NFTokenAcceptOffer

[Source]

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.

(Added by the NonFungibleTokensV1_1 amendment.)

Example NFTokenAcceptOffer JSON

{
  "Account": "r9spUPhPBfB6kQeF6vPhwmtFwRhBh2JUCG",
  "Fee": "12",
  "LastLedgerSequence": 75447550,
  "Memos": [
    {
      "Memo": {
        "MemoData": "61356534373538372D633134322D346663382D616466362D393666383562356435386437"
      }
    }
  ],
  "NFTokenSellOffer": "68CD1F6F906494EA08C9CB5CAFA64DFA90D4E834B7151899B73231DE5A0C3B77",
  "Sequence": 68549302,
  "TransactionType": "NFTokenAcceptOffer"
}

Query example transaction. >

Brokered vs. Direct Mode

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

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 direct mode: the account sending the transaction acts as a broker, bringing the two offers together and causing them to be matched, but does not acquire ownership of the involved NFToken. If the transaction is successful, the NFToken is sent directly from the seller to the buyer.

Execution Details

If the transaction succeeds:

• The NFToken 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 NFToken has a transfer fee, then its issuer receives the specified percentage, and the rest goes to the seller.

The transaction fails with a tec-class code if:

• The buyer already owns the NFToken.
• The seller is not the current owner of the NFToken.
• One or both offers in the transaction have already expired.
• The sell offer specifies a specific destination account, and the sender of the transaction is not that account.
• The sender of this transaction owns the buy or sell offer.

Fields

NFTokenAcceptOffer Fields

In addition to the common fields, NFTokenAcceptOffer transactions use the following fields:

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 a 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

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