The hype around NFTs is real.
There’s no better place to sell your NFTs than on the OpenSea marketplace. From cryptokittie to artwork to domain names there’s no limits to the digital assets you’ll be able to buy and sell on this marketplace.
To start selling on OpenSea, you’ll need to pay two fees before your first sale. Note that the price of these two fees isn’t set in stone, and you can lower them as far as possible. But how?
First, the fees for the service are paid in Ether. This means the price is based on the crypto’s value in relation to a dollar or whatever currency you use.
Like minting, the two transaction fees are transactions on Ethereum’s blockchain. Because of this, it takes processing power to complete. To compensate for the extra energy required to process these transaction, you have to pay an extra gas fee.
At the time of this writing, the first transaction costs anywhere from $70 to about $300. The second transaction is generally $10 to $30, although it can be more or less.
This price range is because of the gas fees. There are days when fees are higher, and there are days when fees are lower.
You can track the gas prices on www.gasbuddy.com. Ideally, you want your numbers to be below 100. This is when you should initialize your account to save the most.
Apart from the one time upfront fees, OpenSea charges 2.5% of all your sales. You only pay this sales tax after the item is actually sold.
How to Sell on OpenSea Without Paying Gas:
After you’ve completed the details and your file has been uploaded, it’s time to sell it. The marketplace will compute “gas fees” after you list your item for sale. This is a blockchain network fee to keep track of transactions. This fee varies depending on how busy the network is.
If you’re familiar Ethereum blockchain, gas fees on the OpenSea platform are similar to the transaction costs you already know. When you transfer crypto from one wallet to another or purchase an NFT from OpenSea, you should be able to cover the initial transaction fee and the gas fee.
However, OpenSea has recently introduced a new marketplace called Polygon, where you don’t have to pay gas fees to sell NFTs.
To create a Polygons collection, follow the steps listed below:
Click on your profile photo and select “My collections.”
Click on “Create a collection.”
Add the logo, description, banner, and set the royalties for the image.
Select ''Polygon'' Blockchain
Now that you’ve created a Polygon collection, it’s time to sell your NTFs
Select the NFT you want sell and select “sell” in the upper-right corner.
Set the selling price and currency
Select “Complete listing.”
That’s all there is You’ll see a notification saying, “Your item is listed,” which you can copy wherever you like to boost its visibility.
NFTs are the future.
We are still in the early wave of this new technology and as such, it’s hard to say what will come next.
If you feel like you do not know everything yet. that’s ok! NFTs are still new to people to fully grasp.
One thing is for certain though; we can’t go back from here. The industry has only just begun and with every year more people get on board with virtual assets, there is no doubt that these digital goods will only grow bigger and become a more integral part of our society.
What do you think? Do you see an opportunity for using NFTs or tokenized items in your business model? Let us know!