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Many creators who are new to the NFT world often wonder where to start from and which NFT marketplace to use. Another frequently asked question is related to the way those platforms work and the fees digital artists would have to pay.
If you want to learn more about trading with crypto art, read our article How to Sell or Buy Digital Art in the NFT Market.
One of the most popular digital art marketplaces and a good starting point is OpenSea. One of the main advantages of OpenSea is that it is easily accessible in contrast to some other platforms that require invitations or have an application process. The disadvantage, however, is you will have a huge competition there.
The platform uses ERC1155 standard which means that you do not need any coding skills to upload your artworks. The platform allows you to choose the number of copies minted (created) of each digital item.
What fees are paid on OpenSea
OpenSea has a simple interface which is relatively easy to use. What you need to start selling your digital art on this platform is a crypto wallet and some ETH since the fee for listing your first item is paid in ETH (the Etherium crypto currency). This fee is called “gas fee” (transaction fee) and does not go to the platform itself but to the technical people who process and validate your transaction on the Ethereum blockchain. This gas fee is different every time as it depends on the demand created by those who make transactions at that particular moment and the supply for minting them, i.e., validating them, determined by the miners. It can vary between $70 and $400. You can monitor gas fees here.
Your account is organized into collections where you add new items and list them for sale. After you create a profile and add your first collection to the platform, you need to pay а one-time fee (gas fee) when you put your first item up for sale. Then you can create as many collections or add as many items as you want but you will not pay any other gas fees for minting, i.e., adding new collections or items to existing collections.
Whether you pay a gas fee upon a sale depends on the sales method you have chosen. If your item has been sold for the listed fixed price, then the gas fee is paid by the buyer. Whenever you accept an offer, either for an item with a fixed price or for an NFT sold on auction, you pay a gas fee.
OpenSea charges you a 2,5% seller fee for every item you have successfully sold.
How to reduce gas fees
If you are not in a hurry to mint your first NFT immediately, you can reduce the gas fees by limiting its price in your crypto wallet. If you use MetaMask, which is the recommended wallet for OpenSea, either select the option “Slow” for the transaction fee or go to the advanced settings and manually enter the gas price and limit. Keep in mind that if you choose this option, you should be patient since the transaction may not take place for several hours.
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