Auctioning in OpenSea can be a great way to get the most value for your items. In this article, we’ll go over how auctions work in OpenSea and give tips on how to get started.
We’ll also look at some benefits of using auctions in OpenSea. So, if you’re looking to auction your items, read on!
OpenSea auction is a method to find the most suitable price for your items. You can choose from a list of suggested prices or create one with your example.
At least three prices have to be chosen. After their sum is equal to 100%, the order in which they are placed doesn’t matter anymore, and all orders are executed automatically.
The auction ends after a specified period. The price at the end of the auction is defined by these three prices (or more, if they exist) and their value deviation (for example, 15%).
How Does OpenSea Auction Work?
So, we hope you may have enough idea of OpenSea Auctions by now. So, here, let’s know how this auction on OpenSea works.
You will get two types of auctions on OpenSea. They are:
- Sell to Highest Bidder: Simply who places the higher bid will win.
- Sell to declining Price: The price will fall until it is purchased.
Let’s discuss the two in detail.
1. Sell To Highest Bidder
Well, this is the most common type of Auction. When the highest bids are placed on the order, they will be sold to the highest bidder. The process will complete above 1ETH. In case the bid is under 1 ETH, the seller can decide if he has to accept the bid or not.
The seller has the full right to decline the transaction. In this type of Bid, one can say they are making a bid on a listing with a fixed price.
It is the seller’s wish to accept the offer. But if you are a buyer and need to place a bid, you will need WETH.
Moreover, if you use the highest bidder method, you can also set the reserve price. If no bids are made equal to the reserve price, the auction will automatically end without the sale.
Know that you can not set the reserve price lower than 1 ETH. This is because OpenSea will also cover the transaction fee at the time of completion of the auction.
So in case, as a seller, you choose to accept a bid below the reserve price, you will have to pay the gas for it. Also, you will not change the reserve price after the auction starts.
2. Sell To Declining Price
Another auction method that can be used is to sell at a declining price. They work in the same way as fixed-price listings, but in this case, the price will decrease with time. You are allowed to buy it anytime when it is listed or make the offer at your convenience.
How To Auction In OpenSea?
You can set your NFT on auction while selling your NFT. First, decide the type of auction you wish to use.
When done, here are the steps that you have to follow.
Step 1: Log In To Your OpenSea Account
First, open the browser on the system.
In the browser, look for the opensea.io website.
Choose to log in to the account.
Now, type your credentials correctly and then log in to the account.
Step 2: Choose The NFT
Now, you will have to click on the profile icon on the home page.
Under this, choose the profile option.
You will have to choose the NFT you want to sell.
Step 3: Choose Sell Option
After selecting the required NFT, you will have to sell the option.
You will now have to select the price and the type of sale.
Step 4: Initiate Auction
If you wish to set up an auction, tap on the option.
You will now have to type the start price.
Type the expiration date, price threshold, and expiration time for the same.
The duration can vary from one day, three days, or seven days.
Step 5: Complete Listing
Now, when you have set everything, you will have to tap on the option for the complete listing option.
If this is your first listing, you will have to initialise the wallet. Then, you need to complete two one-time transactions.
For the first time, you will have to initialise the account, and then you will have to pay to allow OpenSea to allow access.
When you pay the fees, you will have to confirm all the details and post your item.
Also Read: Fix: OpenSea Not Connecting To MetaMask
Conclusion
Auctioning on OpenSea helps you get the desired and best price for your NFTs.
Though the process is easy, a guide through the process can help if you are new to the platform. Hopefully, we have helped you.
