A concept that is available in the Market API
An offer has a status and throughout the lifecycle of an offer, it will pass through several steps.
To get a complete view on the OFFER states, you also have to take the FULFILLMENT states into account.
The first status in the lifecycle of an offer. This is the status a newly created offer receives. The offer is not yet live it is waiting for the Approval transaction and the signed data. Consider this the state where a 3rd party platform asks to create a certain offer. The market will create the core concept for the offer and is now waiting for it to be finalized, by updating the offer with
- the transaction hash of the Approve call
- the signed data, confirming to the market that the NFT can be taken into custody.
Once the offer is updated with the transaction hash of the Approve call and the signed data, the offer will move from state NEW to state INITIATING_OFFER, and the market will try to take the NFT into custody.
The READY status means that the NFT has been successfully taken into custody and that the offer is live. Ready the be bought, bid on, or canceled.
The CLOSED state is a final state. The transition happens when the offer was canceled by the seller or successfully bought by a buyer. The NFT was successfully moved out of custody and back into the seller's or buyer's wallet.