【OpenSea】 Is the fees for listing NFTs Getting High? Thorough comparison with other marketplaces!

Many artists want to sell their works like paintings, photographs, and videos out into the world as NFT on the market and make a profit.

Until now, the only way to sell one’s artwork was to exhibit it at a private exhibition and sell it directly to customers who came to the store. However, with the development of NFT (non-exchangeable tokens) technology, it is now possible to exhibit and sell your artwork from the comfort of your own home.

NFTs (non-replaceable tokens) are not just a technology; they are an asset that can be passed on to future generations. Your work and your name can be written on the blockchain.

By selling NFTs, you can expand the scope of your activities as an artist, as people not only in Japan but also elsewhere in the world become fans of your work and purchase it to generate income.

However, if you do not understand the platform and fees for exhibiting your work, you may end up in a situation where you are only charged a fee.

In this article, we will explain which market to use and how to sell your artwork on NFT, so that even beginners can understand.

About the fees charged by OpenSea

First of all, we will explain the features of OpenSea, which cannot be avoided in order to list NFT works.

OpenSea is the world’s largest NFT market, and is famous for its high value NFT pieces such as “Crypt Punk” and “BoredApe YachtClub”.

CryptoPunks Marketplace

BoredApe YachtClub Marketplace

Free of Charge for Listing an Item on OpenSea, But You will be Charged a Fee If your Work Sells

Listing on OpenSea is easy for anyone to do, as long as you create an account. There is no fee to list your art, photos, music, or videos on OpenSea, but there is an ETH gas fee for the first time you list your work on OpenSea.

OpenSea will also deduct a set amount as a commission for each successful sale. When a piece is sold, a 2.5% sales commission will be deducted from the sale price in addition to the gas fee.

We recommend that you consider the gas fee and sales commission when setting your listing price.

Is there a fee when I make a purchase as well?

OpenSea is only the largest marketplace in the world, and it is full of unique artwork. If you are not an artist and would like to be involved in NFT first, you should try purchasing artwork.

There is no fee for purchasing NFT. However, there is a gas fee in ETH at the time of settlement.

This is the gas fee for transferring money from MetaMask to OpenSea. You should put more ETH in your account so that you don’t miss out on buying the NFT piece you want because you don’t have enough money for gas.

List of Fees for Other Marketplaces

OpenSea is the NFT marketplace with the largest volume of transactions and users, but OpenSea’s success has led to the launch of various marketplaces.

There are also NFT markets unique to Japan. Please consider the characteristics of the marketplace and fees for your own listing.

Rarible

Rarible made headlines in Japan in March 2021 when it partnered with double jump.tokyo, the company behind the blockchain game “My Crypto Heroes”.

The attraction of Rarible is that NFTs can be purchased in crypto assets such as flows and tezos in addition to ethereum.

Furthermore, when you buy or sell NFTs on Rarible, you will receive a unique token called RARI. The seller and buyer share 50% of the tokens, which can be exchanged for other crypto assets via Uniswap or other means. In addition, sellers can also set their own royalty rate, which is capped at 10% on OpenSea, but can be higher on Rarible. This is an attractive system for sellers.

The cost of gas is a concern, but if you trade in ETH, you will pay the same cost as you would on OpenSea. However, if you trade on Flow or Tezos, the fees are not as high, and since the price as a crypto asset is not as high as ETH, the gas cost ratio is also lower.

As of April 21, 2022, the price of Tezos is $407.8/Tezos, but the gas cost used for NFT transactions is about $2.

Other features in Rarible include “lazy minting”. This is a system that allows creators to cover the cost of gas to the buyer when selling NFTs. This is great for sellers. The sales commission is 2.5%.

Although it has not yet been listed on the Japanese domestic exchange, we can expect further development in the future.

SuperRare

SuperRare is an NFT exchange launched in the US in 2018.

When exhibiting, a screening process is required, and only those artists who have cleared the screening process are allowed to sell their works.   

Therefore, there are many high quality NFT works, and many of them are very expensive. In addition, all works are one-of-a-kind, indicating that the market aims to create a market with high value.

RARE, a Governance token, is also listed on Binance, at ¥79.42/RAE as of April 21, 2022. The only crypto asset that can be traded is ETH, so gas prices are as expensive as OpenSea.

There is a 3.0% sales commission and a 15% gallery fee.

Adam byGMO

Adam byGMO is operated by an affiliate of GMO Coin, a Japanese crypto asset exchange, and is headquartered in Shibuya, Tokyo.

As a Japanese NFT exchange, it supports Japanese yen and credit card payments. The NFT works on display are also denominated in Japanese yen, so you can get attached to them.

Ryuichi Sakamoto’s sheet music and Tetsuya Komuro’s musical works are also NFTs, which is a great lineup for Japanese enthusiasts.

Trading in crypto assets is ETH, so you will also have to pay for gas, and as with OpenSea, if you want to avoid high gas prices, trading in Japanese yen seems to be the way to go.

When you sell a purchased piece to a secondary seller, you will be charged 5% of the sales amount as a sales commission. If there is a royalty on the item, the set percentage will be paid to the item creator.

An application is required to list an item for sale. If you are considering listing an item on the site, you need to contact us from the following link.

■Business Inquiry Form

https://support.adam.jp/hc/requests/new?ticket_form_id=900002857003

■For individual creators Inquiry form

https://support.adam.jp/hc/requests/new?ticket_form_id=4413893671193

Exhibitors include comedian Akihiro Nishino, manga artist Akiko Higashimura, YouTuber Hikaru, and others. It is a market for Japanese, so it is an interesting platform if you want to be active in the domestic NFT market.

Coincheck NFT (beta version)

Coincheck NFT is a Japanese cryptocurrency exchange Coincheck sells NFTs.

It is famous for handling NFTs that can be used in the game “Sand Box” and the soccer game “SORARE” as a famous series in the works.

As for the features of the purchase method, since it is an off-chain trading platform, there are no gas fees when buying or selling. Therefore, it is possible to keep costs down.

You can also settle with crypto assets other than ETH. 15 coins that Coincheck handles, including Bitcoin, Ripple, Risk, and Nem, can be used.

There is no listing fee, but the sales commission is 10%.

Works by individual artists cannot be listed. Currently, the service is only for buying and selling NFTs sold on Coincheck NFT.

If you are a business owner, you can list your items for sale. Please contact Coincheck NFT from the following link.

・CoincheckNFT Inquiry Form

https://docs.google.com/forms/d/1RIv3xl7IEHsn_ohpAHoSsvILvF5YBmjU3MNk2ymnxUg/viewform?edit_requested=true

HABET

HABET is a service operated by Japanese company FORO Co. Kazuki Kamata, president of UUUM, a firm that has many famous YouTubers, serves as the representative director. although the service was just launched in the summer of 2021, trading cards of popular YouTubers such as Hajime Shacho and Fishers are also issued as NFT The NFT market for Japanese people is a great opportunity for NFTs to sell their products to the Japanese market.

This is an NFT market for Japanese, and NFT transactions do not require crypto assets either, and can be purchased in Japanese yen. (Payment is by credit card only).

You can also list your items for sale by registering for an account and obtaining creator privileges. Issuance of cards is free of charge, and there is no limit or upper limit to the number of cards that can be issued.

The lineup includes art works, photos of comedians, gravure actresses, and animals, and you can easily list photos you have taken yourself.

You can also easily list your own photos on the site, although you will need to obtain approval from the operator.

Why do we recommend exhibiting at OpenSea?

We have introduced other NFT markets, but what makes OpenSea, the world’s largest NFT market, so attractive? We will tell you, including why the number of active users and the volume of transactions are so high.

Low commissions compared to others

Although trading on OpenSea requires a lot of work, such as transferring ETH to MetaMask, linking it, and buying and selling NFTs, the commissions are lower than those of other marketplaces.

What is considered high is the gas fee cost paid to the ETH network, but OpenSea does not set the gas fee. The high gas cost at OpenSea is proof that there are a lot of transactions at OpenSea. If you can clear the high gas cost, the sales commission is only 2.5% when you sell and sell, which is a relatively reasonable pricing.

Also, with the Polygon network, there are no gas fees. We hope you will use the Polygon network according to your own listing situation. For more information, please check the following article.

Over 1 million users and overwhelmingly popular

OpenSea is the largest NFT market in the world with over 1 million registered users as of January 2022, and as of April 2022 it is estimated to have 1.5 million active users, making it the first NFT market to process over $15 billion in transactions.

In terms of transaction volume, it is worth noting that many of the popular series offered on OpenSea, such as Nyan Cats, Crypto Punk, Doodles, Cool Cats, and Bored Ape Yacht Club, are also for sale.

Crypto Punk and Bored Ape Yacht Club are especially popular among American celebrities, and many celebrities use them as their Twitter icons.

Another reason for OpenSea’s large number of users is a feature not found in other marketplaces: it is easy to use, even for beginners. It is easy to use, even for beginners. Also, since no application is required to list an item on OpenSea, anyone can freely list an item on the marketplace.

Support for Various Blockchains

OpenSea is the world’s largest NFT market and supports a variety of blockchains. Of course, the main network will be ETH, but you can also trade using DAI, RARE, and USDC networks. Be aware, however, that you will have to pay for gas as well.

You will have to transfer money to another network, but if you want to reduce gas costs, use the Polygon network or the Klaythn network.

Klaythn is a blockchain protocol developed by GroundX, a subsidiary of kakaoTalk, and like the Polygon network has been introduced as a blockchain that does not incur gas costs. The volume of transactions is not even close to the footprint of the ETH network, but the relatively cheap NFT is also a good choice for purchase.

Summary of fees incurred when using OpenSea

This is a summary of the fees incurred when using OpenSea.

  • There is no charge to list an item, and only the first time you list an item you will be charged a gas fee in ETH.
  • When you are able to sell, you will be charged 2.5% as a listing fee.
  • Gas fees are lower if you use DAI, RARE, or USDC networks in addition to ETH.
  • If you use Polygon network or Klaythn network, you don’t need to pay for gas.

That is all. If you understand the contents, you can exhibit your NFT works with low initial cost. First of all, let’s exhibit more and more at OpenSea.