Does OpenSea pay a gas fee?

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.

How do I know if a reserve price has been met?

The reserve price is secret and not publicly visible, however, from the asset page a user will be able to tell if the reserve price has been met. Lastly, when creating an auction you’ll have the opportunity to set the auction duration.

Does OpenSea support timed auctions?

OpenSea doesn't support timed auctions for ERC-1155 tokens with multiple owners at this time. 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 re...

Can a seller set a reserve price?

Some auction companies and sites (e.g., eBay) allow sellers to set reserve prices for an additional fee as it is considered an optional feature, and some allow for the reserve price to be changed while an auction is active. If changes are allowed, the seller can only reduce the reserve price.