# Buying a Lock (Takers) ## Locking a Buy Price (Go Long) By paying as little as a 3% one-time fee upfront you lock in a buy price for an NFT for 7 days. {% hint style="warning" %} Some collections will have higher fees. {% endhint %}

Your marked buy price determines the profit you will make from this purchase, if the NFT moves above the locked price and the lock is exercised, you make the difference. Or you can pay the full cost of your locked price to buy the NFT. If instead the price goes down, you don’t gain anything - only losing the initial fee. {% hint style="info" %} You can exercise your lock in profit at any point during the 7 day duration. {% endhint %}

You also have the option of buying paying the lock price to buy the NFT, regardless of the bid or floor price.

### Why Purchase Buy Locks? It is **more capital efficient** - rather than paying the full cost of the NFT, you pay a small fee to get long exposure to the NFT collection. ### Example You pay 3.45 SOL to lock a buy price of 100 SOL for a Tensorian (expires in 7 days) * Scenario A: Tensorians' bid floor goes to 105 SOL. You exercised the lock and gain 5 sol. Your net profit is 1.55 SOL. * Scenario B: Tensorians' bid floor goes to 95 SOL and stays there for 7 days. You gain nothing with a net loss of 3.45 SOL. {% hint style="info" %} The bid floor is after fees + royalties. {% endhint %}

## Locking a Sell Price (Go Short) By paying as little as 3% one-time fee upfront you are given the right to mark a sell price for an NFT. There are two ways you can exercise the lock: 1\) If the lock is in profit, you can use the take profit function, which captures the difference between the lock price and the collection's floor price. 2\) Regardless of the collection's floor price, you have the option of selling any NFT from the same collection to the funder for the lock price. {% hint style="warning" %} Some collections will have higher fees. {% endhint %}

Your marked sell price determines the profit you will make from this purchase, if the NFT moves below the locked price and the lock is exercised, you make the difference. If instead the price goes up, you don’t gain anything - only losing the initial fee. {% hint style="warning" %} If your lock is in profit, it will try to auto-exercise 1 hours before expiry. However, there is no guarantee that this will happen 100% of the time. It is recommended you exercise your lock. {% endhint %}

You can also exercise the short by providing any NFT from the shorted collection, in exchange for the lock price.

### Why Purchase Sell Locks? Purchasing a Sell Lock is the only way to **hedge downside for an NFT** - predicting and benefiting the downward movement of a collection without having to physically borrow an NFT over-the-counter. ### Example You pay 3.45 SOL to lock a sell price of 100 SOL for Tensorian (expires in 7 days) * Scenario A: Tensorians' floor price goes to 105 SOL and stays there for the 7 days duration. You gain nothing with a net loss of 3.45 SOL. * Scenario B: Tensorians' floor price goes to 95 SOL. You exercised the lock and gain 5 sol. Your net profit is 1.55 SOL. * Scenario C: Regardless of Tensorians' floor price, you exercise the lock by providing any Tensorians NFT. You receive a net of 96.55 SOL in return for your Tensorian. {% hint style="info" %} The floor price is after fees/royalties. {% endhint %}

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