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Listing, Selling And Auctioning NFTs

14 Jun 2022 By : Sudeep Saxena
Southeast Asia’s Lar


An auction is a type of sale where the seller sets a minimum price and a time period. Buyers can place bids on how much they are willing to pay for the NFT as long as they are above the minimum price. Then the NFT is sold to the highest bidder at the end of the time period. An auction sale means that your bid may be outbid before the Auction concludes.

For a user yo buy your NFT they must check the NFT Auction page once the Auction ends. to see if they’ve won or not. NFTs can be claimed by clicking the Claim button after winning in the NFT Auction. NFTs are issued to your wallet when the seller receives the payment and the money.

However, your NFT isn’t actually up for sale on Open Sea yet — to do that, you’ll have to click off of the congratulations screen to get to your NFT’s page (you can also get to it by clicking on your profile picture, clicking on the Created tab, and selecting the NFT). On the NFT’s page, there’ll be a Sell button.

How exactly the NFT Auction works

There is an auction for NFTs. It is a 24-hour countdown but it depends accordingly what the time traction user has select, after which the Auction will conclude if the reserve price for a piece attains. The countdown meter will reset to 15 minutes. And, for every offer submitted in the last 15 minutes of the countdown. This process will continue till no further bids.

Blockchain-based auctions are international affairs, and participants might span various time zones. So, this auction-style means to offer a fair opportunity to all would-be bids.  For collectors, it means knowing that their investment will protect if the reserve price fulfills.

With NFTs listed on Ethereum or Polygon, you’ll have the option to create a listing for a fixed price, and on Ethereum, you’ll have the option to create a timed auction as well. For a fixed price listing, you’ll simply put in the amount that you want to sell the item for (listed in Ethereum, but it’ll give you an approximate dollar amount below) and choose how long you want the listing to be available for.

Since the NFT will be available to purchase as soon as you list it, you can also make it only available to a specific buyer using the “More options” dropdown.

To make your NFT for sale, click the “Complete listing” button. You’ll have to confirm, or sign, a few transactions with your wallet, either using the browser extension or the app. On Polygon, the transactions are free, and you’ll get a screen saying that your item’s been ready to sell.

Once you start the NFT koala listing on the NFT hub opensea you will need to set options underneath the “More Options” for reserving the NFT for a specific buyer etc. and set the price amount for which you want to sell your NFT, here I am setting it for 0.01 ETH nearly amounting to $31.98

Once you do that it will show you the service fees that will be charged for listing and auctioning your NFT.

Click on complete listing and press unlock currency option on the “dialog box prompting and appearing for listing steps”, on the main screen.

After that click on sign message and it will pop up with a meta mask notification with a signature request. Click on SIGN.

Now we have finally listed our NFT and set it for an auction.

LISTING AND SELLING AN NFT ON RARIBLE

Rarible starts you with an option right off the bat.

The first question Rarible will ask is whether you want to create a single-edition NFT or a multiple-edition NFT — in other words, whether you want to create a one-of-one NFT, or one that’s limited edition but can be purchased by multiple people. The screens you’ll end up on are largely similar (though you can only use Ethereum if you’re creating a multiple-edition, and you’ll have to specify the number of copies you want to sell), but for this example, we’ll choose single.

After choosing single on Rarible, you’ll end up on the NFT creation screen. The first thing to do is upload the digital file you’re hoping to sell as an NFT, using the Choose File button. Eventually, it’ll end up on the Interplanetary File System, or IPFS, which is a decentralized way to store media, making it so that your NFT won’t disappear off the internet if one company decides to stop hosting it.

Like OpenSea, Rarible may ask you for a separate preview image for certain types of media, like videos or music — think of this as a video thumbnail or album art, which will display whenever your NFT shows up on the site.

Rarible gives you a few options for how you’ll sell your NFT.

Next, you’ll want to set your selling options. If you don’t want to sell your NFT just yet, you can flip off the “Put on marketplace” switch, which is on by default. If you do want to sell your NFT, though, you’ll have options.

  • “Fixed price” is like creating a store listing — you set a price for your NFT, and if someone wants to pay that price, they can just buy it.

  • “Open for bids” lets people submit offers to buy your NFT, which you can either accept or reject.

  • “Timed auction” is an auction — you can set a minimum price and choose when the auction will start and how long it will last.

For this example, we’ll go with listing our NFT for a fixed price, which we can enter into the field. You can also choose which currency you’d like to receive (people can, however, send offers in different currencies). When you’re setting your price, remember that Rarible will take 2.5 percent if your NFT sells.

After you choose your selling method and details, you’ll have the option to add unlockable content, which will be provided to the buyer. This could be something like an invite link to a private Discord, a code to redeem something on an external website, or even just a message thanking them for buying.

The next two options let you use choose your collection (we’ll go with Rarible Singles for our example), and the Free Minting option, which lets you choose whether you want to use Rarible’s lazy minting system, which we went over in Step 3. If you turn it off and are using the Ethereum blockchain, you’ll have to pay a gas fee to mint your NFT at the end of this process — when I was testing, the fee was around $120.

Name and description will be important to help you stand out. Most people will want to leave the free minting option on.

You then give your NFT a name — or title — and a description if you want. Finally, you can choose the royalty percentage. This will change how much of each subsequent sale goes back to you in the future. For example, if someone purchases your NFT for 0.2 ETH and then sells it for 1 ETH in the future, you’ll get a percentage of that sale as well — by default, it’s 10 percent (so 0.1 ETH in our example).

The last option is the Advanced Settings, which lets you add properties to your NFT (which is completely optional but could be useful if you were creating a series of characters with different properties) and alternative description text, which will help make your NFT more accessible.

Double-check that everything is exactly how you want it, as it could be expensive or impossible to change later. Then, when you’re sure your NFT is good to go, click the “Create Item” button.

Your wallet, in this case, Meta Mask, will ask you to sign a few transactions.

Doing this will kick off a series of actions, during which you’ll have to approve some transactions with your wallet. If you’re using a browser extension, you should get a pop-up when Rarible asks for your signature (if not, you can click on the extension’s icon in your browser, and it should present you with any requests). If you’re using an app, you’ll want to open it on your phone, where you’ll be presented with the request.

Your NFT has been created!

After approving a few wallet requests and a moment of waiting, you’ll get a message saying that your NFT has been created. You can click the “View NFT” button to see it, and you can see your collection by going to your profile picture in the top right and clicking “My Profile.”

If everything’s gone well, you’ll now have an NFT listed for sale on either Rarible, OpenSea, or both. However, as sellers have told me, that’s not likely to get you very far — as you’ve seen, the process is relatively complicated, but the environment around NFTs has led many to try their hand at making one.

Conclusion-

Given the growing popularity and adoption of NFTs, many promising arts are sold on NFT auctions almost every day. 

There was again this boy who sold his NFT. An Indonesian college student has reportedly become a millionaire by selling different versions of his selfies on the Opensea NFT marketplace, although it was a set of multiple NFTs which was bought by a celebrity chef to help him pursue his education and career.

There is no doubt that more artists will enter the sector in the near future. Thus, one should wait for new promising NFT collections!


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