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NFTokenAcceptOffer

Non-fungible token functionality is part of the NonFungibleTokensV1 amendment to the XRP Ledger protocol. You can use these functions on the NFT-Devnet now, but they are not yet available on the production Mainnet.

The NFTokenAcceptOffer transaction is used to accept offers to buy or sell an NFToken. It can either:

  • Allow one offer to be accepted. This is called direct mode.
  • Allow two distinct offers, one offering to buy a given NFToken and the other offering to sell the same NFToken, to be accepted in an atomic fashion. This is called brokered mode.

Brokered vs. Direct Mode

The mode in which the transaction operates depends on the presence of the NFTokenSellOffer and NFTokenBuyOffer fields of the transaction:

NFTokenSellOffer NFTokenBuyOffer Mode
✔️ ✔️ Brokered
✔️ X Direct
X ✔️ Direct

If neither of those fields is specified, the transaction is malformed and produces a tem class error.

The semantics of brokered mode are slightly different than one in direct mode: The account executing the transaction functions as a broker, bringing the two offers together and causing them to be matched, but does not acquire ownership of the involved NFToken, which will, if the transaction is successful, be transferred directly from the seller to the buyer.

Execution Details

Direct Mode

In direct mode, NFTokenAcceptOffer transaction fails if:

  • The NFTokenOffer against which NFTokenAcceptOffer transaction is placed is an offer to buy the NFToken and the account executing the NFTokenAcceptOffer is not, at the time of execution, the current owner of the corresponding NFToken.
  • The NFTokenOffer against which NFTokenAcceptOffer transaction is placed is an offer to sell the NFToken and was placed by an account which is not, at the time of execution, the current owner of the NFToken.
  • The NFTokenOffer against which NFTokenAcceptOffer transaction is placed is an offer to sell the NFToken and was placed by an account which is not, at the time of execution, the Account in the recipient field of the NFTokenOffer, if one exists.
  • The NFTokenOffer against which NFTokenAcceptOffer transaction is placed specifies an expiration time and the close time field of the parent of the ledger in which the transaction would be included has already passed.
  • The NFTokenOffer against which NFTokenAcceptOffer transaction is placed to buy or sell the NFTokenis owned by the account executing the NFTokenAcceptOffer.

A side-effect of such failures is the removal of the NFTokenOffer object and the refund of the incremental reserve as if the offer had been cancelled. This necessitates the use of an appropriate tec class error.

If the transaction is executed successfully then:

  • The relevant NFTtoken changes ownership, meaning that the token is removed from the NFTokenPage of the existing owner and added to the NFTokenPage of the new owner.
  • Funds are transferred from the buyer to the seller, as specified in the NFTokenOffer. If the corresponding NFToken offer specifies a TransferFee, then the issuer receives the specified percentage, with the balance going to the seller of the NFToken.

Brokered Mode

In brokered mode, the NFTokenAcceptOffer transaction fails if:

  • The buy NFTokenOffer against which the NFTokenAcceptOffer transaction is placed is owned by the account executing the transaction.
  • The sell NFTokenOffer against which the NFTokenAcceptOffer transaction is placed is owned by the account executing the transaction.
  • The account that placed the offer to sell the NFToken is not, at the time of execution, the current owner of the corresponding NFToken.
  • Either offer (buy or sell) specifies an expiration time and the close time field of the parent of the ledger in which the transaction would be included has already passed.

Fields

NFTokenAcceptOffer Fields

In addition to the common fields, a NFTokenAcceptOffer transaction uses the following fields:

Field JSON Type Internal Type Description
NFTokenSellOffer String Hash256 (Optional) Identifies the NFTokenOffer that offers to sell the NFToken.
NFTokenBuyOffer String Hash256 (Optional) Identifies the NFTokenOffer that offers to buy the NFToken.
NFTokenBrokerFee Currency Amount Amount (Optional) This field is only valid in brokered mode, and specifies the amount that the broker keeps as part of their fee for bringing the two offers together; the remaining amount is sent to the seller of the NFToken being bought. If specified, the fee must be such that, prior to accounting for the transfer fee charged by the issuer, the amount that the seller would receive is at least as much as the amount indicated in the sell offer.

In direct mode, you must specify either the NFTokenSellOffer or the NFTokenBuyOffer field. In brokered mode, you must specify both fields.

This functionality is intended to allow the owner of an NFToken to offer their token for sale to a third party broker, who may then attempt to sell the NFToken on for a larger amount, without the broker having to own the NFToken or custody funds.

If both offers are for the same asset, it is possible that the order in which funds are transferred might cause a transaction that would succeed to fail due to an apparent lack of funds. To ensure deterministic transaction execution and maximize the chances of successful execution, the account attempting to buy the NFToken is debited first. Funds due to the broker are credited before crediting the seller.

In brokered mode, the offers referenced by NFTokenBuyOffer and NFTokenSellOffer must both specify the same NFTokenID; that is, both must be for the same NFToken.

Error Cases

In addition to errors that can occur for all transactions, NFTokenAcceptOffer transactions can result in the following transaction result codes:

Error Code Description
temDISABLED The NonFungibleTokensV1 amendment is not enabled.
temMALFORMED The transaction was not validly formatted. For example, it specified neither NFTokenSellOffer nor NFTokenBuyOffer, or it specified a negative NFTokenBrokerFee.
tecCANT_ACCEPT_OWN_NFTOKEN_OFFER The buyer and seller are the same account.
tecEXPIRED An offer specified in the transaction has already expired.
tecINSUFFICIENT_FUNDS The buyer does not have the full amount they are offering. If the buy amount is specified in XRP, this could be because of the reserve requirement. If the buy amount is a token, it could be because the token is frozen.
tecINSUFFICIENT_PAYMENT In brokered mode, the buy amount offered is not high enough to pay the BrokerFee and the sell cost of the NFToken.
tecOBJECT_NOT_FOUND One of the offers specified in the transaction does not exist in the ledger.
tecNFTOKEN_BUY_SELL_MISMATCH In brokered mode, the two offers are not a valid match. For example, the seller is asking more than the buyer is offering, the buy and sell offer are denominated in different assets, or the seller specified a destination that is not the buyer or the broker.
tecNFTOKEN_OFFER_TYPE_MISMATCH The object identified by the NFTokenBuyOffer is not actually a buy offer, or the object identified by the NFTokenSellOffer is not actually a sell offer.
tecNO_PERMISSION The seller does not own the NFToken being sold; or the matching offer specifies a different Destination account than the account accepting the offer.