What fees do I pay on OpenSea? | OpenSea Help Center (2024)

FAQs

What fees do I pay on OpenSea? | OpenSea Help Center? ›

OpenSea fee

NFT Gas Fees are typically quoted in gwei, which is a denomination of ETH. Each gwei is equal to one-billionth of an ETH. The average gas fee on Ethereum currently stands at around 10.39 gwei. This means that a transaction that costs 10,000 gas would cost around 0.0001039 ETH.

While some platforms offer free minting, they may still charge a fee when you list your NFT. This fee usually ranges from 1% to 5% of the sale price. Marketplace fee — a percentage-based cost that the platform or marketplace charges for facilitating the buying, selling, or trading of NFTs on their site.

Cost to Create NFT on Opensea

The largest NFT marketplace, OpenSea, charges 2.5% per transaction. The cost of minting, or creating, non-fungible tokens can range from less than $1 to more than $1,000 depending on the above mentioned factors.

Gas. Gas fees are transaction fees paid to validators on the Ethereum blockchain for processing your transaction. ​​Gas is not paid to OpenSea, and OpenSea does not control gas prices. If you're a seller, you'll pay gas when listing an item on Ethereum for the first time or accepting an offer.

OpenSea is one of the platforms that provide free NFT minting. However, users will still be charged 2.5 percent of the final sale value of your NFT work. Sadly, there's no option to skip the fee.

Setting a lower gas limit is one of the most straightforward ways to reduce fees. Lazy minting removes upfront costs for minting an NFT. No fees are paid until a creation sells. Gas fees are generally cheaper on weekends and nights.

First of all, you must note that every blockchain transaction, including minting, purchasing, transferring, or trading NFTs, requires gas fees. The gas fees are payments for validators to ensure the security of the blockchain network.

It's perfectly reasonable for artists to start selling NFTs at a couple hundred dollars and see where that takes them. As an emerging artist, it's always better to start lower and then raise your prices rather than starting high and having to lower them. The idea is to build loyalty and create interest.

What is the average NFT fee? ›

On average, the cost of creating NFT ranges from $0.05 to over $150. The cost of creating NFTs depends on various factors such as the cost of blockchain, gas fee, marketplace account fee, listing fee etc.

As a reminder, currently Creator Fees are optional and OpenSea marketplace fee, 2.5%, are required for all orders made via the OpenSea website or OpenSea API.

Some NFT Marketplaces allow users to list their digital assets for free but take a commission once the NFT goes. The NFT minting cost on OpenSea is 2.5% of the final sale.

Identify when gas fees are lowest in a week

In particular, Tuesdays and Thursdays are when the markets are the busiest. Hence, an ideal time to make OpenSea transactions are on Saturdays and Sundays from 2 AM to 3 AM (EST)—that's when ETH gas prices are at their lowest.

Setting a lower gas limit is one of the most straightforward ways to reduce fees. Lazy minting removes upfront costs for minting an NFT. No fees are paid until a creation sells. Gas fees are generally cheaper on weekends and nights.

You can lower the price of a fixed-price listing by navigating to your item and clicking Edit listing at the top right of the page. Enter the new price in the Set new price section and click Continue. You'll need to review and confirm the listing in your wallet.

All blockchain transactions – including actions conducted on platforms like OpenSea – require computational power. Network validators supply this power, and it's not free of charge. This is where gas fees enter the equation, as this is how value transfers from users to validators.