On the Ethereum blockchain, gas costs are similar to transaction fees. Therefore, you’ll need enough ETH in your wallet for the first transaction and the accompanying gas costs when you execute operations like transferring crypto to another wallet or purchasing an NFT on OpenSea.
What Is The Gas Fee On OpenSea?
Gas Fees is the amount you will have to pay for using all the resources to complete any transaction on the blockchain. You can also understand it with the example of a credit card.
When you transfer the money from your account, there are times when you will have to pay the fees for it.
Similarly, in OpenSea, when you mint ETH or perform any transaction on the blockchain, a fee is paid, and that fee is known as the gas fee. However, the amount you will have to pay as a gas fee is yet not determined. It can fluctuate according to the demand and supply of cryptocurrencies.
How To Calculate The Gas Fee?
You need to know about calculating the gas fee because the gas fee depends on different factors. These factors include the current price of the asset, how complex the transaction is, and the number of people involved in the transaction.
- Know that the Gas is calculated in GWEI. This is the gas unit used on the network.
- 1 GWEI represents 0.000000001 ETH.
- You need to pay a minimum of 21,000 to carry out a network transaction.
However, you will have to pay two types of gas fees on OpenSea. One is one-time fees, and the other is recurring fees. Recurring fees include fees you have to pay while accepting an offer, canceling bids, or freezing the metadata.
When Are Gas Fees Needed On OpenSea?
To sell or purchase items on your OpenSea, you need to have enough ETH in your account because you will have to pay the gas fees for the same. On Opensea, there are two types of Gas fees that you will have to pay. They are:
- One-time gas fee
- Recurring gas fee
OpenSea One Time Gas Fees
As the name suggests, this gas fee is paid only one time. This is paid to provide permission for the transaction between OpenSea and your preferred wallet. You will have to pay the registration fee in the following scenarios.
Registering Your Account
So, in case you have not ever sold your NFT on OpenSea, you will have to pay a fee before you proceed to link it on OpenSea. This is to initialize your account on OpenSea. The fee you have to pay depends on various factors, including the congestion on the Ethereum network.
However, you may notice that this fee is a bit higher than the normal Ethereum transaction fee. This may happen because, with this, you are permitting OpenSea to sell your current NFT and the Future ones as well.
Approval Of Token
So, in case you have minted your NFT on any custom platform and not OpenSea, you will have to pay the fee to get your token approved for transaction on the OpenSea platform.
Other than this, if you are listing your NFT in an auction for the first time, you will need to get the WETH approval. You will need to get the token approved while interacting with the cryptocurrency initially.
OpenSea Recurring Fees
So, the following type of fee you will have to pay is a Recurring fee. Here are the situations where you will have to pay the recurring fees on Ethereum.
- While you accept an offer
- In case you are purchasing an NFT
- You are attempting to convert WETH to ETH.
- Freeze the metadata
- You wish to cancel the NFT that you have listed.
- You wish to transfer or gift the NFT to anyone else.
- If you have bid on any NFT and you wish to cancel it.
OpenSea Gas Fees Tracker
When you sell or buy an NFT on the platform, you must pay Gas. Seems weird? Gas is defined as the fee you will have to pay per transaction.
The users pay this fee to the miners to maintain the Ethereum network. You will have to pay the amount as the gas fees will be decided according to the cryptocurrencies present in the market.
There is no particular tracker available to track the OpenSea gas fees. The fees will ultimately depend on different factors, including the number of people involved in the transaction, how complex the transaction is, and the price of your crypto.
OpenSea Gas Fees To Sell
While investing in NFTs, you will get an idea that you will not only have to pay the money to buy an NFT, you need it to create and sell the NFTs.
OpenSea Gas fees to sell NFT depend upon the price of the crypto, the difficulty level of the transaction, and how many people are involved in the process.
When you choose to sell your NFT, you will have to pay two fees. Firstly, you will have to pay the fees to initialize the account.
This amount varies between 70 to 300 USD. The second time you will have to pay the fees to allow OpenSea to access the NFT. This cost lies between 10 to 30 USD.
Moreover, this price is not fixed. This can go lower and higher. Simply, you can say time.
Other than this, you will have to pay 2.5% of fees whenever you choose to sell your NFT. So for every successful transaction, you need to pay 2.5% fees.
Why Gas Fee So High On OpenSea?
The primary reason behind the high gas fee on OpenSea is the difference between the demand and supply. It is the fees that you will have to pay the fees for using all the resources on Blockchain. Gas is defined as the required amount of computational power to complete a transaction on Blockchain.
To complete the process on Blockchain, you will have to perform some computational steps. In this process, different resources are used and to use these resources.
When it comes to the pricing, the gas price keeps on fluctuating. But the central question is why these prices fluctuate. The simple answer to the question is the difference between supply and demand.
In the network, when the Ethereum demand increases in the network, the fees will also increase. The miner can ignore the request if the gas fee is less. There are times when the gas fees may even exceed the price of the NFT with a high margin.
On the other hand, the price will increase according to the transaction speed. So, if you wish to execute the transaction faster, you need to pay more. But, the fess can be compromised if you are ready to wait for some time.
London Hard Fork
The London hard fork plays a significant role in determining the gas fee and has been behind high pricing.
Before the London hard fork was implemented, the gas fees were calculated more simply, and the prices could have been more predictable.
Initially, the gas fee was calculated based on the open auction model. In this model, it was up to the user to predict the price, and then it was up to the miner to decide if they wished to accept the bid.
After this, when the London upgrade was implemented, the calculation of gas fees changed. In this, there is a base fee associated with each block.
It will change according to the demand on the network. If you want, you can also add a tip for your miner.
Initialize Wallet OpenSea Gas Fee
OpenSea makes sure not to hold any of your items, and for that, you will have to pay two one-time transactions to initialize your wallet.
- You will have to pay the fees for the first time while initializing your account. You will then be allowed to make any transaction from your account.
- Next, you will have to pay the fees to enable OpenSea to access the item when you choose to sell the item. You may have to pay the costs when you are trying to list the item which was not minted but using a custom contract. Moreover, if you are listing an NFT for the first time, you will have to approve WITH also.
How To Lower Gas Fees On OpenSea?
If you use Ethereum, you must be aware that you will have to pay a hefty price for the same. Fortunately, there are some tips and tricks that you can use to lower gas fees on OpenSea. So you can surely give it a try.
- It is also recommended to make transactions late at night or early morning. It is believed that the requests are not high, and gas fees are not that high.
- Next, you can also use blockchains like WAX. It will help you reduce gas fees to some extent. In this way, your request will be accepted if your miner feels profitable.
- Moreover, you can use different websites or tools available to track the price and estimate the amount you will pay later.
Conclusion
As you can see, dealing with gas costs might be perplexing. You can avoid wasting money if you know when to pay them and avoid gas price spikes. Many gas costs are one-time payments that you don’t have to do again and again. Regardless, with the advent of Ethereum 2.0, gas prices should reduce to nearly nothing.
