I bought an NFT but it didn’t appear in my wallet
When you interact with any contract for the first time in Web3 you are required to
Approve the contract first, and then interact with it. That means that the first time you use a vault there will be a lower cost transaction to
Approve the interaction, followed by another transaction to complete the buy/sell/swap. These steps are shown through the UI, but new users often make the assumption that the
Approve step is the full transaction and do not complete the second transaction.
Once the approval is done, you no longer have to go through that step unless the contract changes.
Why is the buy/sell price range so big?
There is a natural difference between the buy and sell price due to the fees that are applied to each. By default, the fee for sells and buys is 10%, meaning if the token is valued at 1ETH the buy price is 1.1ETH and the sell price is 0.9ETH.
The price is driven by the market (see how the floor price is determined below), and sometimes the pool will contain too many tokens and not enough ETH. This will cause the buy/sell price to be incredibly high/low respectively.
How is the floor price determined?
The price for each of the vaults is determined by the market through AMMs (Automated Market Makers). The more people buy, the more expensive it becomes. The more people sell, the cheaper they become.
You can read more about this by checking out our article on AMMs and Liquidity Pools.
Where to next?
That’s all there is to know about shopping on NFTX. If you have any further questions please ask them on the help section on https://nftx.io in the bottom right corner, or ask on https://discord.gg/nftx.