This article will detail the different fees users will need to pay when interacting with OpenSea.
Gas fees are like transaction fees on the Ethereum blockchain. When you make transactions, such as transfer crypto to another wallet or purchase a digital collectible on OpenSea, you'll need enough ETH in your wallet for the initial transaction and the associated gas fees.
Currently, actions can be categorized into three categories: One-time fees, recurring fees, and actions that are gas-free.
Account Registration fees
- needed when initializing your account for making your first sell order. Only needs to be done once for your account.
- as well as allowing OpenSea to access your item (or all items in the collection, if the collection supports it) when a sale occurs.
- These fees will be small but they do not include gas fees.
- You will to repeat this one-time process every time you use a cryptocurrency for the first time with your wallet on OpenSea. This includes popular alternatives such as USDC, DAI, UNI.
You will pay gas fees every time when:
➔ Accepting an offer
➔ Transfering (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/Matic.
➔ 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 gas prices with websites like ETH Gas Station before confirming a transaction. One possible solution is to try the transaction again later when prices are lower.
* Price drops only applicable on ERC721 NFTs and not ERC1155 NFTs.