This is a continuation of yesterday’s article on the NFT marketplace, scope and all. Oasis.cash is growing bigger each day and constant updates are done and the telegram group is there for complaints and suggestions. Today’s article will be based on the three types of Auction on Oasis, how you can use it to your advantage and what it entails:
The first thing I will mention is that when checking the floor price on oasis, you can select just a fixed price from the categories listed there. If all type of actions is chosen, you might see a price so low that will deceive you into thinking a collection isn’t that hot in the market. A thorough breakdown of each type of auction will help in understanding it better. I'm sure so many people here already know all what I'm about to write but it doesn't hurt to have it written again.
This needs no price haggling or speculation. All you need do is click “Buy” if you have that amount of sBCH in your wallet, the NFT is yours. You receive a congratulations message and the party begins. When you have an NFT which you believe has a certain worth, you can list it for that price directly and immediately it is sent to the Oasis.cash live auction telegram group.
When you are about to list your NFT, try to check the floor price for a fixed auction, this way you can have an idea of what to list yours as to easily sell it.
This is one of the most used types of auctions on oasis. You set a time frame for the auction to end and anyone who makes the best offer before the time elapses gets the NFT.
English auction most times occupy the floor price but don’t be deceived, sometimes it’s a smart move to get more value for an NFT. Let’s use this scenario to get more understanding of English auction. A certain NFT has a minting price of $5 but Mr C missed it. He decided to check oasis and to his surprise, he saw a floor price of $1. Happy to see an NFT below the mint price, he placed a bid with the expectation of getting it when the time elapses. Scrolling down he saw other offers but these are fixed with a floor price of $8 “Too expensive” he said to himself. A few minutes to the end of the English auction, he checked oasis again but realized someone outbid him, he increased his bid and the hassle began. They kept on trying to outbid each other but Mr C was so lucky to win the battle.
He looked at his NFT with joy but realization set in when he checked his balance. He got the NFT listed for just $1 for $30.
This isn’t to say English bids are a no go area, but it’s an exciting arena. You can make use of it in getting good value for your NFT and also at the same time you can get some NFT at a good rate there when no one outbids you. A little secret guys, you can copy the buy links of a few English auctions and set an alarm, towards the end of the Auction, check the last bid and outbid it if it is still a fair price to you. I do this often.
This is hardly used on oasis but it’s one of the best ways of getting a good bargain for your NFT. The Dutch auction is similar to a fixed auction but gives more options than a Fixed auction. Here is a case that best explains Dutch auction.
Mr D has a beautiful NFT which is rumoured to be worth 10BCH but looking at the market he sees similar NFTs listed for 5BCH. He was faced with the dilemma of listing it 10BCH and getting no buyer or listing it 5BCH and regretting selling it so cheap. He knows there’s something special about his NFT, so he wants to get the best bargain possible.
The solution t his is to use the Dutch auction. Set a limit of 8BCH and a high price of 10BCH. If someone buys at 10BCH, 9BCH or 8BCH you don’t feel bad, for it’s a good bargain. How Dutch auction works is that the price keeps reducing as the time runs out.
As a buyer, when you see a dutch auction, you have to decide to buy immediately or wait for some time for it to reduce, but there is the probability that someone else grabs it before you do.
The three auctions available right now are all great and the three can be used for buying and selling depending on how you want to play your game.
Till I bring to you another SmartBCH related article, no part of this article should be taken as a financial advice or official statement from Oasis. I remain your Happy friend, Valour.
Thanks for Reading! 📈💚📉