How to not lose money on NFTs (all OpenSea fees explained)

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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!
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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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Опубликовано:

30 июл 2024

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Комментарии : 422

@JohnGreen-we4sc 2 года назад

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

@pureo.c8365 2 года назад

I looked everywhere for all of these quastion thank you so much! helped a lot :)

@DavidNFT 2 года назад

I'm learning about NFT's and just did my first video a opensea walkthough. Appreciate this content well done!

@isabellejourdan Год назад

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.

@MeetKevon 2 года назад

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.

@NFTsSimplified 2 года назад

Thanks so much for watching Kevon! ❤ And absolutely, gas fees can REALLY screw you over if you're not careful

@oscarsjostrom3055 2 года назад

Loved this video! Very helpful. Thank you Aprilynne.

@NFTsSimplified 2 года назад

I'm so glad it could help Oscar!

@dillonbrooks7807 2 года назад

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

@NFTsSimplified 2 года назад

Thank you so much Dillon! I really appreciate it :)

@scarletred1516 2 года назад

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😊)

@vanessach11 2 года назад

Very nice video! Hanks so much! Subscribed after the first 5 mins! You do know what you’re talking about.

@vrajjoshi7 2 года назад

A very good explanation to a very important topic!!! appreciate it.. keep up the good work

@NFTsSimplified 2 года назад

Thank you so much Vraj!

@make-cash-online2182 2 года назад

You are absolutely awesome Aprilynne

@vamphemp4630 2 года назад

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??

@ToutEstPossible 2 года назад

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 ?

@AmoreAndButterflies 10 месяцев назад

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!

@jogaverse 2 года назад

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

@kitkat261 2 года назад

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?

@freddychacinstudio 2 года назад

Amazing video, very informative. Thank you!

@NFTsSimplified 2 года назад

Thanks so much Freddy!

@Craftedbywaltz Год назад

Bravo amazing work, so well explained. Learnt so much.

@ronniesao6951 2 года назад

Thank you for this. Very informative

@KMB_StiX 2 года назад

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??

@ld5750 2 года назад

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!

@LionheartBeatz Год назад

I just connected my wallet to opensea, created a collection & and item, but didnt listed it. Also i got 0 $ in my wallet. Does Opensea still charge me for connecting now?????

@LexusTheArtist 2 года назад

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?

@RayCollinsExodica 2 года назад

Absolutely great video for beginners interested in listing their first nft. I just listed mine and I'm glad i watched this 👍🏾

@NFTsSimplified 2 года назад

Thanks so much! I really appreciate it :)

@13hubi13 2 года назад

And did already sell it?

@MaroSSo1993 2 года назад

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?

@RayCollinsExodica 2 года назад

@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

@MrPFerd 2 года назад

@@RayCollinsExodica so the companies that list 10 000 nfts are paying 10 00 gas fees? that doesnt seem right

@xoaostudios 2 года назад

Great video subscribed!

@user196-cvt45 2 года назад

wow you are very good Aprilynne! Thank you

@SUISHIDL 2 года назад

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?

@relatableguy2517 2 года назад

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

@alexamaro4598 2 года назад

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

@SilentNSly 2 года назад

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?

@YasserFayad Год назад

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?

@scotty4420 2 года назад

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?

@Exotic-c43 2 года назад

What if I only had 0.8 Ethereum in my account and I put 0.8 On multiple bids if one of the sellers accept my bid and I have 0 ETH what would happen to the other bids I put down

@earthlyng_official4599 11 месяцев назад

What happens if you list an NFT and it doesnt sell in the projected sale time, for example 1 month?

@DragonDsGaming Год назад

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

@maredsolien7444 2 года назад

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!

@rayfieldscott2939 2 года назад

Excellent video. Thank you for the NFT and ETH education. Keep up the great work.

@NFTsSimplified 2 года назад

Thank you so much! I really appreciate it

@fortnag Год назад

Once you sell a piece of art on opensea, is there a hold on accessing the funds to cash in for irl money?

@dannyjames8084 2 года назад

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?

@entertainmentforeveryone243 Год назад

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

@aquafina21 2 года назад

Why does it say minted on my NFT? Will I be able to sell it with it being minted or no?

@abhishekbhardwaj2101 Год назад

If my nft is not sold do I have to pay some monthly fee please clarify?I used polygon

@annakaczmarczyk1318 Год назад

Hi! What happens when a sale ends on OpenSea and I didn't sell (fixed price)? Do I have to pay any fees?

@shrutimadadi9533 2 года назад

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 :)

@lronthedon9947 2 года назад

Great Video! Thankyou

@ghannouhossam8633 2 года назад

Can i put anything for free ? Then just pay gas fee when its bought by smn ? What about canceled transactions , zrent they refundablen

@user-hu7on3ko4y Год назад

I use lazy minting on Opensea to sell my artworks that require no gas fee upfront. But What i want to know is if someone buy my artworks. Does the gas fee get deducted from the sales Or do i actually need funds in my wallet? I keep on getting clients telling me that i need funds in my wallet in order for the sales transaction to go through. But because theres a lot of scams going on . I'm not sure who is legitimate . Can someone please advise?

@chachonetwork 2 года назад

Thank you, it's a whole lot of info to take in. 😫

@Kier1313 2 года назад

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?

@Ferjay45 2 года назад

I got an offer and I accepted the offer the gas fee was around 250 but the nft never got sold I still have it why is that?

@abhishekkumarjha2120 Год назад

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.

@elvegano7542 2 года назад

hi! can u approve an nft collection for sale and pay just one fee? or need to pay for every item?

@user-tv1hj6of4k Год назад

how can i do pay the frist time gas fees when i setup my account for the first time please i need the steps

@yogameditate3671 2 года назад

Finally a proper video,you explained it very well

@mrtimidlysmith1054 2 года назад

Great video.👍 I truly learned 💯 😌 alot

@vivitan5219 2 года назад

very informative! thank uuuu

@marvXn.17 Год назад

I wanted to sell my NFT the buyer sent me a QR code which direct me to a page to link my wallet to the transaction but I was told I must have at least 1ETH to receive the money.... Please who can help with that

@shainrutten8469 Год назад

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

@joereilley1309 2 года назад

liked and subscribed THANK YOU!

@diegoramosg 2 года назад

Great video ! So informative

@NFTsSimplified 2 года назад

Thanks so much Diego!

@niveditamishra1388 Год назад

I loved how amazing your explanation skills are.

@guidoooo 2 года назад

Amazing vid, thank you so much! ♥

@Monebiba_12 7 месяцев назад

Can the gas fee be paid in stages? Please reply

@body-mind-spiritconfidence347 2 года назад

Great content, simple & direct, especially to newbies like me. Thank you so much, keep on.

@NFTsSimplified 2 года назад

Thanks so much! I really appreciate it!

@n3wt 2 года назад

seems like money laundering

@kaahirkeshavji9488 2 года назад

what is makerRelayerFee when signing contract on opensea during the 3rd confirming the listing?

@Browngeezer 2 года назад

Good content , subbed 🔥

@NFTsSimplified 2 года назад

Thank you so much, I really appreciate it!

@domainstride 2 года назад

explained so well, thank you!

@NFTsSimplified 2 года назад

Thanks so much for watching!

@danielfriasfotografia 2 года назад

Hey guys... I have a question for the #NFTCommunity and #openseaartists... My friend and I were talking about #NFTs and we had doubts about royalty rates/fees... how much royalty fees do you usually charge for your art? 🤔 Please, help us out! Thanks.

@muratmustafa8714 2 года назад

when i try to list my nft for a fixed price i still have to pay a fee, why is that?

@angelb.6319 2 года назад

Thank You, Thank You, Thank You for this information!!! God Bless You!!!🙏🏽🙏🏽

@NFTsSimplified 2 года назад

I'm so glad it was useful!

@aadishankardas-z8w 2 года назад

That's was the best explanation for selling NFTs in Opensea!

@NFTsSimplified 2 года назад

I'm so glad this was helpful for you!

@Simon-xu1qt 2 года назад

Excellent article. Thank you

@NFTsSimplified 2 года назад

Thanks so much for watching!

@MaroSSo1993 2 года назад

Great vid! What is the "approve this item for sale" used for if not for paying gas?

@YoungTrash-ro1ip 2 года назад

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?!

@NFTsSimplified 2 года назад

You don't!

@eyeswideopen6492 2 года назад

very informative, thanks for sharing. subbed n liked :)

@NFTsSimplified 2 года назад

Thank you so much!! I really appreciate it :)

@majkaifcicova7031 2 года назад

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

@NFTsSimplified 2 года назад

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!

@majkaifcicova7031 2 года назад

@@NFTsSimplified Thank you so much for answer ❤️

@LAZZZZZZZZZZZZZZY 2 года назад

@@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

@MaroSSo1993 2 года назад

@@majkaifcicova7031 Majka, skusala si to, islo to? Iba jeden poplatok? Thank you

@soso909 Год назад

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.

@KelseyHubley 2 года назад

How much gas does it typically cost to gift an nft?

@joesilva6602 2 года назад

Great! insight on NFT's. This is a good way to bring value to your business

@NFTsSimplified 2 года назад

I'm so glad!

@iTsJaY 2 года назад

good video thanks

@debutgoldenlife 2 года назад

How many times gas fee has to be paid in opensea account

@nirbinyamini159 2 года назад

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 ?

@NFTsSimplified 2 года назад

Nope, you'd just need to pay the one-time initialization fee!

@shrutimadadi9533 2 года назад

@@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 ?

@chayomalive 2 года назад

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?

@NFTsSimplified 2 года назад

You can add more items to a collection after launch!

@seanjones20 2 года назад

This vid is incredible thanks

@NFTsSimplified 2 года назад

I'm so glad it was helpful!

@ashleyhill9857 2 года назад

You are incredibly talented in annunciation and allowing your audience to really engage while watching. Best explanation Video I've seen!

@NFTsSimplified 2 года назад

Thank you so much Ashley! I really appreciate the kind words

@vip_mosaicnftcollectionono8144 2 года назад

Thank you :)

@NFTsSimplified 2 года назад

Thank you for watching!

@mauranevanhorenbeeck530 2 года назад

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?

@NFTsSimplified 2 года назад

I had never even heard of Foundation before, but I can give it a look!

@mauranevanhorenbeeck530 2 года назад

@@NFTsSimplified thank you! Would be super nice 😍

@saraburnard8045 Год назад

The challenge with polygon now is Instagram can’t pull through polygon nfts because they are technically off-chain. Any work-around for that?

@bliss6890 2 года назад

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???

@NFTsSimplified 2 года назад

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!

@davidhanlon9325 2 года назад

Excellent. Thank you.

@NFTsSimplified 2 года назад

Thanks so much David!

@lindaelizabeth1441 Год назад

How do I pay gas when someone wants to buy my art?

@MayankSenshi 2 года назад

powerful explanation 💪💪

@NFTsSimplified 2 года назад

Thanks so much!

@krumkrasin8539 2 года назад

Does the fee repeats for every other nft i list

@sampath598 2 года назад

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??

@NFTsSimplified 2 года назад

Yep! Unless you decide to use Polygon

@Juyoung1215 2 года назад

This is way more informative than people with millions of views.... Please keep up the good work!

@NFTsSimplified 2 года назад

Thank you so much for the kind words! I really appreciate it :)

@KoJolovesAfrica999777 2 года назад

Your video really helped me out 🚀🚀

@NFTsSimplified 2 года назад

I'm so glad!

@DCMulay 2 года назад

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??

@NFTsSimplified 2 года назад

Yep! Listing vs putting up for sale are two different actions!

@maredsolien7444 2 года назад

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!

@dylancarr3767 2 года назад

You are awesome!

@NFTsSimplified 2 года назад

Thanks so much Dylan!

@TripleBProductionzz 2 года назад

Hi quick question. Do you have to pay gas fees every time you bid on an nft?

@NFTsSimplified 2 года назад

Nope! But you do if you cancel the bids

@adrianbram3031 2 года назад

@@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