How to not lose money on NFTs (all OpenSea fees explained)
ฝัง
- เผยแพร่เมื่อ 16 พ.ค. 2024
- Watch this video before selling your first NFT!
While NFTs can be exciting to create, sell, and trade, if you're not careful, you can actually LOSE MONEY selling NFTs if you don't take into account gas fees
In this video, I'll help you not lose money on NFTs by deepening your understanding of OpenSea fees
We'll cover each and every fee on OpenSea, whether or not they're necessary, and, if possible, how to avoid them
WATCH NEXT:
ETHEREUM vs POLYGON - Which Should You Choose for NFTs
• ETHEREUM vs POLYGON - ...
COME SAY HI!
Twitter: / aprilynnea
Instagram: / aprilynnealter
Twitch: / aprilynne
TENDERFOOT
tenderfoot.io
TIMESTAMPS
00:00 - Intro
00:49 - NFT Gas Fees Explained
02:02 - Understanding OpenSea Gas Fees
02:12 - One-Time Fees (Initialization Fees)
03:06 - One-Time Fees (Auction Approval Fee
03:58 - Recurring Fees (Auction Acceptance)
04:18 - Gas Fee Example
04:46 - Recurring Fees (WETH to ETH Transfer)
05:20 - Recurring Fees (Canceling a Listing)
05:40 - Recurring Fees for NFT Buyers
06:10 - Lost NFT Example
06:48 - More Recurring Fees for NFT Buyers
07:12 - Recap of all OpenSea NFT Fees
07:56 - Introduction to Polygon
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Wow the simplicity in your explanation is baffling. I’ve watched so many videos to understand and I just go lost and stopped paying attention. It actually made my head hurt but I salute you and will be subscribing to your channel. Thank you so much. Much much appreciated
I looked everywhere for all of these quastion thank you so much! helped a lot :)
Loved this video! Very helpful. Thank you Aprilynne.
I'm so glad it could help Oscar!
A very good explanation to a very important topic!!! appreciate it.. keep up the good work
Thank you so much Vraj!
Hello! Genuinely appreciate your videos💜 I had a few queries:
1. You mentioned (etherum) gas fees when you initialized your account was 60 gwei which is $0.0002? Also when I looked at transactions of other sellers in the past 4mnths I have never came across any high gas fees..they were like 30 to 60 gwei. Am I missing out something?
2. If my nft (polygon) doesn't sell do I have to pay any fees to unlist it or sth? I believe since it's on a fixed price and there's no duration it will never expire and relisting (if required) won't have any fees?
3. To bridge poly to etherum, the gas fee that needs to be paid, can I pay it with the polygon etherum I have or does it have to be in cash?
(If anyone else has any answers/knowledge regarding my questions, please feel free to enlighten me😊)
Amazing video, very informative. Thank you!
Thanks so much Freddy!
A very wonderful explanation and a distinctive style 😍😍😍, but I have a question when selling the first item on opensea. Does the value of the gas fee differ according to the price of the sold item? For example, two people sell their items for the first time at the same moment. The price of the item for the first person is 0.5 eth, and the price of the item for the second person is 5 eth. Will the second person pay a higher price than the first person, cause he's item more expensive , or will they pay the same value for gas fees?
Awesome video Aprilynne!
I was amazed at how much gas fee I needed to pay to transfer ETH to a wallet! Got to be super careful.
Thanks so much for watching Kevon! ❤ And absolutely, gas fees can REALLY screw you over if you're not careful
Bravo amazing work, so well explained. Learnt so much.
Wow this is a great video! Thank you so so much for sharing all this information. You explained a lot of complicated stuff super cleary. Big thanks!
Could you make a similar video for Foundation?
I had never even heard of Foundation before, but I can give it a look!
@@NFTsSimplified thank you! Would be super nice 😍
Great video learned a lot! Only one i've seen on youtube breaking it down like this. Great video, great editing, great music, you are going to explode
Thank you so much Dillon! I really appreciate it :)
Absolutely great video for beginners interested in listing their first nft. I just listed mine and I'm glad i watched this 👍🏾
Thanks so much! I really appreciate it :)
And did already sell it?
I want to ask, is the "initialize wallet" the only fee you pay when selling for fixed price? What about the other steps, like "approve this item for sale" or "complete listing"?
Don't you have to pay for each nft or each collection you put up for sale for the first time?
@Maros R the initalize fee is the one time fee when you list your first NFT on the exchange. what I have learned is that you will pay that one time fee for each exchange you list. so far, open sea and meta mask have charged the one time fee for listing
@@RayCollinsExodica so the companies that list 10 000 nfts are paying 10 00 gas fees? that doesnt seem right
Great vid! What is the "approve this item for sale" used for if not for paying gas?
Thank you for this. Very informative
Excellent video. Thank you for the NFT and ETH education. Keep up the great work.
Thank you so much! I really appreciate it
Very nice video! Hanks so much! Subscribed after the first 5 mins! You do know what you’re talking about.
I'm learning about NFT's and just did my first video a opensea walkthough. Appreciate this content well done!
You are absolutely awesome Aprilynne
Hi, your channel is amazing. I watched almost everything and I really learned a lot. But since my English is not 100% I want to ask. When someone wants to create a collection of for example 5 000 images, does that mean they pay a gass fee for each image? So 5000 x for example 120 $ gass fee ? By the way, you're the first person I've ever understood. You are amazing in explanation and I wish you good luck. Thank you in advance for your answer
If you sell your NFTs on Ethereum:
- You WILL have to pay a gas fee every time if you put your NFTs up for auction (to accept an auction bid
- You will NOT have to pay a gas fee every time if you put your NFTs up for a fixed price
If you sell your NFTs on Polygon:
- You will NOT have to pay a gas fee every time
Hope that helps!
@@NFTsSimplified Thank you so much for answer ❤️
@@NFTsSimplified If I sell on ETH auction, do I pay gas fee (for example 120 USD) for the listing of the entire collection (for example 10,000 items bundle) or for each item in the collection separately? Thank you for great videos
@@majkaifcicova7031 Majka, skusala si to, islo to? Iba jeden poplatok? Thank you
I loved how amazing your explanation skills are.
Amazing! Your video just clarified so many questions I had about gas fees. So glas I've watched it before I got into creating & selling NFTs. Very well put together and a definite recommendation for beginners. Thanks a ton :)
explained so well, thank you!
Thanks so much for watching!
Thank You, Thank You, Thank You for this information!!! God Bless You!!!🙏🏽🙏🏽
I'm so glad it was useful!
Thank you ever so much. I use polygon as an artist on Opensea. To freeze my NFTs, I needed pennies in my wallet, which I didn’t have.
I think you have helped so many artists!
Great content, simple & direct, especially to newbies like me. Thank you so much, keep on.
Thanks so much! I really appreciate it!
seems like money laundering
Great Video. I have a question Why there's some NFT for sale in Polygon that says total 100,000, there's an owner with 90% of them and the picture of the NFT is a non stop loop of the different NTF variations in the collection, and they are usually very cheap? What is that? Thanks
Finally a proper video,you explained it very well
liked and subscribed THANK YOU!
After you upload jpegs to open sea, is the jpeg automatically considered an NFT? In other words, is it certified? Before any transactions take place, how is the artwork certified? It only becomes a part of the blockchain once minted with the first transaction? Or does open sea mint it when you upload it. Sorry I barely know what I’m talking about here but I’d appreciate any insight!
Love the content! And love your style! :). I have one question: Is it possible to LIST an entire collection of 10,000 NFTs on Opensea, but then only release say 500 for SALE? My plan is to put up lots of 500 every week or so, but I'm unclear on whether that means I should only list 500 at a time. Do you know??
Yep! Listing vs putting up for sale are two different actions!
What happens if my listing is not sold on Opensea before the expiration date? Will I lose my NFTs or will I have to pay fees to simply reclaim them? Thanks!
Good content , subbed 🔥
Thank you so much, I really appreciate it!
wow you are very good Aprilynne! Thank you
Great video.👍
I truly learned 💯 😌 alot
Hi, First of all Thanks you very much for the videos, they are great ! I wanted to ask a question i havn't fully understood ... If I do want to upload and sell a collection of 2000 different NFT's - in the ETH chain (no auction - fixed price) will i need to pay for each NFT the gas fee - means it can get to a total fee of 2,000 X ~70$ = 140K $ just to put them on sell ?
Nope, you'd just need to pay the one-time initialization fee!
@@NFTsSimplified Hey, if we change the above mentioned scenario to selling a collection of 2000 different NFTs ( for example, a collection like BAYC or cryptopunks) on ETH blockchain for an auction, then do we pay gas each time i accept an auction offer ?
Excellent article. Thank you
Thanks so much for watching!
Thanks for this video and I had a doubt,so even If I decide to sell nft at a fixed price I still have to pay initialization fee right??
Yep! Unless you decide to use Polygon
You are incredibly talented in annunciation and allowing your audience to really engage while watching. Best explanation Video I've seen!
Thank you so much Ashley! I really appreciate the kind words
That's was the best explanation for selling NFTs in Opensea!
I'm so glad this was helpful for you!
These videos are MAD informative and im here for it. Anyone know if you have to pay fees if you wanna add NFTs to a collection already on opensea? Like if i have 10 items and i wanna add 5 more a month later do i have to pay for more gas because these GAS PRICES KEEP GOING UP?!
You don't!
Your videos are the only ones I seem to be able to digest and understand (and retain). Any plans to back it up and break down getting into crypto to begin with???
Thank you so much! I am planning on more generic crypto/Web3/blockchain content eventually, but I'll probably stick with NFTs for a while!
Great video subscribed!
What happens if you list an NFT and it doesnt sell in the projected sale time, for example 1 month?
Amazing vid, thank you so much! ♥
hi! can u approve an nft collection for sale and pay just one fee? or need to pay for every item?
WOW... Mind 💥Blown. This was a very helpful video. I was a little skeptical about entering in this. I've always been very protective of my artwork. One of the reasons why I don't do social media. I'm glad I came across your video. You explained every detail so well. A lil scary as you went on cause I really didn't know if this would be the right thing to do...until you mentioned Polygons. I heard good things about it also. Do you teach classes on this subject? You can help alot of artist out there. Much appreciated! New SUB. Will continue to follow SENSEI.
Thank you so much! I don't currently teach classes, but I'm considering starting a paid community at some point for that purpose!
@@NFTsSimplified I will be the fist to sign up!😁
what is makerRelayerFee when signing contract on opensea during the 3rd confirming the listing?
Thank you, it's a whole lot of info to take in. 😫
Great video ! So informative
Thanks so much Diego!
If your selling your nfts on polygon what public address do you need to provide just your regular etherum or do you need to provide weth address and what blockchain would it need to be for poly or ether for weth address not sure if this makes sense
Your videos are very highly well edited, can you make a video at one point or list resources you use to edit your vids please.
So is the initial fee taken out of my wallet at the beginning prior to selling NFT or is the fee itself taken out of the NFT when it's sold?
Hi ! Is it normal that after paying the first gas fee to sell, i cannot see my collection in the search tab ? i saw that when u create an ''item'' you can ''freeze the metadata''. so do i need to pay gas fee for EVERY of my NFT to be seen in the search bar??
very informative! thank uuuu
Idk why but my default gas limit is hitting in the 500k range off of open seas or metamask's recommendation, which is making my initialization fee land somewhere in the 270-400 dollar range. My friend's gas limits for selling their nfts is defaulting at around 50k which is substantially lower their gas fees are somewhere in the 20-$40 range (granted his account is already initialized as hes made sale already) which makes us both think my account settings are somehow abnormal. Ive tried manually lowering my gas limit to 50k only to have my transaction fail and it burn through all my gas so I took the L anyways. Would you possibly know why this is happening? does 270-400 sound like amount right amount? or does Initialization require a higher gas limit than just selling NFTs?
Minting or exchanging ownership of a NFT cost different amount of gas, is there any estimates of how much gas is needed for each type?
Hi! What happens when a sale ends on OpenSea and I didn't sell (fixed price)? Do I have to pay any fees?
Great! insight on NFT's. This is a good way to bring value to your business
I'm so glad!
I am writing this in May 2023. OpenSea changes a lot and all the time. Opensea charges 2.5% for every sale you make. Nothing is ever for free.
very informative, thanks for sharing. subbed n liked :)
Thank you so much!! I really appreciate it :)
So If I am selling something for fixed price then I just have to-pay the one time gas fee and nothing beyond that right?
powerful explanation 💪💪
Thanks so much!
This is way more informative than people with millions of views.... Please keep up the good work!
Thank you so much for the kind words! I really appreciate it :)
What happens if my listing is not sold on Opensea before the expiration date? Will I lose my NFTs or will I have to pay fees to simply reclaim them? Thanks!
Great Video! Thankyou
Once you sell a piece of art on opensea, is there a hold on accessing the funds to cash in for irl money?
Do you know anything about having to have a wallet funded with the same amount of a nft im selling for the first sell in OpenSea I have a sell but they telling me I don't have enough for AML verification
Hi Aprilynne, thanks for your video. I sold 2 NFT on Opensea and the agent whom I collaborating with claims $1,100 as wallet fees so that I can gain my profits. Do I really need to pay such an amount. Thanx for your quick answer. I'm really lost.
Your background is the best on YT🔥🔥🔥
Aww thanks so much!
Can i launch a collection on opensea and keep adding arts to it later down the line or are you not able to make edition after launch?
You can add more items to a collection after launch!
Absolute awesome videos!! thanks! Im just curious on how often you should release NFTs?? 1 launch a month? every week?? ect?
If my nft is not sold do I have to pay some monthly fee please clarify?I used polygon
Great video! But do you also have to pay gas fees when you sell an nft from a collection not from yourself?
If it's on Ethereum, yes
@@NFTsSimplified If you list your NFT and it doesn't sell do you still pay gas? Or only if the NFT sells?
Great video. I'm researching a project named DeFi Warrior and I feel that's a potential game to invest in. Hope you can talk more about the P2E games in the future.
I want to sell my first nft but the gas fee is around $200 is this just 1 off payment or every time I want to sell an nft you have to pay this help?
Can the gas fee be paid in stages?
Please reply
Why does it say minted on my NFT? Will I be able to sell it with it being minted or no?
I'm still so confused. So there are 3 fees to pay when creating one? To create account, "mint" it, then accept an offer? I thought it was to mint it. But with polygon it might avoid it?
Hello,
I am brand new to this and have learned much thus far.
However, I really need some help. I have created a collection and have 3 art NFTs for sale. If someone wants to purchase one for the listed price of $9500.00, how much should I have in my wallet to pay the initial gas fee and Opensea percentage? This would be my first sale and have not paid any fees yet. I want to make sure the transaction goes through. If I don't have enough in my wallet, will the customer's transaction get cancelled? Will they lose their paid gas fee money?
Thank you so much for your help,
Shain
I have an issue on opensea when I'm wanting to sell it doesn't give me the type price option and also not the option of whether I want it to be offers or buy now etc. do how can I solve this problem cause I can only type in the price and the date thats all but I don't have the other options so help
Hey April, can you tell me why am I not getting the “unlock currency” option while listing NFTs??? I am stuck here please help me
Is there a problem when you make a lot of offers to people in weth ? If I make more offers than Weth available ?
Can it become a problem ?
Your video really helped me out 🚀🚀
I'm so glad!
Can i put anything for free ?
Then just pay gas fee when its bought by smn ?
What about canceled transactions , zrent they refundablen
What is smart contract? Does this effect our project?
already subbed but can you make a video how to sell it
?
Hi, what about freezing metadata- there is a gas fee with that, i'm stuck for me to freeze my whole collection it would cost alot, and i want to stay on ethereum blockchain also, how do people have 10k collections with the gas fees of freezing metadata?
Thanks for all the tipps! I fortunately made millions in NFTs now!
can you adjust your buy it now price without an additional fee, once its already listed?
You can lower the price, but not raise it
Does the fee repeats for every other nft i list
Thanks for the video. However I have the following questions:
1. What happens after you have sold an NFT? Example, I listed a photo clicked on phone as a NFT, someone buy it, but then what needs to be done of the photo that is still in phone as a copy.
2. Is there WETH on polygon network as well ?
3. Do I have to pay gas fee when placing a bid to buy a NFT?
4. When a buyer buys my NFT via Poly eth or eth eth, then, do I have send the NFT to the buyer on his wallet or OpenSea takes care of it ?
5. If I list NFT on polygon or main net network, then in order to freeze the metadata, do I have to pay gas fee?
6. What does freezing metadata means?
What happens if my listing is not sold on Opensea before the expiration date? Will I lose my NFTs or will I have to pay fees to simply reclaim them? Thanks!
Hi quick question. Do you have to pay gas fees every time you bid on an nft?
Nope! But you do if you cancel the bids
@@NFTsSimplified if the bids do not go through because theres another buyer with higher bid, i wont have to pay gas fee either rite? & thanks so much for the video
At the moment of selling I only have the ethereum option. Is there a way to unlock or add the polygon? Nice vid btw
You should have both options! There's nothing special to unlock Polygon on OpenSea
@@NFTsSimplified yessss I found it! Thanks!
What if there is an nft with multiple items... like (150 of the same NFT from a verified collection).... and I buy one, list it for sale at one price but decide to change the price to something lower... EX: BUY for .5eth.... list for sale @ 1 eth, then change the listing to 0.75eth to sell sooner).... I didn't cancel the original 1 eth listing so what happens to it when someone buys my NFT for 0.75eth??
The 1 time setup fee is it payed before selling or can u pay it with the profits u make from selling?
Before selling unfortunately
Will I be charged any fee if my listed NFT expires on Open Sea? I know that I need to pay the gas fee to remove the listed item, but what if it expires? Also, what I don't understand is why I wasn't charged any gas fee to list the nft? I used Etherium and not polygon. But still, Open Sea let me list it for free. So, now I'm worried if i will be charged if it expires.
great video thank you for saving my life and my wallet
Excellent. Thank you.
Thanks so much David!
Thank you :)
Thank you for watching!
how can i do pay the frist time gas fees when i setup my account for the first time please i need the steps
This vid is incredible thanks
I'm so glad it was helpful!