Omni allow NFT traders to sell their NFTs at a fixed multiple of the collection floor price so that they don’t have to monitor or manually update the listing prices. When the floor changes, Omni automatically update the price of the listing.
When selling NFTs, actively managing listings is time consuming and tedious.
- Managing listings requires the seller to constantly monitor the listed NFT and collection floor price. Setting a fixed listing price and forgetting about it risks either (a) selling too low if the collection floor price moves up or (b) not being able to sell at all if the collection floor is moving down.
- Updating listing price is tedious and requires a lot of clicks, especially when dealing with many listings and volatile collections.
An automated tool that updates NFT listing prices on marketplaces such as OpenSea based on parameters set by the seller, without needing to pay gas for price increases.
- Sellers no longer need to monitor the collection floor price and manually decrease the listing price if the collection floor is dropping.
- Sellers do not have to pay gas to cancel their listing and re-list at a higher price to take advantage of any upside if the collection floor is increasing.
How does it work?
- Omni uses the collection floor price and three parameters set by the seller: floor multiplier, minimum price, and maximum price. These inputs are explained in more detail in the next section.
- Once the seller has set the parameters, the NFT will be sent to a smart contract which will continuously create 15 minute listings on OpenSea. Sellers can list multiple NFTs at once in bulk.
- Every 15 minutes, the listing will expire and a new listing is immediately created. The price of each new listing is based on the latest collection floor price and the floor multiplier but only between the minimum and maximum prices.
- If the collection floor price changes, the next listing that is created will be priced accordingly. Since listings expire and are created every 15 minutes, there is no need to pay gas to cancel the listing and then re-list to increase the price.
- The seller can update the parameters, pause and cancel their listing if they wish.
Collection Floor Price
The collection floor price is the price that every listing price is based off of. It is fetched by Reservoir, which reads the lowest listing price from OpenSea, LooksRare and X2Y2. The floor price is fetched before each created listing.
The floor multiplier is set by the seller and allows the actual listing price to dynamically track the collection floor. The floor multiplier can range from 1x to infinity. The actual listing price is calculated as the floor multiplier * collection floor price. As the collection floor price changes, newly created listings will reflect the changes.
- 1x means the seller wants to list the NFT as the floor price.
- 1.5x means the seller wants to list the NFT at 50% above the floor price.
The minimum price is set by the seller and is the lowest absolute price that the user is willing to sell at. If the calculated actual listing price is below the minimum price, then the NFT will be listed at the minimum price until it is sold or the price comes back up.
The maximum price is set by the seller and is the absolute value that the user wants to sell at even if the floor price continues to increase. If the calculated actual listing price is above the maximum price, then the NFT will be listed at the maximum price until it is bought or the price comes back down. This prevents the NFT from indefinitely increasing in price and never getting sold if the floor multiplier is set above 1x. The actual listing price of the NFT will always be between the minimum and maximum price set by the seller.
- Alice wants to use Omni to sell an Azuki on OpenSea. Let’s say the current Azuki floor is 10 ETH, which is fetched by Reservoir. Alice sets the floor multiplier to 1.1x (10% above the floor), the minimum price to 9.5 ETH and the maximum price to 15 ETH. Once the parameters are set, the first listing will be created on OpenSea at 11 ETH (1.1 * 10 ETH). If 15 minutes passes and the Azuki floor stays at 10 ETH, the first listing will expire and a new listing is created with the same price.
- If the Azuki floor increases to 11 ETH, the next listing that is automatically created for Alice’s Azuki will be 12.1 ETH (1.1 * 11 ETH).
- If the Azuki floor then drops to 9 ETH, the next listing for Alice’s Azuki will be priced at 9.9 ETH.
- If the Azuki floor continues to drop to 8 ETH, the next listing for Alice’s Azuki will be 9.5 ETH since 8.8 ETH (1.1 * 8 ETH) is lower than the minimum price she set of 9.5 ETH. At any of the previous 4 steps when Alice’s Azuki is listed at 11 ETH, 12.1 ETH, 9.9 ETH or 9.5 ETH, a buyer could have bought the Azuki at the price at the time.
- If there are no buyers and the Azuki floor price skyrockets to 14 ETH, the next new listing for Alice’s Azuki will be automatically created at 15 ETH since 15.4 ETH (1.1 * 14 ETH) is higher than the maximum price she set of 15 ETH.
- If the Azuki floor continues to increase to above 15 ETH, Alice’s Azuki will stay at 15 ETH and will presumably get bought at that price since it will be the cheapest Azuki on the market.
Who pays for the gas to increase the listing price of the NFTs?
No gas is required to update the listing price because existing listings expire every 15 minutes and new listings are created.
Can I update my parameters, pause or cancel my listed NFT?
Yes, sellers can update the floor multiplier and minimum and maximum price as well as pause and cancel their listed NFT. Gas is required to perform these actions.
What happens if an NFT in the collection is listed at an unreasonably low price which significantly lowers the price of NFTs automatically listed by Omni?
If an NFT in the collection is listed at a significantly lower price than the current floor price (whether maliciously or not), the actual listing price of the NFTs listed by Omni will decrease due to the new floor price. Sellers are protected by the minimum price they set. The actual listing price will not go lower than this price.
How is the floor price fetched?
Omni cross-posts listings every 15 minutes. We fetch the floor price from Reservoir, which aggregates the floor price across all major marketplaces (OpenSea, LooksRare, and X2Y2).
- To learn more about Reservoir’s trust-minimized on-chain price oracle, click here.
How much gas does it cost to use Omni?
It costs about the same to cancel an OpenSea listing as sending an NFT to the Omni contract to list. When you sell on an off-chain marketplace like OpenSea, you only pay gas for the approve if you sell at or below the price you list at. If you want to increase prices, you need to cancel your previous listing, which costs gas. With Omni, no gas is required for the automated price increases.