Auctions can be an exciting way to sell your NFT. When auctioning your NFT, you’ll set the duration for the auction and a starting price. You may cancel an auction at any time, but doing so will require paying a gas fee.
You can follow these steps to set up an auction:
1. Navigate to the item page and click List for sale.
2. Choose Sell to highest bidder as the type of sale.
3. Set a Starting price and a Duration for your auction.
4. (Optional) Include a Reserve price. If you don't receive any bids equal to or greater than your reserve price, the auction will end without a sale. You won't be able to change the reserve price after the auction begins.
5. Click Complete listing.
Once the auction begins, you can choose to accept any bid at any time. If you accept a bid below the reserve price, you’ll have to pay gas to sell the item.
If an auction finishes below 1 ETH, it's up to you whether or not to accept the highest offer. The seller is under no obligation to complete the transaction.
If the auction finishes above 1 ETH, OpenSea will complete the transaction automatically and pay the gas fee.
Any bids made in the last 10 minutes of an auction will extend each auction by 10 more minutes. Popular auctions are often extended by new bids offered in the last 10 minutes.
OpenSea doesn't support timed auctions for ERC-1155 tokens with multiple owners at this time.