Updated 13 May 2023
Here is the Fomo.rip team and this is the first guide to working with the service. So, if you are reading this article, you are a new user of Fomo.rip and want to understand how the site works. In this article, we’ll go through all the popular options in detail and with screenshots.
Content:
- Connecting a wallet and filling out a profile.
- Publishing and searching for offers.
- Deal process.
- Cancel deal.
- How to keep track of your deals.
1. Connecting a wallet and filling out a profile.
To get started, you need to connect your Metamask wallet to the site. Make sure you select the correct network — Binance Smart Chain, Arbitrum, Optimism. All deals are in BUSD or USDC (Arbitrum/Optimism).
Then, to publish offers and participate in deals, each new user needs to fill out his profile. To do this, press Menu>Settings.
All fields (Username, Twitter, Telegram) are required. Please specify your active contacts — that’s how you will be contacted about your offers.
Once completed, your profile is ready to participate in deals!
2. Publishing and searching for offers.
To publish your offer you can use the “Add offer” button, located in the header.
Or go to Menu>My WTS offers or My WTB offers and also press the “Add offer” button.
You will see a popup window in which you will have to fill in the information about your offer: type of offer, category, name, price, deposit amount and details.
Type of the offer — WTB (want to buy) or WTS (want to sell)
Category — as a general rule all offers are divided into 4 types: future NFT mint, tokens allocations, workers and other.
Name — name of project that you want to sell.
Price — price of your offer.
Deposit — deposit serves as collateral on the seller’s side. This deposit will be returned to the seller after successful deal.
Details — any free-form description of the offer.
For example, let’s take the Ragnarok offer.
From this screenshot we see that the price is 1000 $. For this price the seller sells a wallet with the ability to mint 3 NFT and discord account.
Also, the seller put a deposit of 2500 $, which is equal to the maximum amount the buyer will spend on the mint.
After the creation of the offer, it goes to moderation. The maximum moderation time is 1 hour.
All your WTS offers and their current status you can see in the Menu>My WTS offers.
To find an offer you are interested in buying you can use site search and range results using filters.
When you click on “Details” of the offer, you will see more detailed information and you will be able to start the deal.
3. Deal process
All the steps are similar for both sides of the deal. So we’ll look at the buyer’s case.
The description of each offer contains the network of deal, seller and his contacts (Twitter, Telegram). You can use these contacts to talk to the owner of the offer and clarify the details of the deal. For example, to agree on a discount on the offer or increase the deposit.
After all the details are approved by the parties to the deal, you can confirm the start of the deal by clicking on “Confirm details”.
After approving the terms of use of the marketplace, the status of the offer will change and the deal will open. You will see the countdown timer start. During this time the seller must also confirm participation in the deal.
After the seller has confirmed the terms, buyer will see the new status of the deal. The next step is for you to approve BUSD/USDC and make payment for the offer.
After these actions, the status of the deal will change and the seller will be required to make a deposit.
When the seller makes the deposit, the deal will wait for its completion. There is no timer in this status because the closing event can take place at any time. For example mint of NFT collection, whitelist to which is sold as part of the offer may be scheduled in 2 weeks. And only at the end of that mint will it be safe to close the deal.
When the deal is complete, leave your feedback for the seller. All reviews are verified with Metamask.
Then the deal closes in 3 hours and the seller can claim the amount of the deal (price and his deposit).
The seller may also leave feedback to the buyer after the deal is completed.
4. Cancel deal.
Deals can be cancelled manually or automatically.
Automatic cancellation occurs if one of the parties did not perform the required action during the timer. In this case the deal is cancelled, the money is returned to its owners and the offer becomes active again.
Manual cancellation of the deal is possible for each of the parties. The “Cancel” button appears at a certain step of the deal. After the deal is cancelled, it is reviewed by a moderator. If the parties have no complaints to each other, the parties are just returned their money (minus the service commission).
If the parties have any complaints to each other or there was an absolute scam, the moderator distributes the money depending on the case.
If you want to cancel the deal, just click the “Cancel” button and explain the reason.
The deal will go to arbitration. If support needs to clarify details, it will contact each party. After a decision is made, each party will see the new status of the transaction in their account.
5. How to keep track of your deals.
All changes on deals are displayed in the menu.
Every time a deal’s status changes, you can open the “Deals” page to see which deal has changed.
You can also see what step the deal is on now.
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This was our in-depth guide to working with the service :)
If you still have any questions, please contact our support. We will answer you as soon as possible!
And in the next article we will tell you how to choose sellers on the marketplace and make safe deals ;)
