From the Rarible blog.
We all have that one ugly designer T-shirt from 2013 we don’t want to throw away because we paid $50 for it (pls say it's not just me).
At the time, the flex seemed worth $50. But since we’ve moved on from oversized spider web-print shirts, I wouldn’t buy it for $10. Now, the NFT space moves even faster than the fashion industry—and we don’t want you to feel that way about anything you bought on Rarible.
That’s why we’re introducing Expiring bids!
When you place a bid (floor bid or regular) on an Ethereum NFT on Rarible, you can now enter when you want it to expire. After the expiration date, nobody will be able to accept your bid.
The standard period is 7 days, but you can set a custom expiration date. An absolute grail you’ll hodl forever? Set it to a year! Jumping on the hottest trends? A couple days it is!
That way, you won’t have to pay gas to cancel bids (unless you want to cancel one prematurely). More importantly, you’ll never accidentally spend your precious WETH on an outdated play.
To give you extra peace of mind, we’re also canceling all bids on Rarible.com that have been active for longer than 2 months. Most of those have already been revoked, while the remaining few will be canceled over the next 24 hours.
Now, to test things out, why not head to the marketplace and place an expiring bid on that NFT you’ve been eyeing?
The article above came directly from the Rarible blog, found on https://rarible.com/blog/