The Make an Offer option on Nifty's is the ability for you (the buyer) to set an offer on the seller's NFT for purchase. As a buyer, you can make an offer to multiple sellers to purchase the NFT for your offered purchase price.
How does the Make an Offer option work?
You can access the Make an Offer option by first heading to the NFT you're looking to purchase and locating the Offers -> Make an Offer option under the Market section:
A screen will pop up showing the Make an Offer process. Here you'll be able to set your offer price and how long you want the offer to be available (by using the drop-down arrow located next to the offer expiration). You have the ability to choose between 1, 3, or 7 days:
After your offer is submitted, you'll be able to see your available offer under the offers section for sellers to accept.
The seller has the dedicated amount of time you selected to accept your offer. If the seller does not accept or the time allotted expires, your offer will be retracted.
Can offers be canceled?
Yes! So long as the offer hasn't been yet accepted by the seller, you can cancel the offer at any time. You'll do just that by clicking the cancel option located next to your offer: