Some NFT players will use the Make offer function to buy NFTs - pay as much as you think the NFTs are worth. Since the end of June, the number of bids for transactions using WETH has grown exponentially, and it was at this time that Opensea introduced the function of collective bids for collectibles.

Using WETH on OpenSea allows you to bid for multiple NFTs at the same time, which not only saves time, but also saves costs to a certain extent.

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WETH trading volume on different trading platforms

In terms of WETH trading volume, Looksrare occupies more than 80% of other trading markets. At the beginning of 2022, this number once increased to more than 200,000 WETH. However, this trend has rapidly declined, and the total amount of WETH is currently very low.

Judging from the standardized WETH volume chart, both X2Y2 and OpenSea are on an upward trend, and a large number of fake transactions on LooksRare make this market unsustainable.

Which NFT WETH has the highest transaction volume?

The graph above shows the top 10 NFT series with the highest trading volume in WETH on OpenSea. Among the above series, 9 out of 10 series are blue-chip NFTs, and most bidders on OpenSea focus on blue-chip collectibles with high transaction volume.

According to NFTGo.io, the top-ranked Terraforms series traded on Looksrare was flagged as suspicious and may involve wash trading. Compared with OpenSea, LooksRare has a lot of fake buying and selling.

Which addresses are Top Bidders?

Among the top 20 Bidders in OpenSea, only two tend to buy NFT directly in the secondary market, while the remaining 18 traders are more focused on Bid, and some even bid more than 800 times.

From the perspective of sales volume and profit, only one of the 20 bidders lost money, and the other bidders were all profitable, and some of them did not sell anything. We divide them into Collectors and Flippers. Flippers represent those who make a profit and sell. Collectors are those who only make offers, but do not sell.

The stats in LooksRare's sales vs. profit chart above don't seem to make sense. Nineteen of the 20 bidders on LooksRare were in the red for incredibly high sales. These bidders are selling their NFTs at a loss, and they may just be looking to reap the rewards of LooksRare. The severity of the wash trading levels on LooksRare can be observed.

How to do it?

To Bid an NFT, first you need to use WETH. After wrapping ETH to WETH, enter the NFT page you want and click the "Make offer" button.

A box will pop up on the front page asking you to enter the amount of WETH you are willing to bid. You can enter any amount of WETH and choose the quotation period. You can set a shorter quotation period first, so that you will not forget the unfinished WETH quotation. After that, click"Make offer"。

If you only want to buy any NFT under the collection instead of specifying a certain one, you can also save time by setting the quotation of the collection. Instead of quoting a single NFT in the collection, make an offer that applies to all NFTs in the collection. In addition, by bidding below the floor/normal price for NFTs with higher rarity, once accepted and resold, there will also be considerable profits.

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Make Offer is a very useful function. When buying your NFT, if the price of the NFT you want is too high, you can use this method to try to buy at a low price instead of buying directly based on the seller's price. From the analysis, we can see that most of the normal bidding is related to blue-chip NFTs, and at the same time, the top bidders on OpenSea are profitable. So, why not try using this feature the next time you buy an NFT?

(Note: None of the above is financial advice, nor does it constitute an investment reference. The NFT market is risky and needs to be treated with caution)