OpenSea introduces ‘Ebay’ style auction system
OpenSea has been demonstrating a great deal of versatility when it comes to digital asset trading. We have seen it from the newly introduces batches system, and now with its inclusion of a new auction system.
Modeled off the popular auction site ‘Ebay,’ users can now sell off their digital assets, while buyers will have to compete to offer the best bid. This system is different from the frequently used ‘Dutch’ style auction, as the price rises as bidder interest increases.
This system of auctioning serves to remove the gas fee for both buyer and seller. How this works is that the OpenSea servers will seek out the winning bid, matching the asset value to their bid, and pays the gas fee.
Along with this system, users are still able to make offers, both on individual and bundled items. Thus giving users a great deal of flexibility for selling their assets.
For more information, visit the OpenSea website.