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Buying an Option
Buy options to speculate on NFT prices.
In order to buy an option, head to our Collections page and pick the collection you want to speculate the price of. From then on follow the following steps to select and purchase your option.
If you are bullish about the collection and think the price is going up, pick the up arrow. This will display CALL options that'll let you bet on the price going up.
Select this if you think the price is going up
If you are bearish about the collection and think the price is going down, pick the down arrow. This will display PUT options that'll let you bet on the price going down.
Select this if you think the price is going down
You will need an expiration date for the option you are purchasing. The option will be active and exercisable until this date. You will pay higher premiums/fees for options that expire further into the future because the likelihood of the option becoming profitable increases if there is more time.
Pick an expiration date
Pick a Strike Price for your option. This is the target price for your option.
- For CALL options, this will be the price you are "reserving" to buy an NFT in the future.
- For PUT options, this will be the price you are "reserving" to sell an NFT in the future.
Pick a Strike Price
Now that you have picked the parameters for your option, now it's time to purchase it. The row displays different information about your option. The rightmost button contains the premium you will pay for this option (the price you will pay today to purchase it). Click on that button to go to the checkout page.
The picked option
Once on the checkout page, you will be prompted to approve the transfer of your tokens for the purchase of the option. Upon approval of the tokens, you will see a buy button that you can purchase this option.
In the middle, you will see a graph that tells you the expected profit/loss you will make based on the floor price when you exercise this option.
Approve transfer of tokens & purchase options
Note: For CALL options, you can pick which asset you want to collateralize from the button above.