NFTs

Out of context: Reply #285

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  • microkorg1

    Minted/Sold NFT's on a Platform?
    Thought it would helpful if each of us posted what we know/experienced from each of the platforms in terms of the categories below.

    I've only joined, minted and sold on OpenSea so far but would like to use one of the other platforms for personal work.
    Here's what I know....

    OPENSEA.IO
    -----------------------

    SIGN UP TO BUY
    Anyone with (MetaMask) Wallet

    SIGN UP TO SELL
    Anyone with (MetaMask) Wallet. No invite needed.

    EASE OF SETUP
    Pretty much guided through the whole process. There are LOTS of great videos on youtube to get you setup with Metamask, get money into it then Join OpenSea and get your first artwork listed.

    CREATE A COLLECTION
    Free

    UPLOAD AN ARTWORK
    Free

    MINT ARTWORK TO SELL
    1st Artwork 'Minting' (Think this is 1st one per collection!) incurs a GAS fee to setup transactions to your wallet. My fee was $67.
    All artworks to be 'minted' following this within collection are free.
    Note that OpenSea uses Lazy Minting where artworks are not minted until they are bought. Then buyer pays fee (if sold not auction).

    SELLING FEES
    Selling at a straight forward sale the buyer pays associated GAS so you don't pay anything out of pocket.

    Accepting an Offer I believe YOU have to pay the GAS price.

    When an Auction is won by someone I believe they pay the GAS.

    Opensea takes 2.5% of final sale price. You get the rest.

    You can set future sales percentages so that if you item enters the resale market then you get any kind of cut you set. Usually this is 10%.

    You can also set other recipients who get a cut of the initial sale, so this would be good if you did a collab with someone so they can get a cut automatically. Not sure if you can assign their cut to future sales.

    COMMENTS

    When you set your prices you can only DECREASE the price, you can't increase it. To do that you'd have to relist it.

    You can post multiples of a single piece. It's a pain in the bum though as you literally have to 'mint' each one individually. So if you have what I had 24 x 10 you gotta to that 240 times. They are meant to be looking into improving this process.

    As anyone can create and sell on here it's a crowded marketplace so don't expect people to find your work on this platform. You'll need to do lots of work on social channels to pimp your stuff!

    Would be good if they had a social element to the platform like others do so you can follow artists you like. Benefit of this too is that you can follow people who you can see are buying lots of stuff especially similar to yours so increases your chances of exposure to potential buyers.

    microkorg 1Permalink
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