Everything you need to know about your Marketplace Balance

What is a Marketplace Balance? 

If you place an Offer on a work that expires, or a higher Offer is made, you are automatically refunded to your Marketplace Balance.
If you place a Bid on a Reserve Auction and get outbid, you are automatically refunded directly back to your wallet. 

Once you have funds in your Marketplace Balance, you can use it to make an Offer, place a bid in an Auction, or Buy Now or you can opt to convert your funds back to ETH.

 

How did I receive funds in my Marketplace Balance?

When an Offer is made with ETH on Foundation, the buyer’s ETH is held in escrow within Foundation’s marketplace contract. If an Offer expires after 24 hours or a higher Offer is placed, the Offer is returned and made available in your Marketplace Balance.

 

What are the funds in my Marketplace Balance?

Your Marketplace Balance is represented on-chain as an ERC-20 token, FETH, whose price is equal to ETH.

FETH is similar to WETH, but with improved properties for how it interacts with Foundation’s marketplace contract:  

  • Provides strong guarantees that protect both buyers and sellers—funds for Offers are locked in escrow, and can’t be moved to invalidate the Offer.  
  • Automatically refunded to your wallet after an Offer expires or a higher one is made.
  • Removes the need to manually track your Marketplace Balance. 

 

Can I only use my Marketplace Balance on Foundation?

You can use your Marketplace Balance on Foundation, or you can convert it back to ETH at any time. 

 

How can I convert my Marketplace Balance back to ETH?

  • From your profile dropdown, click on “Marketplace Balance.” 
  • Click “Convert” if you have an available balance.
  • Confirm the transaction in your wallet and pay the required gas fee. 
  • Check Etherscan to confirm the transaction went through. 

 

Can I use my Marketplace Balance to place a bid in an Auction or to use Buy Now?   

Yes!

 

Is FETH the Foundation token?

No. 

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