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heretic Site Admin
Joined: 27 May 2004 Posts: 2747
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Posted: Sat Oct 30, 2021 11:11 pm Post subject: Minting NFTs - Mistakes to avoid |
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1. Moving Ether around - Moving Ether from one wallet to another costs money. Yes, again, gas fees. Moving 100USD can cost you ~20USD in fees, depending on the time of day. Keep an eye on those gas prices, and move your ETH at low values!
2. Using the fastest option when paying the gas fee - Transaction get prioritized based on the gas fee paid. You can influence how fast or slow your transaction will (most likely) happen by paying the higher or lower fee. That initial Opensea transaction (unless you’re in a hurry to sell) does not need to be instant (read: <10 minutes).
3. Accepting the first offered transaction fee - When you initialize that account, you will receive the option to Reject or Accept the transaction. If you’re happy, accept. If you think it can go lower, reject and try again. It can go up/down with 10–20 euros in a minute, so when you hit a really good price, don’t hesitate.
4. Unlisting NFTs - Unlisting NFTs costs a transaction, meaning you’ll pay another gas fee. Make sure you either do not make mistakes before putting your NFT for sale, or use the bid system with a time limit. After the time limit, the NFT is unlisted automatically. Do note that accepting bids costs gas!
5. Set your price in USDC - Opensea lets you put an amount in ETH or USDC. To me, personally, USDC is easier to grasp. Opensea also does not show the value of EUR/USD when inputting an ETH amount. So you might think, I’ll enter a value in USDC instead, it will convert it to ETH, right? But this creates a listing in USDC. While not a problem per se, most users will have ETH in their wallet. But even worse, that second transaction when initializing your account with Opensea? It is currency specific. That means if later down the line you choose to sell in ETH, you will pay another gas fee. So choose wisely! |
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LuisaLu77 Contributor
Joined: 21 Jul 2022 Posts: 2
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Posted: Thu Jul 21, 2022 12:36 pm Post subject: |
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You have created quite a relevant topic. I think most people will find the answer. |
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