NFT Admin
There’s a good chance you’ve heard of crypto and know at least a couple of people who buy and sell NFTs. You might have even heard how profitable it is and that it can help you earn millions. If you’re a digital artist, you’ve probably considered “minting” an NFT and earning for it digitally.
To get good buyers, you also need a good platform, and what better platform than OpenSea, that’s currently taking the world by storm and is miles ahead of its competitors’ digital marketplaces for NFTs. But if you’re new to all this and are unsure how to go about it all, don’t worry; this article is for precisely that! Let’s go over the basics first.
Table of Contents
- What are NFTs?
- What is OpenSea?
- What Is Minting?
- Benefits Of Minting On OpenSea
- How Much Does It Cost To Mint On OpenSea?
- Tips For Minting On OpenSea
- Conclusion
What are NFTs?
NFTs are short for non-fungible tokens, and they represent objects in the real world, such as pictures, videos, music, art, etc., that can be bought and sold by users using cryptocurrency. Over the years, they have substantially gained popularity as a feasible method to sell artwork digitally.
They are unique in their identification codes, making them one of a kind. This scarcity helps them stand out from other digital creations, which are usually available in abundance.
What is OpenSea?
OpenSea is one of the world’s largest marketplaces used for buying and selling unique NFTs. It is essentially the same as many other online marketplaces like Amazon or Walmart, except it is used only for the exchange of NFTs between users. It is decentralized and allows peer-to-peer exchange letting users transact with each other directly.
Digital artists can easily mint on the platform, hold auctions to sell their tokens, set their fees on the tokens, and even create their own marketplaces and NFT collections.
What Is Minting?
We have all heard of NFTs and what they do, but how does one create an NFT? More importantly, how do you establish your work on the blockchain?
Well, minting is the answer to precisely that. Minting involves the process of converting digital data into a crypto collection that’s recorded on the blockchain so you can have your own NFT and start selling it.
Benefits Of Minting On OpenSea
An essential part of selling NFTs is choosing the right platform to do it, which is why it is highly recommended that you do your research properly before selecting a site you want to sell on.
Naturally, you would be asking why you should choose to mint on OpenSea in comparison to other digital marketplaces.
Well, to put it briefly, since OpenSea is so ahead of its competition and is the leading marketplace for NFT-related transactions, the kind of exposure you can get on OpenSea cannot be matched by other sites.
The lower visibility on other platforms also means less chance of getting favorable deals and selling your NFT.
This is the main reason that many sellers use this platform.
In addition to that, OpenSea is also an economical option for those that want to save on the minting fee because they only charge gas price once (which will be discussed going forward).
How Much Does It Cost To Mint On OpenSea?
Now that you know what minting is, it is time to learn how to mint. Before moving forward with the initial costs, you should know that it will cost you to mint your NFTs. Different sites have different procedures for charging you when you sell an NFT.
Following are the costs that an individual has to pay:
This includes the charge that is paid for creating and storing NFTs. It is paid to the Ethereum network and depends on the algorithm of the network you choose to work with. When you buy or sell NFTs, the transactions are recorded on the Ethereum blockchain, which requires energy or processing power, and this is why you have to pay a gas fee to compensate for it.
It can vary depending on the site you use and the current conditions. It also depends on the current value of the currency being used (ETH), so it is constantly variable (changing by the second), but you can also use a few tips to lower gas prices in your favor.
The good thing about using OpenSea for this is that you don’t have to worry about paying gas fees over and over again like some other platforms; you only have to do it once. Usually, the gas price is about 113% of the price of the item you’re minting.
- Platform Commission
This is what the platform will charge you to sell on their site. This typically lies between 2.5 to 5%.
- Royalty Fee
This is decided by you (or the creator of the NFT who is selling it), and it is the percentage of the selling price that will go to you once the NFT is sold. You can also specify if you want a percentage of the selling price each time your NFT is resold.
Now we discuss the expected charges for minting on OpenSea.
For a first-time seller, OpenSea charges two fees before their first sale. These are not fixed and can be manipulated by you using a few tips.
The first fee is to make your account ready before you start transacting NFTs, and this will cost you anywhere between 70$ to 300.
The second fee allows OpenSea to access your NFTs and is 10$ to 30$.
In addition to these fees, once your NFT sells, OpenSea charges 2.5% of the final sale price.
However, you should keep in mind that OpenSea will only charge you the two fees the first time you sell an NFT, and you do not have to pay them again to sell NFTs in the future.
The recommended payment tokens you can use to sell your NFTs on the site include.
- Ethereum
- DAI
- WITH
- USDC
Now, this is the standard cost for minting an NFT, but what if we told you that there is a way to make gas-free transactions as well? Yes, you can mint NFTs without any gas fee as well.
You can do this by using the polygon network. It should have an option for a gas-free blockchain experience. In this way, you can avoid being subjected to Ethereum gas fees.
With this method, however, you will still be charged 2.5% of the final price, but you can avoid paying any gas fees.
Tips For Minting On OpenSea
Understandably, you would want to save your money and get the lowest gas prices when minting your NFTs. In order to enable you to do this, this section covers all the tips you can try to lower the gas prices you have to pay
- Use a site to track gas prices. You want to pay on the days the gas prices go below 100 because that is the most economical.
- The cost you have to pay also depends on the current value of the crypto in comparison with the currency you are using. OpenSea charges in ether.
- Be patient, don’t jump the gun when paying the fee, and double-check before signing.
- List a collection of your NFTs before you start selling them.
- You can mint multiple copies of your NFT and create a limited edition batch.
Conclusion
Thus, now you are aware of the basics of minting, and hopefully, your questions about minting NFTS, the initial costs, and OpenSea have been answered. Using this knowledge wisely, you can make a significant profit on the platform! Moving forward, learn how you can use a Coinbase Wallet to store your NFTs on OpenSea.
