How to create and Setup an Auction on OpenSea ?

Auctions can be an exciting way to sell your NFTs.

This guide explains the two types of auctions available in OpenSea:

1) Selling at high bids: Where high bids are won.

2) Sell at a lower price: Where the price goes down until someone buys.

Let’s take a closer look so you can choose the best option to sell your NFT in OpeSea.

Selling at high bids

Also known as the English auction, OpenSea will automatically complete the transfer if more than 1 ETH of the bidding auction ends, OpenSea pays a gas fee in the process.

If the auction ends with less than 1 ETH, it is up to the seller to accept the highest bid. The seller is not obligated to complete the transaction.

In such a procedure bidding is equivalent to submitting an offer in a fixed price list. The seller can choose to accept at any time, but the buyer will need WETH to bid.

Please note: any bids placed within the last 10 minutes of the auction will extend the duration of each auction for another 10 minutes. Popular auctions are often fueled by new bids submitted in the last 10 minutes.

You can cancel the auction at any time, but you must pay a gas fee to do so.

Reserve price

If you sell at a higher bid, you can set the stock price. If you do not receive a bid equal to or above the reserve price, the auction will be stop without a sale.

In the following example, I have set a reserve price of 2 WETH with a starting price of 1 WETH.

The price of the auction reserve should not be less than 1 ETH as OpenSea successfully covers the transfer fee of the auction.

The seller may bid lower than the reserve price at any time during or after the auction, but the seller must pay for the gas in order to do so.

Please note that after the auction starts, buyers will not be able to change the stock price.

Sell at a lower price

Also known as Dutch auctions, they are similar to fixed price lists, but the price decreases over time. You can buy or offer in any of the listed currencies at any time.

In the example below, my list starts with a 2 ETH starting price but after 3 days it starts with a 1 ETH end price.

What is OpenSea?

This is a peer-to-peer market for open crypto holdings as well as non-combustible tokens. In other words, it is a website where you can buy or sell different NFTs, such as domain names (ENS), digital art, and collectors, using Ethereum Vault like MetaMask. You can buy or sell your NFTs in the secondary market through OpenSea, which makes OpenSea a viable option for many long-term projects who want to take advantage of the benefits by publishing a project roadmap. Note that the exchange fee is a fee; however, it is generally lower than other competitors. Currently, OpenSea has over 200 digital assets for sale on its website, plus over 4 million NFTs.

As a decentralized marketplace, smart deals in OpenSea allow users to interact with the platform without sacrificing their NFTs support. The digital asset does not leave the user’s wallet before the transaction, nor does the user need to create an account, assuming the user has a Web3 helper wallet. All assets in OpenSea are user-owned, and you can purchase NFTs with Ether (ETH) or any other supporting cryptocurrency. The marketplace is basically a web browser page that allows you to find NFTs, and if you want to buy or sell a specific NFT, you can mine it into categories, groups, blockchain networks, and so on.

What payments does OpenSea accept?

Payments are often made in blockchain-based currencies, known as cryptocurrencies because most of the things you see in OpenSea have blockchain support. Ethereum, the cryptocurrency that contributes to the power of the Ethereum network, is the most popular form of payment. However, consider many other payment currencies, including DAI and USDC. Some online groups or programs have their own custom codes, so you may find that social tokens or game coins are used to buy and sell products on OpenSea.

To use OpenSea, you need a cryptocurrency wallet, which is not difficult to create, like any regular registry thing, but if you are on the desktop, you need to create your own wallet of your choice. Use browser. You will need to add a Wallet extension or it already exists, you can go for Metamask or Dipper, and on your mobile device, you need to use an Ethereum compatible mobile browsers like Coinbase Wallet or Opera Touch Need.

What do I need to pay for my first listing?

OpenSea is a shared marketplace, so we never collect or block your content. As a result, if you are selling NFTs for the first time, you will need to complete two one-time transfers:

  1. To organize your account for a sale order, which is done only once for your account.
  2. When sold, it allows OpenSea access to your item (or all items in the collection, if the collection supports it). This may be necessary if the item you are entering is not created in OpenSea but is traditionally created via NFT nodes. If you are entering the auction for the first time, you must also agree to use WETH. WETH (Wrapped ETH) is a symbol of ERC-20, the value of which is equal to ETH, which allows users to bid with a pre-authorized bid which can be completed by a bid without any action after the date.

Then, you’ll see a signature request to end your listing. In the future, you will have no deal, just a signature, until the item is approved in the second step above. That way we can get (almost) a gas-free menu.

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