A look at trading fees across NFT marketplaces

During The Summer of DeFi in 2020, many decentralized exchanges like Uniswap benefited from their “selling picks and shovels” approach for meeting the demands of DeFi token traders. With the rebirth of the NFT market, the success of the picks and shovels strategy is no different. Starting in August, NFT marketplaces have regularly produced billions of dollars in monthly trading volumes, with OpenSea leading the pack.

Interestingly, compared to traders on cryptocurrency exchanges, NFT traders appear to be willing to pay much higher fees to trade NFTs. NFT traders on OpenSea, for example, pay over eight times as much in fees for their trades compared to Uniswap V2 and 5 times as much in fees compared to Coinbase Pro’s retail tier.