OpenSea never takes custody of your NFTs when you list them for sale. Plus, deals on OpenSea are executed atomically. That is, either the whole deal happens or none of it does. In order to make these features possible, each user must do a little bit of initial setup before making their first listing.
The first transaction creates your “proxy account”, which is a tiny little smart contract that only you can use that allows you to interact with our underlying protocol, which is known as the Wyvern Protocol.
The second transaction authorizes your proxy to move a given type of NFT on your behalf (or in the case of older contracts like CryptoKitties, it authorizes your proxy to move just one NFT), so when the NFT sells, it can be transferred to the buyer instantly.
Both of these transactions are free, except for the gas that the Ethereum network requires. And after you complete these initial steps, creating an auction will only require signing a message with your wallet. Once you get these first steps behind you, you’ll be able to sell items without paying gas.
So, while I totally recommend you
I will simplify it as best as I can-
- Things can be listed and owned, free
- To sell, you have to realize that this marketplace does a lot of legwork, thus, when you decide to sell what you uploaded, you gotta give them some Ether. In my current case, that looked like under $200CAD.
- Transactions are all or nothing, so nobody gets robbed.
Because yeah, I do think this is a decent thing for artists to do, or experiment with.
Lemme just embed their image here, and link to them again. I mean, I’d prefer it if you’d use my referral code, but hey, you’re gonna do what you’re gonna do, and I’m about being honest.
Mel Bryce has lived and worked in the Kootenays for over a decade. She takes her coffee black, and still supports Nvidia graphics cards.