. To buy an NFT, you must navigate to the NFT page. Thus, if you are viewing a collection and would like to buy an NFT from that collection, click that NFT.
On the NFT page, click the ‘Buy now’ button. You will get a pop-up asking for your consent to the fact that it is your responsibility to do plagiarism research on the NFT you want to buy. If you are fine with this responsibility, then click the ‘I consent’ checkbox. Now click the ‘Buy now’ button. If the collection is verified this step is not necessary.
Sign your transaction. If you did not connect your wallet in step 1, you will be asked to do so now. If your wallet was already connected, then you now have to sign the transactions approving the purchase. Note that ‘signing a transaction’ refers to the process of confirming a transaction from your wallet. When you 'sign', you are essentially providing a digital signature that verifies you are the owner of the wallet and agree to the transaction.
Congratulations! You are now the proud owner of a cool NFT.
First, let us get a quick rundown of what the GBM auction is.
GBM auction is a novel auction model that introduces an incentivized bidding system, allowing bidders to receive a financial compensation when they are outbid. Important things to note:
Bids must be fully funded i.e. bidders commit the full amount when placing their bid.
Each new bid needs to be higher than the previous bid by a minimum step, calculated as a percentage of the previous bid.
When someone is outbid, they are instantly refunded their bid, as well as an incentive. This incentive is calculated as a percentage of their bid amount, and this percentage depends on the ratio between the previous bid and their bid.
The auction runs for a set time, and bids placed just before the end of the auction extend the duration of the auction.
The highest bidder at the end of a GBM auction wins the item and their winning bid is the final price paid for the item.
The revenue of the GBM auction (i.e. the money collected by the seller) is equal to the winning bid, minus the sum of the incentives that were distributed to bidders during the auction.
Buying an NFT via GBM auction is similar to buying a fixed price NFT. In both instances, the first two steps are the same.
Connect your wallet. Click the ‘Connect’ button at the top right of the website. Select your preferred wallet and connect to Singular.
On the NFT page, click ‘Place a bid’. This will pull up the GBM Auction dialog box. There are few important things to note on this screen:
Reward level: the incentive percentage a bidder receives if outbid.
Enter your bid amount. Note that your bid needs to be at least 5-10% higher than the current bid, depending on the specific parameters of the auction you’re participating in. You will see the minimum amount you should bid in the UI. You can choose to bid higher than this amount but not lower.
Sign your transactions. If it is your first time using $GLMR or $xcRMRK, you will have to approve the tokens (by signing a transaction) before you can buy the NFT. Approving a token means giving permission to the Singular platform to access and utilize your tokens for the transaction. Note that $GLMR is the native token of Moonbeam, and $xcRMRK is the cross-chain version of the $RMRK token on Singular platform.
Bid again. In the situation that you are outbid, you will have some time to bid again (at a higher amount) if you still want the NFT, or wait for the auction to end so you can receive your bidding incentive. However, because Singular currently has no notification system set up, you will have to manually keep an eye on the auction. But you do not have to worry about last minute auction snipping (wherein a user places a bid at the last minute/second). Every bid placed during the last few minutes of the auction extends the auction by 15 more minutes. As such, we recommend setting an alarm whenever you choose to participate in a GBM auction.
Congratulations, you have successfully participated in a GBM auction. Fancy you!
Find the NFT you would like to buy. On the explore page, you can easily find NFTs on auction by using the filter on the left side of your screen. Under ’Status’, click the ‘Live Auction’ checkbox. This will display only NFTs that are available for sale via auction.
Total earnings for bidders: the percentage of the final bid distributed among all bidders (excluding the winner). i.e. if it is set to 10%, it means that 10% of the final bid will be shared amongst all bidders.
Seller estimated earnings: The percentage of the final bid the NFT seller receives. i.e. since the total earnings for bidders is 10%, it means the seller will get 90% of the final amount.
