Unwrap your tezos
Don’t panic if you don’t see tezos in your wallet when you are outbid or when you sold a NFT in the context of an English auction, but if you received some tokens instead! These are wrapped tezos (oXTZ).
Please don’t go to Temple wallet to unwrap them as the amount indicated is not the same as on objkt. 1 oXTZ = 1 XTZ, you can convert them directly on objkt. Temple wallet does not let you convert 1 oXTZ for 1 XTZ, it will give you less.
The reason objkt uses wrapped tezos with english auctions is so that they can pay tokens back to anyone when they’re outbid (also smart contracts) which for technical reasons isn’t possible with normal tezos.
For now, oXTZ are only be used in the standard English Auctions. In the near future, all currencies will be usable throughout the marketplace and the staking rewards from the pool will become part of the tokenomics behind the objkt DAO.
To check your balance:
Go to objkt, click on the wallet icon on the top right, you will see it:
To unwrap:
Click on unwrap:
Confirm in your wallet.
Now you have your tezos back!
Important! Please note that you don’t need to wrap your tezos to place a bid on an auction. This is done “automatically”. Please click here to read this article which explains how auctions work. However, you will need to unwrap the wrapped tezos you will receive at the end of an auction as explained above.
Why can’t this be done automatically as well? For technical reasons (Related to automatic paybacks when bidders are outbid). It would introduce issues if smart contracts are bidding in the auction.
If you have any technical question, please ask on the objkt support channel on Discord: https://discord.gg/eJ8Z96q6
If you want to contact me, here is my Twitter: https://twitter.com/cabline1
