Why can't I auction this NFT? (ERC 1155) | OpenSea Help Center (2024)

FAQs

Why can't I auction this NFT? (ERC 1155) | OpenSea Help Center? ›

ERC1155 NFTs are semi-fungible items that allow for more than one owner of the same token ID. Below, you'll notice that there are multiple owners and listings present on the same item page. OpenSea currently does not support auctions for this kind of NFT.

You can sell your token to other interested buyers by listing your ERC-721 or ERC-1155 token for sale on the NFTTrade platform. You first have to approve the transfer of your ERC-721 or ERC-1155 NFT to the NFTTrade contract. noOfTokensForSale : the number of tokens you want to sell.

A prevalent example of the ERC1155 application is blockchain-based decentralized games, as games need coins and collectibles, so ERC1155 has become a standard there.

Thanks to its uniqueness, ERC-721 is the top choice for creating NFTs that represent one-of-a-kind digital assets including photographs, artwork, collectibles, DeFi projects, and in-game items. Ethereum's inaugural NFT token standard was Dapper Labs CryptoKitties NFT collection, which are ERC-721 tokens.

This means that ERC-1155 tokens can be used for fractional ownership or as a form of currency, while ERC-721 tokens are typically used for digital collectibles and other unique digital assets. Another difference is that ERC-721 tokens can only be traded one at a time, while ERC-1155 tokens can be traded in bulk.

Safely exchange your ERC20 tokens through Ledger

In the Ledger Live app Swap tab, select any ERC20 tokens and the accounts of origin and destination. Enter the amount you want to exchange and check the rate. Before confirming the swap, you'll see a summary on Ledger Live.

ERC1155D is completely non-fungible in the way ERC721 is, so each token has a unique identifier and a unique owner. With a mint cost of under 51,000 gas, it greatly outperforms every other existing NFT implementation in terms of gas efficiency by a very large margin with savings of 23–66%.

ERC1155 was created in 2018 to allow for both fungible and non-fungible tokens to exist on a single contract. ERC20 tokens are fungible, which means each token is identical and interchangeable. Examples include cryptocurrencies like DAI and USDC.

Using the Taxpayer Advocate Service

Using Form 911, Request for Taxpayer Advocate Assistance, an employer can request TAS work with the IRS to expedite the processing of their ERC claim.

Why use ERC1155? ›

It enables the transfer of multiple token types (fungible, non-fungible, and semi-fungible) in a single transaction. This efficiency aims to reduce transaction costs and save time when using separate transactions for different token standards.

Semi-fungible tokens are after the order of ERC-1155 token standards on the Ethereum blockchain. It is a unique standard that allows a single smart contract to enable multiple Semi-fungible tokens, unlike the ERC-20 standard for fungible tokens (cryptocurrencies) and the ERC-721 standard for non-fungible tokens.

ERC-1155 is a flexible token standard on the Ethereum blockchain that supports the creation of fungible, non-fungible, and semi-fungible tokens within a single contract.

There are several platforms that allow you to sell ERC20 tokens in large quantities, but the best option will depend on your specific needs and preferences. Some popular options include IDEX, Binance, and KuCoin. IDEX is a decentralized exchange that allows you to trade a wide variety of ERC20 tokens with low fees.

ERC1155 NFTs are semi-fungible items that allow for more than one owner of the same token ID. Below, you'll notice that there are multiple owners and listings present on the same item page. OpenSea currently does not support auctions for this kind of NFT.

So you sold your NFT; now, you might be wondering how to convert the crypto you have earned to cash. You will have to send the crypto from your wallet to your account on the cryptocurrency exchange you're using (such as Coinbase, Binance, Crypto.com, Kraken, etc.).