Gas fees are like transaction fees on the Ethereum blockchain. When you make transactions, such as transfering crypto to another wallet or purchasing an NFT on OpenSea, you'll need enough ETH in your wallet for the initial transaction and the associated gas fees.
This guide explains the different fees users will pay when using the Ethereum blockchain on OpenSea. There are three types of gas fees:
- One-time fees,
- recurring fees,
- and actions that are gas-free.
Users can now use Polygon to create, buy and sell NFTs without paying any gas fees. Click here to learn more.
#1 Account Registration fees
If you’ve never sold on OpenSea before, you’ll need to pay an account initialization fee before you can list on Ethereum.
This allows trading between your wallet and OpenSea, and also allows OpenSea to access transfer items when a sale occurs.
If the item you are listing was not minted on OpenSea but through a custom NFT contract you will need to pay a one-time approval fee authorizing transactions. If this is your first time listing an auction, you will also need to approve WETH for trading.
You will need to repeat this approval every time you use a cryptocurrency for the first time. This includes other currencies like USDC and DAI.
You will pay gas fees on Ethereum when:
- Accepting an offer
- Transferring (or Gifting) an NFT to someone
- Buying a NFT
- Canceling a listed NFT
- Canceling a Bid
- Converting WETH back to ETH, and vice versa.
- Freezing your metadata.
- Bridging ETH or withdrawing ETH to and from Polygon.
- Minting a new NFT aka "Lazy Minting".
- Creating a collection.
- Listing an NFT as fixed price.
- Listing an NFT as auction.
- Reducing the price of an NFT you've listed* (WETH is only needed when you accept or create an offer).
Moving forward, because gas prices do fluctuate due to network congestion, it's important to check websites like ETH Gas Station before confirming a transaction. If gas prices are high, one possible solution is to try the transaction again later when prices are lower.
⚠️ Please note that not using enough gas in a transaction may result in the loss of the transaction fee. This is likely to happen during popular releases where many users are attempting to purchase a limited supply of NFTs.
* Price drops only applicable on ERC721 NFTs and not ERC1155 NFTs.