As far as the Web3 world is concerned, OpenSea is one of the legacies that have a long-running history. OpenSea is a marketplace platform built on the Ethereum blockchain, founded in 2017. It has been selling various products backed by non-fungible tokens (NFTs) based on the principle of vertical trading. One should know more than 95% of the world’s NFT products. Assets available on the platform include artworks, music, video clips, pixelated images, in-game properties, physical items, and even land on metaverses. Out of all these kinds of items, most are minted or created on the OpenSea NFT marketplace platform.
For someone new to the NFT space and wanting to create NFTs on OpenSea to sell on the platform, there often lingers a thought of the cost of creating NFTs. OpenSea actually charges two fees for sellers minting NFTs for the first time on the platform. These are for initializing your account for selling and granting OpenSea access to your NFTs. Additionally, both buyers and sellers will be charged 2.5% of the sale amount as a marketplace fee. All these transactions also include “gas fees,” which are charged by the blockchain network (In this case, Ethereum) for its operations.
Post the first sale, creating or minting NFTs on OpenSea cost absolutely nothing! Other than that, there are no hidden fees incurred in any other stage of creating and selling NFTs. Still, one should know that Ethereum’s gas fees apply for minting NFTs ever after the first time too. Hence, you will need to pay some amount in Gwei, the smaller unit for Ether, and as you know, it is variable in nature. If you want to mint your NFTs without spending much on gas fees, you can mint them during times when it goes below 100 Gwei.
You should also note that OpenSea supports various cryptocurrencies and stablecoins, such as Ether ($ETH), Wrapped Ether ($WETH), Solana ($SOL), US Dollar Coin ($USDC), and Dai coin ($DAI). OpenSea also supports Klaytn, Solana, and Polygon, in addition to Ethereum. Since it is EVM-compatible, tokens can be transferred easily to other blockchains with EVM (Ethereum Virtual Machine). Hence, if you want to use OpenSea as an NFT seller, the platform offers numerous advantages compared to its competitors and a huge user base, which convinces most businesses. The first-time minting fees are also minimal, and with a tinge of watchfulness and decision-making, you can optimize the cost of creating your NFTs on OpenSea anytime.
