OpenSea, one of the largest marketplaces for crypto collectibles has added a new feature to its platform; zero-fee private auctions. Thanks to this newly added function, users can arrange and execute private auctions in a secure and convenient way.
How To Establish A Private Auction
The process of establishing a private auction is rather simple:
- Go to the OpenSea website, sign in, and navigate to the “Asset's page”
- Select the item you want and click “Sell”
- A tab will pop up, offering you to click Private toggle; toggle “Private” if you want your auction to be private
- Below the “Privacy” section, you'll see an open field. Here, you can input the receiver’s address. The address you enter will have an exclusive right to your auction
- Click “Post your listing” option and sign it with MetaMask
- Once all this is done, you can share your link with your counterpart. You can even share it publicly; no one (other than the address owner) will be able to claim enlisted items
Why Is This Big?
OpenSea believes that their newly added feature is a more secure and convenient way of arranging private deals. Previously, users had to arrange such deals via common channels such as Discord or Telegram, which aren’t fully equipped for such deals. Users can still arrange and communicate their deals via various communication channels (like Discord and Telegram), only now they can execute them via OpenSea.
Deals done via OpenSea are safe and secure for both parties. Users can execute agreements without having to have to worry whether their counterpart will honor it; only when both parties honor their side of a contract will the deal be completed. Most importantly, they can do all this free of charge.
What Is OpenSea?
OpenSea is one of the largest marketplaces for trading crypto assets. The platform has partnerships with many major players in the DGaming industry, including Decentraland, Cryptokitties and MLB Crypto Baseball.
Users can buy and sell items using smart contracts, meaning that no 3rd party takes a piece of the action when users perform on-platform transactions. The OpenSea boasts many useful tools. Its browser is particularly beneficial for browsing various crypto assets, items, and collectibles, allowing users to price their assets in a way that favors them. Moreover, the browser is helpful for exploring the market and finding assets users wish to purchase.
To use the OpenSea platform, you must have a registered account. Additionally, you need to install MetaMask in your browser to complete transactions. Mobile users must have a digital wallet that is compatible with Ethereum (such as Trust, Vault, Opera, or Coinbase Wallet) to complete their transactions.