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OpenSea Gas Fee Explained猸愶笍[How to lower or Avoid too High Gas fees on OpenSea FEES EXPLAINED] - YouTube
Channel: Petko Aleksandrov
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OpenSea Gas fee explain simply. This is what I聽
will try to do in this video because OpenSea is聽聽
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one of the biggest NFT platforms and every time聽
we buy, sell, create, list NFTs, we have to pay Gas聽聽
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fees and this is really frustrating for the聽beginners. So I have decided to dedicate a complete聽聽
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video on the OpenSea Gas fee and I will do my聽
best to explain in details and with simple words.聽聽
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Hello everyone. It's Petko Aleksandrov and in聽
today's video, I will not just explain the OpenSea聽
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Gas fee but as well, I will give you some tips聽
and tricks on how to lower or avoid the Gas fees聽聽
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on OpenSea which is essentially important, and I've聽
already recorded a video called How to create, List聽聽
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and Sell NFTs on OpenSea where I demonstrated the聽
whole process. I showed and demonstrated the Gas fees聽聽
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but because I got many questions in the comments,聽
thank you for that, thank you as well for hitting聽聽
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the Like button of that video and I'll be聽super happy if you support that video with聽聽
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a Like button for the algorithm of YouTube and聽
because of all these questions in the comments,聽聽
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I know what you are interested in, what is not聽
clear from the previous video, what you cannot find聽聽
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on YouTube, so I decided to record a complete video聽
dedicated on the Gas fees on OpenSea and I will do聽聽
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my best to make it as clear as possible. So, OpenSea聽
is one of the biggest NFT platforms but one of聽聽
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the biggest issues are the Gas fees because every聽
time you purchase or you list NFT for selling, you聽聽
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have to pay those Gas fees and I know that the聽
beginners are frustrated because they are afraid聽聽
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they will pay too much Gas fee and even if you聽
sell your NFT, it wouldn't be worthy if you pay聽聽
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more Gas fees than what you received, right. So,聽
in this video, I will dive into the details and聽聽
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you will see some tricks on how to lower the fees聽
on OpenSea. So, I will go to the FAQ section on OpenSea聽聽
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and I am on the section. What are Gas fees on聽
OpenSea? It is all written here but OpenSea Gas聽聽
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fee explained with simple words is different聽
and that's exactly what I will do right now. So聽聽
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we have three different sections. One-Time Fees or聽
these are the fees that we pay just once, we have聽聽
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the Recurring Fees and I will talk about all the聽
actions where we pay fees every single time and聽聽
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then we have the Gas-free Action, so, I will talk聽and explain exactly when we don't pay Gas fees. So聽聽
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first things first, when you are registering聽your account, you need to pay One-time Fee,
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and this is really frustrating for some people, but聽
for me, is alright because this way, the platform聽聽
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diversifies the serious NFT artists from those who聽
just want to play around and upload any type of聽聽
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NFT. And just think about it, if everyone聽starts to upload NFTs absolutely for free,聽聽
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registering accounts for free on all聽platforms, it will become really messy,
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alright, and I have demonstrated this One-time聽
Fee in the previous video that I've mentioned.聽聽
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So, I will drop a link below in the description聽
to that video, How to create, list and sell NFTs,聽聽
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so if you haven't watched it, make sure to see it聽
If you are not familiar with the whole process,
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alright, and the second One-time Fee as needed, if聽
this is your first time listing an auction and you聽聽
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will also need to approve wrapped Ethereum for聽
trading which is equal to the price of Ethereum聽聽
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and you will need to make this approval every聽
time you are using a stable coin like USDC or聽聽
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die. Alright, so if you decide to use a different聽
stable coin for every different Cryptocurrency, you聽聽
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will need to pay this One-time Fee. Then we have聽
the Recurring fees and the Gas-Free Action. So, to聽聽
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explain how OpenSea Gas fee works, imagine that every聽time you do some of the following actions you are聽聽
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actually doing a transaction on the Blockchain,聽
it's like if you are sending Ethereum to someone聽聽
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you have to pay a fee, right, so accepting an聽
offer is the first action where you need to pay聽聽
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fee every time and to make it clear, if I am making聽
an auction and you propose a price and you make an聽聽
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offer and I accept that offer, I will be paying the聽
Gas fee. On the other side, if I'm buying an NFT on聽聽
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a fixed price then I'll be paying the Gas fee and聽
we have such a section in the OpenSea Health center聽聽
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where it says clearly that Sellers pay the聽Gas when accepting offers, so one more time,聽聽
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if I accept the offer from you or from anyone聽
else, then I'll be paying the Gas fee. Now if I聽聽
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buy on a fixed price, I'll be covering the Gas fee,聽
of course, if I want to transfer or I want to send聽聽
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an NFT as a gift to someone, I will be paying a fee,聽
if I am canceling a listed NFT, again, the platform聽聽
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will charge me with a fee so keep that in mind. If聽
you are listing NFTs that you shouldn't be really聽聽
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cancelling the list, right, and on the other side,聽
if you're canceling a bit, okay. So if I'm selling聽聽
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with an auction and you send me an offer and聽
you cancel that offer, you cancel that bit,聽聽
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this will cost you Ethereum Gas fee, also, if you聽
are converting wrapped Ethereum back to Ethereum聽聽
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or vice versa, you are going to pay Gas fees,聽
then if you decide to freeze your Metadata,聽聽
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so freezing your Metadata means that you'll聽
be permanently locking your data on the聽聽
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decentralized file. This could be a description聽
any media like jpg or mp4 and you will forever聽聽
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store it securely and it won't be lost. But for聽
that, as well, you have to pay Gas fee and as well,聽聽
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if you are bridging Ethereum or withdrawing聽
Ethereum to and from Polygon, you are paying聽聽
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Gas fees. Alright guys, so these are all the聽
cases when you have to pay Ethereum Gas fees聽聽
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every single time. Now, going to the free聽
stuff which is more exciting and I know that聽聽
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everyone wants to know how to interact with NFTs聽
without paying Gas fees and I said as well that I聽聽
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will give you some tips on how to lower or avoid聽
Gas fees on OpenSea. So, the first Gas free action is聽聽
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when you're minting a new NFT or this is known as聽
Lazy Minting and it is called Lazy because I'm not聽聽
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paying a fee until I sell an item. So, if I聽go to my profile and I go to my collections,聽聽
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I have one collection here that I created聽
for the purpose of the previous video,
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but if I click on it, you will see that here, we聽
have the Watermark of the academy that I listed聽聽
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and I can add an item. So if you add a new NFT聽
into your collection or you build a brand new聽聽
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collection. This is from where you can create the聽
NFT. I'm not going to talk about it in this video聽聽
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but you need to bear in mind that I'll be able to聽
list that NFT no matter what it is. It could be聽聽
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jpg, mp4, any piece of art with a name description,聽
link and so on, with different properties. But I'll聽聽
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be paying the Gas fee when I sell or if I sell聽
it on a fixed price then the buyer will be paying聽聽
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it. That's why it's called lazy. We are listing it聽
but we are not paying until it is sold, until it is聽聽
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on the Blockchain, okay. So, if I click on Lazy聽
Minting, it's another article that opens, that's聽聽
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what I wanted to bring out in this video. All聽
the OpenSea Gas fee explained with very simple聽聽
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words so you won't waste time across all the FAQ聽
sections so it says exactly that in the collection聽聽
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manager, when you're creating your NFTs, you are not聽
paying the Gas fees and you can add new items,聽聽
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create items and the key point is right here. NFT聽
made with the collection manager blabla Gas-free聽聽
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minting and partly to help us add exciting聽
features in the near future, okay. So it's Gas聽聽
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free when you are creating those NFTs because聽
you're not yet selling them you're just listing聽聽
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them, okay. I wanted to make that very clear. So the聽
next thing is when you are creating a collection,聽聽
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you're not about to pay any fees as well so if聽
I click on my collections, I have one, I can just聽聽
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click on the button Create a collection and I can聽
start building my new collection without any fees,聽聽
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okay. The next thing is when you are listing an聽
NFT as a fixed price, I already explained that聽聽
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when it's a fixed price, the buyer pays the Gas聽
fee listing an NFT as auction so is also Gas-free聽聽
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auction but one more time, if I accept an offer,聽
then I will be paying the Gas fee but just聽聽
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listing the NFT won't cost me anything, okay, and聽
then reducing the price of an NFT you've listed. I聽聽
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already had a question from some of you guys about聽
that, so no, you're not paying a Gas fee if you want聽聽
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to change the price, if you're reducing the price聽
you can do that but you need to keep in mind that聽聽
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wrapped Ethereum is only needed when you accept or聽create an offer, alright, and below we have some聽聽
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more tips that I'm not going through except that聽
1 Ethereum gas station and actually, I already聽聽
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have it open right here so this is a website, it's a little bit more advanced where you have聽聽
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a calculator and you can follow a lot of things聽
related to the Gas fees so you can go through聽聽
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the website but I want to bring to your attention聽
another website that is called ethereumprice.org/gas聽
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and here, very easy and simply, we can聽see how much was the Gas price during the last聽聽
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week and how much it is currently. So this is聽
one of the best ways to lower a Gas fee on OpenSea,聽聽
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actually, to see what is the current Gas price and聽
I will be recording a video as well, especially for聽聽
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that website, so make sure to watch it if you want聽
to know more in details how to use the website but聽聽
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you can see at any moment if you are on the peak聽
and you shouldn't be really doing any transactions聽聽
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or buying NFTs because it might turn out that聽you pay more Gas fees than the price of the NFT聽聽
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itself and usually these peaks happen, we have some聽
expected release of a famous artist and a lot of聽聽
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people want to buy it at the same time, the Gas fee聽
increases. The other useful tool below is the time聽聽
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of the day, so we can see that usually on Sundays,聽
the Gas fee is lower and twice on Monday, Wednesday,聽聽
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not that much, and on Saturday, you can see as well聽
that we have a reduced gas price so just before聽聽
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making a transaction, buying, accepting an offer聽
or just transferring Ethereum from one world聽聽
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to another, you can check out that website. Not聽
promoting it, just I found it very useful. Alright聽聽
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guys, so these are all the Gas fees related to聽OpenSea by the time I'm recording this video you can聽聽
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always check out the FAQ section of the platform,
if they make updates and they do updates regularly聽聽
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but if you have questions, just drop them in the聽
comments below. I really hope you enjoyed the video聽聽
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and I succeeded to explain the OpenSea Gas fees聽
simply. If you have found the video useful, make聽聽
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sure to hit the Like button, subscribe to our聽
YouTube channel so you won't miss any future聽聽
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videos about a crazy NFT world. Thanks for watching聽
and I will see you soon guys. Take care, bye bye.
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