TL;DR- Go to the item you bid on’s item page on OpenSea. Toward the bottom right of the listing you’ll see the offers section. Next to your bid, click the blue cancel button. Yes, it costs money to do this. Based on what I’ve seen, it costs around $10-$20 in ETH gas fees- so think wisely before making a bid on an item.
Bidding on OpenSea
OpenSea employs a currency called Wrapped Ethereum for bidding on its listed NFTs (WETH). The conversion rate from ETH to WETH is always 1:1, and you can downgrade any unused WETH to ETH. All you need to do is go to your OpenSea account’s bids section to do the conversion.
OpenSea does have minimums for bidding. Bids must be at least 5% higher than the prior highest offer. Only bids in the same payment token as the auction (e.g. wrapped ETH or DAI) will be considered for the winning bid. If a bid is placed less than 10 minutes to the end of the auction, the auction will be prolonged another 10 minutes for other bidders to have a chance.
OpenSea allows you to cancel your bids on items fairly quickly, although it does use up some Ethereum gas fees.
Cancelling your bid
Why cancel your bid? For one, if you make a bid, your money is locked up on this item until the sale completes or auction ends. An annoying thing here is that OpenSea allows sellers to extend auction periods, meaning your WETH can be frozen for a lot longer than you’d like.
The main reason to cancel your bid would be that you’ve spotted a better opportunity (NFT) to bid on, or you need to cash out and take the money.
In my post on how to make money on NFTs one of the chief point I made was that you can often get NFTs far below the advertised sale price. Bidding is how you do this, so there’s definitely some upside to locking up your funds for a bit on a bid.
Why does it cost money to withdraw my bid?
Two reasons- first, your bids are actually entered into smart contracts on the Ethereum’s blockchain. Your bid now exists on the immutable ledger forever! In order for that bid to be taken back, it has to be cancelled in the smart contract. This requires our favorite thing (just kidding), Ethereum gas fees. I won’t get started on this, but I’ll just leave you with this- how do we expect a technology (blockchain) to go mainstream if it costs fucking $50 to send some crypto somewhere?
Second, OpenSea wants to deter people who aren’t committed to buying the NFT and allow serious bidders only. If your bid wins, OpenSea buys the NFT for you. If you want to withdraw your bid, it’ll cost you. This is similar to how OpenSea charges NFT collection owners 1-2 ETH to list their collections on the OpenSea marketplace.
OpenSea requires Wrapped Ether for bids because wrapped ether has the ability for smart contracts for auction bidding. The Ethereum network proper doesn’t have this (at least right now). When you bid with WETH, there are instructions in the smart contract to buy to the NFT if the seller accepts your bid.
When you do your first bid in WETH, you even have to pay gas fees just to be able to do this.
Let’s get down to exactly how to cancel your bid on OpenSea.
How to cancel your bid on OpenSea
1. Go to the profile page of the NFT that you bid on. Scroll down to the offers section on the bottom right. Select the cancel order button next to your bid. You can also find your offers by going to your own user profile page on OpenSea and selecting offers–>offers made.
2. Your MetaMask wallet will appear for you to pay the gas fee to have your bid cancelled. Agree to the gas fee by hitting confirm.
Within a few minutes, your bid will be cancelled. To check for this, refresh the profile page of the NFT you were bidding on and make sure you no longer see your bid in the offers section.