What fees are incurred on Dropspot?

Learn more about service fees, creator royalties and transaction fees.

How much does Dropspot cost?

You can list NFTs on Dropspot for free. However, once a sale is successfully completed, Dropspot will charge a 2.5% service fee on the transaction. You also may have to account for additional royalties that are paid out to the creator of the NFT collection. Royalties are usually within the range of 2% to 10%. In addition, there are also transaction fees that are incurred for different types of actions on Dropspot.

Different Types of Fees

There are 3 different types of fees on Dropspot:

Service Fees

Dropspot's service fee rate is 2.5% and applies to all sales. As an NFT marketplace, we bring together buyers and sellers on one platform. The selling fees we charge for providing this service is at a rate of 2.5% on each sale transaction, which is always paid by the seller.

Royalty Fees

NFT royalty is the percentage of the sales price which is paid to the original creator of the NFT or collection. The percentage of creator royalties can vary and creators can set up a royalty fee of their choice. However, on Dropspot the maximum royalty that a creator can set is capped at 10%. These royalties are paid by the seller of an NFT.

Good to Know: Rest assured that every time a creator's work is traded, royalties are going back to the original creator, not Dropspot. ๐Ÿ˜ƒ

Transaction Fees

When using Dropspot you may incur various different types of transaction fees, which involve trading activity on the Cardano blockchain. These fees are dependant on the current Cardano gas price.

Transaction fees are either paid by the buyer or seller, depending on which party is initiating the final decision for a purchase.

The following table highlights which types of actions incur transaction fees and which ones are free on Dropspot.

Action Type

Incurs Transaction Fee?

Paid By

Create a Collection

No

Not Applicable

Create an NFT

No

Not Applicable

Mint an NFT

No (Verified Creator)

Not Applicable

List an NFT

No

Not Applicable

Reprice an NFT

Yes

Seller

Cancel a listed NFT

Yes

Seller

Buy an NFT

Yes

Buyer

Cancel a Bid

Yes

Buyer

Accept an NFT Offer

Yes

Seller

Transfer an NFT to someone

Yes

Seller

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