So if you are watching video, you’re probably fairly new to the NFT space and Opensea and you want to know exactly what the fees of playing this game are actually going to be. So in this video, I’m going to break everything down. And the more you know the better it is honestly.

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1. First thing I want want to address before I get to the Fees which are very simple
- Is that when ever you are apart of a website or you want to put money into something
- Its always important to know how does the company make money
- Especially when they say they offer free everything, Somebody has to be getting paid some how
- So think about OpenSea like Ebay for digital assets ( and they are like Amazon in the NFT industry for now atleast )

How they Make Money : valued by investors at 13billion and raising over 400Million and being one of the number on places
- It’s a website where uses buy, sell, and trade NFTs - They have over 1.8m users apart of the platform They Make Money:
- They make money when ever a digital is sold via their platform ( kinda how ebay charges you 10% )
- Well open sea charges 2.5% per transaction
- And they also sell trading cards, domain names to even music
- The big benefit is you knowing that you are receiving an authentic item

Extra: 20Million per month so 2.5% of that Is $500k ( but its more like a lot more transactions per month, so they make a lot of money )

So Now You Know: How opensea makes their money, and that their incentive is to get as many people on the platform to buy and sell, because that’s where the revenue is coming from right now. So the easier it is for you to get in, the more money they can possible make.

2. What are the Two Main Fees people Talk about - And btw as you grow your knowledge in this NFT stuff and Opensea ( you’ll keep hearing a recurring work : called Gas fee ) Gas prices explained ETH
- ETH uses smart contracts to process transactions and each tranctions has a fee called gas fee
- The amount of computational power to process the transaction is obviously gong to be a factor
- Once the network becomes more scalable, they say this will help with fees ( but the more congested things are, the expensive it becomes, it’s a simple supply and demand issue )

Gas fees are denoted in Gwei which is a small denomination Eth - Its calculated based on the Gas Limit and the Gas Price ( gas limit is the amount of gas used for the transaction and the gas price is based on the price which fluctuates based on demand So for example:
- If the Gas limit is 21,000 and and the minimum transaction fee is a 100 gwei = .0021eth
- Because 1 gwei = 0.000000001 In simple terms:
- When you put gas in a car the cost of the gas is calculated in Galons
- And the overall price is going to be based on how much gas you’re going to fill your car with
- And obviously gas prices fluated because of external factors ( but electric cars are coming and chanig things up, so eventually these feels will also past)

Website: ETH Gas Station

3. The actual Fees in Opensea

Complete two one Time Transactions:
- Account Initialization Fee: which allows trading between your wallet and opensea ($80-$300 just depends which we already covered )
- Contract approval ( this is if your nft or digital asset was not minited with open sea ) Extra Fees: On Ethereum - Accepting an Offer
- Transferring or gifting an NFT to Someone
- Buying a NFT
- Cancelling a listed NFT
- Canceling a Bid
- Converting Weth back ETH and vice Versa
- Freezing your Metadata
- Bridging ETH or withdrawing ETH to and from polygon

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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