Open & Collection Offers now on Neo N3

Historically, GhostMarket had the capability for users to place an ‘Open Offer’ on NFTs (either for one particular NFT or for any NFT from a collection) on Ethereum and EVM chains in general. Today we are delighted to announce that we have extended this feature to our Neo N3 integration.

The GhostMarket team has worked hard to create this feature not available anywhere else for Neo N3 users, which required designing, developing and implementing our own standard extension.

As this feature is our own custom-made solution, placing offers is currently restricted to $GM currency only, as our own token contract supports the standard we have designed. :)

We welcome projects owners reaching out to us for more details if they want to have the same capability on their NEP-17 token contract.

Note: for the next couple days, before you’re allowed to accept an offer, if your NFT is listed you need to cancel the listing first, then accept the offer. This limitation will be removed in a few days.

Single NFT Offer

Users are now able to place an offer on a single NFT whether it is listed or not. This means that you can be selective about which NFT you would like to own whether it is on sale or not. The owner will see the offer from the offers tab in their account page or directly on the asset page.

Collection Offer

Users are also able to make an offer on any NFT within a Neo N3 collection by making a ‘Collection Offer’. This allows any owner to offer their NFT to you for the price you have offered and eliminates the need to ‘make an offer’ individually on every NFT within a given collection.

By doing this though, you do not get to select which individual NFT you will end up with, so it’s best to only make this type of offer, if you do not mind which NFT you will end up owning.

Search for the Collection you wish to make an offer on and then click ‘make collection offer’ and enter the amount you are prepared to pay for any one of the NFTs in this entire collection.

A pop-up window will ask you to enter your offer amount and an expiration date.

Once someone accepts your offer, it automatically cancels it for any other NFTs in the collection. If you want to purchase another NFT, you will need to make a new offer.

You can also make a collection offer from any NFT in the collection from that individual NFT itself as shown below.

Technical Details

The basis of our newly developed standard is that we did not want to force people to lock their tokens while waiting for someone to potentially accept an offer. Imagine having to place 10 offers of $100 USD each, with the hope of having one accepted. Without this standard extension, this means you would have to lock away $1000 in funds, without even being sure those offers will be accepted.

So we designed what we call a NEP-17 extension to the original NEP-17 token standard for Neo N3, which adds one event Approval as well as three methods approve allowance and transferFrom which are 99% similar to those from ERC-20 standard, but were not integrated on NEP-17 standard.

These new methods allow an owner to pre approve a spender for a specific amount of tokens to be transferred (in our case a user pre approving our trading contract to transfer funds on his behalf when an offer is being accepted). This behaviour removes the need to transfer any token until a sale actually happens.

We opened a discussion on NEO GitHub to try and push this newly developed extension into something developers can opt-in if they want, hopefully this will get traction!

About GhostMarket

GhostMarket is the most powerful cross-chain Non-Fungible Token (NFT) marketplace in the world! It sports a comprehensive selection of features wrapped in a gorgeous and intuitive user interface.

If you’d like to check it out yourself, go to our website GhostMarket

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