There are two forms of NFT auctions on OpenSea, The Dutch Public sale, and the English Public sale.
With the Dutch public sale, the value of the NFT being bought will lower till any person buys the NFT. The Dutch methodology is dangerous as you’ll be able to find yourself promoting your NFT for lower than you got it.
Due to this fact, most sellers use the English public sale for his or her NFT gross sales.
OpenSea English Model Public sale
First, when organising an NFT public sale on the market to the very best bidder, it’s important so as to add a minimal reserve value. This ensures that you simply don’t find yourself promoting your digital asset for a paltry sum in case your reserve value isn’t met.
As soon as, you set your reserve value you permit the sale as much as market forces.
On OpenSea the minimal reserve should be no decrease than 1 Ethereum as OpenSea will cowl the transaction price if the public sale ends in a sale. Please observe, you’ll be able to manually settle for a bid beneath your public sale value at any time, however you’ll need to pay the transaction price.
NFT gross sales value not met
If the value you set in your NFT will not be met throughout the deadlines of the public sale no sale will happen. The proprietor can both create a brand new public sale or promote the NFT through one of many different strategies.