Are you thinking of auctioning off some of your digital assets on OpenSea? Whether you’re a first-time seller or an experienced veteran, we’ve got a few tips and tricks to help make sure your auction goes as smoothly as possible. Read on for our best advice on how to get the most out of your sale!
For one to auction on OpenSea, it is important to understand how the auction works and what items are currently selling for:
The first bid must be at least 0.05 ETH (or equivalent), and increments cannot exceed 0.05 ETH.
When an item has multiple identical bids, the lowest unique bid wins the auction. If there is no unique bid, or if a bid is made above the minimum increment, it will be considered invalid.
If an auction has no bids for 24 hours it will expire. After the item is expired there are additional fees of 0.01 ETH (or equivalent) if you decide to bid on an expired item (to discourage people from bidding just to increase the price).
To bid on an item, click the orange Bid button. Your bid will be hidden until it is equal to or greater than the highest current bid.
To make a new auction, click Submit next to where you see your token balances. This will take you back to your Items page, but all of your existing auctions will be cleared. Tokens must be exchanged for ETH before they can be used as an auction deposit.
You can see your current balance at the top of the page, and all your auctions will be listed on the Items page.
Tips And Tricks To Auction On OpenSea
To begin with, it is essential to know which items are currently in demand and for what price.
To begin with, you will need at least 0.05 ETH (or equivalent) deposited in your account’s token wallet to create a new auction or bid on an item. But keep in mind that if you want to buy from other users’ auctions, make sure you have enough deposited tokens to cover the total price.
The best items are the rarest. If an item has very few transactions, it is hard for others to estimate its value and will likely fetch a higher bid (just like physical goods at auctions).
Some of the most highly sought-after items are those released in limited quantities, game collectibles, and special edition items.
Items that are hard to find or sell for a high price on other platforms also tend to be more popular on OpenSea.
If you have enough tokens to list several auctions, aim for items with comparatively cheaper starting prices so they can get bids faster.
Once an item is listed on the platform, you will need to advertise and promote your auction by sharing it on social media and forums related to the topic of your item.
It is recommended that you set up an email account just for selling items so that any incoming mail from token holders can be filtered out from important emails.
Also Read: Best OpenSea Alternatives
Some Ways Of Promoting Your Goods Include:
Listing it on relevant subreddits (ie: r/ethereum, r/cryptocurrency) where you can share and discuss your listing with other users.
Posting about the items on Facebook groups and pages related to your niche.
Creating a video or article using YouTube or Medium about your auctions, then sharing it on social media and relevant groups.
When you decide to list an item for auction, be sure to set the starting price at the lowest possible amount that people could reasonably pay for it (ie: not $0.01). On the other hand, avoid pricing your items too low because then people might feel that they are being tricked into buying something that is of low value.
It can be helpful to add a few days onto the listing duration so you have the opportunity to promote your item and let potential buyers know about your auction. Give people enough time to receive or send ETH before an auction ends, or they might miss out on bidding on it.
On the other hand, OpenSea is not responsible for administering or enforcing the terms of auction contracts. Do your due diligence to ensure that the transaction will be successful, and use common sense when selling on OpenSea.
If you list an item but it doesn’t sell after 7 days, you can relist it with a 0.01 ETH starting price to make it easier to sell.
If you violate OpenSea’s Terms and Conditions or Code of Conduct (ie: by trying to scam other users), the company will suspend your account without notice.
Moreover, you need to know that to withdraw tokens from OpenSea, you need to convert them to the required ERC20 token or Ethereum Blockchain token. Therefore, before withdrawing, make sure to convert the tokens.
Also Read: How To Mint An NFT On OpenSea?
Conclusion
OpenSea is a community-driven token marketplace for Ethereum powered by smart contracts.
It makes it easy to find, buy, sell, or trade tokens with trust and safety in the knowledge that the code has been audited by thousands of different people who care about their project’s security.
